Common use of Monthly Advances Clause in Contracts

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 15 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Af1), Custodial Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A3)

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Monthly Advances. If the Monthly interest portion of the Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custodial Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Custodial Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was madea Nonrecoverable Advance. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject deems an advance to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicablebe a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's ’s Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. Notwithstanding the foregoing, the amount of such deposit may be reduced by the Amount Held for Future Distribution (as defined below) then on deposit in the Custodial Account. Any portion of the Amount Held for Future Distribution used to pay Monthly Advances shall be replaced by the Servicer by deposit into the Custodial Account on any future Distribution Account Deposit Date to the extent that the funds that are available in the Custodial Account on such Distribution Account Deposit Date are less than the amount of payments required to be made by the Servicer on such Distribution Account Deposit Date.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (GreenPoint Mortgage Funding Trust 2005-Ar1), Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ar5), Pooling and Servicing Agreement (GreenPoint MTA Trust 2005-Ar4)

Monthly Advances. If the Monthly interest portion of the Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custodial Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Custodial Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was madea Nonrecoverable Advance. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject deems an advance to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicablebe a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. Notwithstanding the foregoing, the amount of such deposit may be reduced by the Amount Held for Future Distribution (as defined below) then on deposit in the Custodial Account. Any portion of the Amount Held for Future Distribution used to pay Monthly Advances shall be replaced by the Servicer by deposit into the Custodial Account on any future Distribution Account Deposit Date to the extent that the funds that are available in the Custodial Account on such Distribution Account Deposit Date are less than the amount of payments required to be made by the Servicer on such Distribution Account Deposit Date. The "Amount Held for Future Distribution" as to any Distribution Account Deposit Date shall be the total of the amounts held in the Custodial Account at the close of business on the preceding Determination Date which were received after the Cut-off Date on account of (i) Liquidation Proceeds, Insurance Proceeds, and Principal Prepayments received or made in the month of such Distribution Account Deposit Date, and (ii) payments which represent early receipt of scheduled payments of interest due on a date or dates subsequent to the related Due Date.

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ar3), Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar2), Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ar1)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, will deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investor Trust Series MLCC 2005-3), Assignment Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A4), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investor Trust Series MLCC 2005-3)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant Pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Agreement, each Servicer Collection Account that will be used for a make Monthly Advances. Each such Monthly Advance with respect shall be remitted to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Distribution Account not no later than 1:00 p.m. Eastern time on the Distribution Account Deposit Date in immediately preceding available funds. Subject to the Master Servicer's recoverability determination, in the event that the related Distribution Date an amount equal Servicer fails to such deficiencymake a required Monthly Advance, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines shall be required to remit the amount of such Monthly Advance to the Distribution Account. The Master Servicer shall be obligated to make any such Monthly Advance only to the extent that such advance would not be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was madea Nonrecoverable Advance. If the Master Servicer shall have determined that it has not deposited the amount described above as made a Nonrecoverable Advance or that a proposed Monthly Advance or a lesser portion of such Monthly Advance would constitute a Nonrecoverable Advance, on the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, Date the Master Servicer shall deliver (i) to the Paying Agent for the benefit of the Certificateholders funds constituting the remaining portion of such Monthly Advance, if applicable, and (ii) to the Trustee an Officer's Certificate setting forth the basis for such determination. The Master Servicer and each Servicer shall be entitled to be reimbursed from the Distribution Account for all Monthly Advances of its own funds made pursuant to this Section as provided in Section 4.03. The obligation to make Monthly Advances with respect to any Mortgage Loan shall continue until such Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 6.05. Subject to and in accordance with the provisions of Article VIII hereof, in the event the Master Servicer fails to make such Monthly Advances through Advance, then the date that Trustee, as the related Servicer is required successor Master Servicer, shall be obligated to do so under its Servicing Agreement. If applicablemake such Monthly Advance, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate subject to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverableprovisions of this Section 6.05.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2005-Ar2), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2004-Ar7), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Trust Series 2005-Ar1)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, will deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc MLMI Series 2004-A4), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Mlmi Series 2004-A3), Pooling and Servicing Agreement (MERRILL LYNCH MORT INV INC MLMI Series 2004-A2)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance a Monthly Advance pursuant to the related Servicing Agreement exceeds the amount deposited and fails to make any required Monthly Advance, in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loanwhole or in part, the Master Servicer Servicer, as successor servicer, or any other successor servicer appointed by it, will deposit in the Master Servicer Collection Distribution Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiencyMonthly Advance to the extent not otherwise paid by the related Servicer, net of the Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer Servicer, as successor servicer, shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable; provided, however, that if the Master Servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall not be obligated to make such advance and shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. Notwithstanding the foregoing, the Master Servicer shall not be required to make any Monthly Advances that Xxxxx Fargo, as Servicer, was required to make pursuant to the Xxxxx Fargo Servicing Agreement and failed to do so. In the event that Xxxxx Fargo as Servicer or the Master Servicer fails to make a required Monthly Advance, the Trustee, as successor servicer or master servicer, as applicable, shall be required to remit the amount of such Monthly Advance to the Distribution Account in accordance with and subject to the terms of this Agreement (including its rights of reimbursement hereunder).

