Common use of Monthly Advances by the Seller Clause in Contracts

Monthly Advances by the Seller. Not later than the close of business on the Business Day preceding each Remittance Date, the Seller shall deposit in the Custodial Account from its own funds an amount equal to all payments not previously advanced by the Seller, whether or not deferred pursuant to Section 4.01, of principal (due after the related Cut-off Date) and interest not allocable to the period prior to the related Cut-off Date, adjusted to the Mortgage Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at the close of business on the related Determination Date. The Seller’s obligation to make such Monthly Advances as to any Mortgage Loan will continue through the date of final disposition and liquidation of the related Mortgage Loan or any Mortgaged Property acquired through foreclosure or a conveyance in lieu of foreclosure, unless the Seller reasonably determines such advance to be nonrecoverable. In such event, the Seller shall deliver to the Purchaser an Officer’s Certificate of the Seller to the effect that an officer of the Seller has reviewed the related Mortgage File and has made the reasonable determination that any additional advances are nonrecoverable.

Monthly Advances by the Seller. Not later than the close of business on the Business Day preceding each Remittance Date, the Seller shall deposit in the Custodial Account from its own funds an amount equal to all payments not previously advanced by the SellerMonthly Payments, whether or not deferred pursuant to Section 4.01, of principal (due after the related Cut-off Date) and interest not allocable to the period prior to the related Cut-off Date, adjusted to the Mortgage Loan Remittance Rate, which were due on a Mortgage Loan on the immediately preceding Due Date and delinquent at the close of business on the related Determination Date. The Seller’s 's obligation to make such Monthly Advances as to any Mortgage Loan is mandatory, notwithstanding any other provision of this Servicing Agreement and will continue through the earlier of: (i) the date of the termination or resignation, as applicable, of the Seller pursuant to Section 7.04, 8.01 or 9.01 or (ii) the date of final disposition and liquidation of the related Mortgage Loan or any Mortgaged Property acquired through foreclosure or a conveyance in lieu of foreclosure, unless the Seller reasonably determines believes such advance to be nonrecoverablenon-recoverable from proceeds of the related Mortgage Loan. In such event, the Seller shall deliver to the Purchaser an Officer’s 's Certificate of the Seller to the effect that an officer of the Seller has reviewed the related Mortgage Servicing File and has made the reasonable determination that any additional advances are nonrecoverablenon-recoverable from proceeds of the related Mortgage Loan.

Monthly Advances by the Seller. Not later than the close of business on the Business Day preceding each Remittance Date, the Seller shall deposit in the Custodial Account from its own funds an amount equal to all payments not previously advanced by the Seller, whether or not deferred pursuant to Section 4.01, of principal (due after the related Cut-off Date) and interest not allocable to the period prior to the related Cut-off Date, adjusted to at the Mortgage Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at the close of business on the related Determination Date. The Seller’s 's obligation to make such Monthly Advances as to any Mortgage Loan will continue through until a Final Recovery Determination is made by Seller in connection therewith; provided that, notwithstanding anything herein to the date of final disposition and liquidation of the related Mortgage Loan contrary, no Monthly Advance or any Mortgaged Property acquired through foreclosure or a conveyance in lieu of foreclosure, unless Servicing Advance shall be required to be made hereunder by the Seller reasonably determines if such advance to be nonrecoverableMonthly Advance or Servicing Advance would, if made, constitute a Nonrecoverable Advance. In such event, The determination by the Seller that it has made a Nonrecoverable Advance or that any proposed Monthly Advance or Servicing Advance, if made, would constitute a Nonrecoverable Advance, shall deliver be evidenced by an Officer's Certificate delivered to the Purchaser an Officer’s Certificate of the Seller to the effect that an officer of the Seller has reviewed the related Mortgage File and has made the reasonable determination that any additional advances are nonrecoverablePurchaser.

Monthly Advances by the Seller. Not later than the close of business on the Business Day preceding each Remittance Date, the Seller shall deposit in the Custodial Account from its own funds an amount equal to all payments not previously advanced by the SellerMonthly Payments, whether or not deferred pursuant to Section 4.01, of principal (due after the related Cut-off Date) and interest not allocable to the period prior to the related Cut-off Date, adjusted to the Mortgage Loan Remittance Rate, which were due on a Mortgage Loan on the immediately preceding Due Date and delinquent at the close of business on the related Determination Date. The Seller’s obligation to make such Monthly Advances as to any Mortgage Loan is mandatory, notwithstanding any other provision of this Agreement, and will continue through the earlier of: (i) the date of the termination or resignation, as applicable, of the Seller pursuant to Section 7.04, 8.01 or 9.01 or (ii) the date of final disposition and liquidation of the related Mortgage Loan or any Mortgaged Property acquired through foreclosure or a conveyance in lieu of foreclosure, unless the Seller reasonably determines believes such advance to be nonrecoverablenon-recoverable from proceeds of the related Mortgage Loan. In such event, the Seller shall deliver to the Purchaser an Officer’s Certificate of the Seller to the effect that an officer of the Seller has reviewed the related Mortgage Servicing File and has made the reasonable determination that any additional advances are nonrecoverablenon-recoverable from proceeds of the related Mortgage Loan.