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-5), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2), Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-3)

Monthly Advances. If On the Business Day immediately preceding each Servicer Remittance Date, the Servicer shall deposit, or shall cause the Subservicer to deposit, into the Custodial Account from its own funds, an amount equal to all Monthly Payments (with interest adjusted to the Mortgage Loan Remittance Rate, in the case of Monthly Advances by the Subservicer) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date or which were deferred pursuant to Section 4.01. The Servicer or the Subservicer shall be deemed to have complied with the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required Advance requirement if it includes in its remittance to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection amounts held for future distribution in the Custodial Account that will be in an amount which, when added to amounts deposited in respect of Monthly Advances out of the Servicer’s or the Subservicer’s own funds, is equal to the amount of the required Monthly Advances. The Servicer shall replace, or shall cause the Subservicer to replace, in the Custodial Account any amounts held for future distribution and used for a to cover some or all of the Monthly Advance obligations by deposit into the Custodial Account on or before any future Servicer Remittance Date if funds in the Custodial Account on such Servicer Remittance Date shall be less than payments to the Master Servicer required to be made on such Servicer Remittance Date. The Servicer’s obligation to make, or cause the Subservicer to make, such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Servicer Remittance Date prior to the Servicer Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan; provided, however, that such obligation shall cease if the Servicer or the Subservicer determines, in its sole reasonable opinion, that advances with respect to such Mortgage Loan, Loan are non-recoverable by the Master Servicer will deposit in or the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable Subservicer from Liquidation Proceeds, Insurance Proceeds Proceeds, Condemnation Proceeds, or future payments on otherwise with respect to a particular Mortgage Loan. In the Mortgage Loan for which event that the Servicer or the Subservicer determines that any such Monthly Advance was made. If is a Nonrecoverable Advance, the Servicer or the Subservicer shall provide the Master Servicer has not deposited the amount described above as with a certificate signed by an officer of the related Distribution Account Deposit Date, Servicer or the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make Subservicer evidencing such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverabledetermination.

Appears in 3 contracts

Samples: Servicing Agreement (Peoples Choice Home Loan Securities Corp), Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2005-2), Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2005-3)

Monthly Advances. If Not later than the Monthly Payment close of business on the Determination Date preceding each Remittance Date, the Servicer shall deposit in the Custodial Account an amount equal to all payments not previously advanced by the Servicer, whether or not deferred pursuant to Section 3.01, of principal (due after the Cut-off Date) and interest not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage Loan Remittance Rate, which were due on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which close of business on the Business Day prior to the related Determination Date. Notwithstanding anything to the contrary herein, the Servicer was required may use amounts on deposit in the Custodial Account for future distribution to make an advance the Owner to satisfy its obligation, if any, to deposit delinquent amounts pursuant to the related Servicing Agreement exceeds preceding sentence. To the amount deposited in extent the Master Servicer Collection Account that will be used uses any funds being held for a Monthly Advance with respect future distribution to such Mortgage Loanthe Owner to satisfy its obligations under this Section 3.04, the Master Servicer will shall deposit in the Master Servicer Collection Custodial Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of used funds no later than the Servicing Fee for such Mortgage Loan, except Determination Date prior to the following Remittance Date to the extent that funds in the Master Servicer determines any Custodial Account on such Monthly Advance Remittance Date are less than the amounts to be nonrecoverable from remitted to the Owner pursuant to Section 3.01. The Servicer’s obligation to make such advances as to any Mortgage Loan will continue through the earliest of: (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan; or (b) the Remittance Date prior to the Remittance Date for the distribution of any Liquidation Proceeds, Insurance Proceeds or future payments on Condemnation Proceeds which, in the case of Insurance Proceeds and Condemnation Proceeds, satisfy in full the indebtedness of such Mortgage Loan for which Loan. In no event shall the Servicer be obligated to make an advance under this Section 3.04 if at the time of such advance it reasonably determines that such advance will be unrecoverable. The determination by the Servicer that it has made an unrecoverable Monthly Advance was or that any proposed Monthly Advance, if made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee willwould constitute an unrecoverable Monthly Advance, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, shall be evidenced by an amount equal Officers’ Certificate delivered to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverableOwner.

Appears in 3 contracts

Samples: Assignment, Assumption and Recognition Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Oa1), Assignment, Assumption and Recognition Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa3 /DE), Assignment, Assumption and Recognition Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, will deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's ’s Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 3 contracts

Samples: Custodial Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A3), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A5), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A5)

Monthly Advances. If a portion of the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent Delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custodial Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Custodial Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was madea Nonrecoverable Advance. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject deems an advance to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicablebe a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. Notwithstanding the foregoing, the amount of such deposit may be reduced by the Amounts Held for Future Distribution then on deposit in the Custodial Account. Any portion of the Amounts Held for Future Distribution used to pay Monthly Advances shall be replaced by the Servicer by deposit into the Custodial Account on any future Distribution Account Deposit Date to the extent that the funds that are available in the Custodial Account on such Distribution Account Deposit Date are less than the amount of payments required to be made by the Servicer on such Distribution Account Deposit Date.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar5), Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2007-Ar4), Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar5)

Monthly Advances. If the Monthly Scheduled Payment (together with any advances from the Sub-Servicers) on a Mortgage Loan that was due on the Due Date in the month of a related Due Distribution Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custody Account that or the Certificate Account which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection appropriate subaccount of the Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, deficiency net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer is by deposit in the appropriate subaccount of the Certificate Account on or before any future date to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by the Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp), Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc), Pooling and Servicing Agreement (Gs Mortgage Securities Corp)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, will deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date; provided, however, no such deposit shall be made by the Trustee if the deficiency has been determined to be non-recoverable by either the Master Servicer or the Trustee. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrilll Lynch Mortgage Investors Trust, Series 2005-A10), Pooling and Servicing Agreement (Merrilll Lynch Mortgage Investors Trust, Series 2005-A10)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, will deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's ’s Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A7), Custodial Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A6)

Monthly Advances. If With respect to each Receivable as to which there has been a Payment Shortfall during the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent Collection Period (other than as a result of application of the Payment Shortfall arising from a Receivable which has been prepaid in full or which has been subject to a Relief Act and for which Reduction during the related Collection Period), on each Deposit Date the Servicer was required to shall make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance but only to the extent that the Servicer, in its good faith judgment, expects to recover such Monthly Advance from subsequent Collections on such Receivable made by or on behalf of the Obligor (but only to the extent of expected interest collections in the case of a Simple Interest Receivable) or from Net Liquidation Proceeds or insurance proceeds with respect to such Mortgage LoanReceivable. The Servicer shall be reimbursed for any Monthly Advance from subsequent collections with respect to such Receivable. If the Servicer determines in its good faith judgment that an unreimbursed Monthly Advance shall not ultimately be recoverable from subsequent collections or that the related Receivable will be sold pursuant to this Agreement, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee shall be reimbursed for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance from collections on all Receivables subject to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on and in the Mortgage Loan for which such order of priority set forth in Section 5.5. In determining whether a Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Dateis or will be nonrecoverable, the Trustee will, subject to applicable law and its determination of recoverability, deposit Servicer need not take into account that it might receive any amounts in the Master Servicer Collection Account not later than the related Distribution Date, a deficiency judgment against an amount equal to the remaining deficiency as of the Distribution Account Deposit DateObligor. Subject to the foregoing, the Master The Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in respect of (i) the principal component of any scheduled payment on a stated amount and Simple Interest Receivable or (ii) detailing a Payment Shortfall arising from a Receivable which has been prepaid in full or which has been subject to a Relief Act Reduction during the reason it deems related Collection Period. The Servicer shall deposit any such Monthly Advance into the advance to be nonrecoverableCollection Account in next-day funds or immediately available funds no later than 12:00 noon, New York time, on the related Deposit Date.

Appears in 2 contracts

Samples: Sale and Servicing Agreement (Chase Manhattan Bank Usa), Sale and Servicing Agreement (Chase Manhattan Bank Usa)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Xxxxx Fargo Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer Grantor Trustee (solely in its capacity as successor Servicer) will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Payment Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer Grantor Trustee determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer Grantor Trustee (solely in its capacity as successor Servicer) shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its the Xxxxx Fargo Servicing Agreement. If applicablethe Grantor Trustee deems an advance to be a Nonrecoverable Advance, on the Distribution Account Deposit Payment Date, the Master Servicer Grantor Trustee shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer Grantor Trustee elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance.

Appears in 2 contracts

Samples: Servicing Agreement (Bear Stearns Arm Trust, Mortgage-Backed Notes, Series 2005-2), Servicing Agreement (Bear Stearns Arm Trust, Mortgage-Backed Notes, Series 2005-2)

Monthly Advances. If the Monthly Payment (together with any advances from any Sub-Servicers) on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection applicable subaccount of the Certificate Account that which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection applicable subaccount of the Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, deficiency net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer is by deposit in the applicable subaccount of the Certificate Account on or before any future date on which and to the extent that funds in the applicable subaccount of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by the Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable. Notwithstanding the foregoing, the Master Servicer shall not be obligated to make any Monthly Advances in respect of delinquent payments of principal on Simple Interest Loans.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Monthly Advances. If the Monthly Scheduled Payment (together with any advances from any Sub-Servicers) on an NAMC Mortgage Loan or a PHH Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custody Account that or the Certificate Account which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer NAMC (with respect to an NAMC Mortgage Loan) or PHH (with respect to a PHH Mortgage Loan) will deposit in the Master Servicer Collection appropriate subaccount of the Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the such Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the such Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of such Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the applicable Master Servicer is by deposit in the appropriate subaccount of the Certificate Account on or before any future date on which and to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by such Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the each Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the such Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)

Monthly Advances. If On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Custodial Account from its own funds or from amounts held for future distribution an amount equal to all Monthly Payment on a Mortgage Loan that was Payments which were due on a related the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date. Any amounts held for future distribution and so used shall be replaced by the Servicer by deposit in the Custodial Account on or before any future Remittance Date and is delinquent other if funds in the Custodial Account on such Remittance Date shall be less than as a result of application of the Relief Act and for which the related Servicer was required remittances to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that required to be made on such Remittance Date. The Servicer shall keep appropriate records of such amounts and will be used for a Monthly Advance with respect provide such records to such Mortgage Loan, the Master Servicer will deposit and the Guarantor upon request. The Guarantor, in its reasonable judgment, shall have the right to require the Servicer to remit from its own funds to the Collection Account an amount equal to all Monthly Advances previously made out of funds held in the Master Servicer Collection Account and not later than previously reimbursed from collections on the Mortgage Loans, and in such event, the Servicer shall thereafter remit all Monthly Advances from its own funds. In no event shall the preceding sentence be construed as limiting the Servicer's right to (i) pass through late collections on the related Mortgage Loans in lieu of making Monthly Advances or (ii) reimburse itself for such Monthly Advances from late collections on the related Mortgage Loans. The Servicer shall make Monthly Advances through the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net distribution of the Servicing Fee for such Mortgage Loan, except all Liquidation Proceeds and other payments or recoveries (including insurance proceeds and condemnation proceeds) with respect to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the related Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverableLoans.

Appears in 2 contracts

Samples: Reconstituted Servicing Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3), Reconstituted Servicing Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which Act, the related Servicer was required to make an advance pursuant to the related applicable Sub-Servicing Agreement exceeds will require the amount deposited in the Master Sub-Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than on the Distribution Account Deposit Date immediately preceding the related Distribution applicable Sub-Servicer Remittance Date an amount equal to such deficiency, net of the related Sub-Servicing Fee for such Mortgage LoanFee, except to the extent the Master applicable Sub-Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related On each Distribution Date, an amount equal to the remaining deficiency as of extent that any Sub-Servicer fails to make a Monthly Advance required by the Distribution Account Deposit Date. Subject to the foregoingapplicable Sub-Servicing Agreement, the Master Servicer shall continue will be obligated to make such Monthly Advances through Advance, except to the date that extent the Master Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or from future payments on the Mortgage Loan for which the advance was made. Any amount used as a Certificate Account Advance shall be replaced by the related Sub-Servicer is by deposit in the appropriate sub-account of the Certificate Account on or before any future date on which and to the extent that funds in the appropriate sub-account of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred to such sub-account of the Certificate Account. If applicable, on the Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Monthly Advances. If a portion of the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent Delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custodial Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Custodial Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was madea Nonrecoverable Advance. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject deems an advance to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicablebe a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. Notwithstanding the foregoing, the amount of such deposit may be reduced by the Amount Held for Future Distribution (as defined below) then on deposit in the Custodial Account. Any portion of the Amount Held for Future Distribution used to pay Monthly Advances shall be replaced by the Servicer by deposit into the Custodial Account on any future Distribution Account Deposit Date to the extent that the funds that are available in the Custodial Account on such Distribution Account Deposit Date are less than the amount of payments required to be made by the Servicer on such Distribution Account Deposit Date. The "Amount Held for Future Distribution" as to any Distribution Account Deposit Date shall be the total of the amounts held in the Custodial Account at the close of business on the preceding Determination Date which were received after the Cut-off Date on account of (i) Liquidation Proceeds, Insurance Proceeds, and Principal Prepayments received or made in the month of such Distribution Account Deposit Date, and (ii) payments which represent early receipt of scheduled payments of interest due on a date or dates subsequent to the related Due Date.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar4), Grantor Trust Agreement (Bear Stearns Mortgage Funding Trust 2007-Ar4)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which The Master Servicer shall, or shall cause the related Servicer was required to make an advance subservicer pursuant to the related Servicing Subservicing Agreement exceeds the amount deposited to, make an Advance and deposit such Advance in the Master Servicer Collection Protected Account. Each such Advance shall be remitted to the Distribution Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not no later than 1:00 p.m. Eastern time on the Distribution Account Deposit Date in immediately preceding the related Distribution Date an amount equal available funds. The Master Servicer shall be obligated to make any such deficiency, net of the Servicing Fee for such Mortgage Loan, except Advance only to the extent the Master Servicer determines any that such Monthly Advance to advance would not be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was madea Nonrecoverable Advance. If the Master Servicer shall have determined that it has not deposited the amount described above as made a Nonrecoverable Advance or that a proposed Advance or a lesser portion of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoingsuch Advance would constitute a Nonrecoverable Advance, the Master Servicer shall continue deliver (i) to the Trustee for the benefit of the Certificateholders funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Seller, each Rating Agency and the Trustee an Officer's Certificate setting forth the basis for such determination. Subject to the Master Servicer's recoverability determination, in the event that a subservicer fails to make such Monthly Advances through the date that the related Servicer is a required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit DateAdvance, the Master Servicer shall present an Officer's Certificate be required to remit the amount of such Advance to the Securities Administrator Distribution Account. In lieu of making all or a portion of such Advance from its own funds, the Master Servicer may (i) stating cause to be made an appropriate entry in its records relating to the Protected Account that any Amount Held for Future Distributions has been used by the Master Servicer elects not in discharge of its obligation to make a Monthly any such Advance in a stated amount and (ii) detailing transfer such funds from the reason it deems Protected Account to the advance Distribution Account. Any funds so applied and transferred shall be replaced by the Master Servicer by deposit in the Distribution Account, no later than the close of business on the Business Day immediately preceding the Distribution Date on which such funds are required to be nonrecoverabledistributed pursuant to this Agreement. The Master Servicer shall be entitled to be reimbursed from the Distribution Account for all Advances of its own funds made pursuant to this Section as provided in Section 4.02. The obligation to make Advances with respect to any Mortgage Loan shall continue until such Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 6.05. Subject to and in accordance with the provisions of Article VIII hereof, in the event the Master Servicer fails to make such Advance, then the Trustee, as Successor Master Servicer, shall be obligated to make such Advance, subject to the provisions of this Section 6.05.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Monthly Advances. If the any Monthly Payment on a Mortgage Loan that was due on a related the immediately preceding Due Date and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loanor Debt Service Reduction, the Master Servicer (or the Trustee pursuant to Sections 7.01 and 7.02 hereof) on such Determination Date will deposit in the Master Servicer Collection Certificate Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, the interest portion (net of the Servicing Fee Fee) of the scheduled Monthly Payment for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoingforegoing and in the absence of such a determination, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its Servicing AgreementMortgage Loan has, in the judgment of the Master Servicer, become a Liquidated Mortgage Loan. If applicable, on the Distribution Account Deposit prior to each Determination Date, the Master Servicer shall present deliver an Officer's Certificate to the Securities Administrator (i) Trustee stating that the Master Servicer elects not to make a Monthly Advance in a stated amount because it would be a Nonrecoverable Advance or that a Monthly Advance previously made has become a Nonrecoverable Advance. In lieu of making all or a portion of such Monthly Advance from its own funds, the Master Servicer may (i) cause to be made an appropriate entry in its records relating to the Certificate Account that any amount held in the Certificate Account and not required for distribution on the immediately succeeding Distribution Date has been used by the Master Servicer in discharge of its obligation to make any such Monthly Advance and (ii) detailing transfer such funds from the reason it deems Certificate Account to the advance Distribution Account. Any funds so applied and transferred shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the Determination Date immediately preceding the Distribution Date on which such funds are required to be nonrecoverabledistributed pursuant to Section 4.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (WMC Secured Assets Corp WMC Mort Pass THR Cert Ser 2000-A)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Xxxxx Fargo Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution related Payment Account Deposit Date immediately preceding the related Distribution Payment Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its the Xxxxx Fargo Servicing Agreement. If applicablethe Master Servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Payment Account Deposit Date, the Master Servicer shall present an Officer's ’s Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. If the Servicer or the Master Servicer was required to make an Advance but failed to do so, the Indenture Trustee shall appoint a successor servicer who will make such Advance, or the Indenture Trustee as successor master servicer shall be required to remit the amount of such Advance to the Payment Account, unless the Indenture Trustee shall have determined that such Advance is a Nonrecoverable Advance. If the Indenture Trustee cannot find a successor servicer to replace the Servicer, the Indenture Trustee shall become the successor servicer and shall be required to remit the amount of such Advance to the Payment Account, unless the Indenture Trustee shall have determined that such Advance is a Nonrecoverable Advance.

Appears in 1 contract

Samples: Mortgage Loan Purchase Agreement (Bear Stearns ARM Trust 2006-1)

Monthly Advances. If the any Monthly Payment on a Mortgage Loan that was due on a related the immediately preceding Due Date and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loanor Debt Service Reduction, the Master Servicer on such Determination Date will deposit in the Master Servicer Collection Certificate Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, the interest portion (net of the Servicing Fee Fee) of the scheduled Monthly Payment for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoingforegoing and in the absence of such a determination, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its Servicing AgreementMortgage Loan has, in the judgment of the Master Servicer, become a Liquidated Mortgage Loan. If applicable, on the Distribution Account Deposit prior to each Determination Date, the Master Servicer shall present deliver an Officer's Certificate to the Securities Administrator (i) Trustee stating that the Master Servicer elects not to make a Monthly Advance in a stated amount because it would be a Nonrecoverable Advance or that a Monthly Advance previously made has become a Nonrecoverable Advance. In lieu of making all or a portion of such Monthly Advance from its own funds, the Master Servicer may (i) cause to be made an appropriate entry in its records relating to the Certificate Account that any amount held in the Certificate Account and not required for distribution on the immediately succeeding Distribution Date has been used by the Master Servicer in discharge of its obligation to make any such Monthly Advance and (ii) detailing transfer such funds from the reason it deems Certificate Account to the advance Distribution Account. Any funds so applied and transferred shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the Determination Date immediately preceding the Distribution Date on which such funds are required to be nonrecoverabledistributed pursuant to Section 4.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (WMC Secured Assets Corp WMC Mort Pass THR Cert Ser 1999-A)

Monthly Advances. If the Monthly Scheduled Payment (together with ---------------- any advances from the Sub-Servicers) on a Mortgage Loan that was due on the Due Date in the month of a related Due Distribution Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custody Account that or the Certificate Account which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection appropriate subaccount of the Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, deficiency net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer is by deposit in the appropriate subaccount of the Certificate Account on or before any future date to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by the Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Icifc Secured Assets Corp)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance a Monthly Advance pursuant to the related Servicing Agreement exceeds and fails to make any required Monthly Advance, in whole or in part, if such Servicer is Xxxxx Fargo Bank, the amount deposited in Indenture Trustee, as successor servicer or another successor servicer appointed by it, shall remit to the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Payment Account not later than the Distribution related Payment Account Deposit Date immediately preceding the related Distribution Payment Date an amount equal to such deficiencyrequired Monthly Advance to the extent not otherwise paid by the related Servicer, net of the related Servicing Fee for such Mortgage LoanLoan except to the extent the Indenture Trustee determines any such advance to be a Nonrecoverable Advance. If such Servicer is Countrywide, the Master Servicer, as successor servicer or another successor servicer appointed by it, shall remit to the Payment Account not later than the related Payment Account Deposit Date immediately preceding the related Payment Date an amount equal to such required Monthly Advance to the extent not otherwise paid by the related Servicer, net of the related Servicing Fee for such Mortgage Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer or the Indenture Trustee, as applicable, shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its the related Servicing Agreement. If the Master Servicer or the Indenture Trustee, as applicable, deems an advance to be a Nonrecoverable Advance, on the Distribution Payment Account Deposit Date, the Master Servicer such party shall present an Officer's ’s Certificate to the Securities Administrator (i) stating that the Master Servicer such party elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Alesco Financial Inc)

Monthly Advances. If the Monthly Scheduled Payment (together with any advances from the Sub-Servicers) on a Mortgage Loan that was due on the Due Date in the month of a related Due Distribution Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custody Account that or the Certificate Account which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Certificate Account not later than the Distribution Account Deposit Withdrawal Date immediately preceding the related Distribution Date an amount equal to such deficiency, deficiency net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. If any required Monthly Advance is not made by the Master Servicer is by the close of business on the Withdrawal Date, the Trustee shall immediately deliver the notice to the Master Servicer required pursuant to Section 8.01 hereof. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer by deposit in the Certificate Account on or before any future date to the extent that funds in the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by the Master Servicer to the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's ’s Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable. In the event that the Master Servicer is unable to make a Monthly Advance, the Master Servicer shall notify the Trustee in order to enable the Trustee to exercise its remedies hereunder, including but not limited to Section 8.01. The obligation of the Master Servicer or any successor Master Servicer to make the Monthly Advance required by this Section 4.02 is not a guaranty of payment on the Certificates and is contingent upon the Master Servicer’s determination that such Monthly Advances are recoverable in accordance herewith.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Mort Sec Inc Mort Back Ps THR Certs Ser 2003-1)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer (other than Xxxxx Fargo) was required to make an advance a Monthly Advance pursuant to the related Servicing Agreement exceeds the amount deposited and fails to make any required Monthly Advance, in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loanwhole or in part, the Master Servicer Servicer, as successor servicer, or any other successor servicer appointed by it, will deposit in the Master Servicer Collection Distribution Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiencyMonthly Advance to the extent not otherwise paid by the related Servicer, net of the Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer Servicer, as successor servicer, shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable; provided, however, that if the Master Servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall not be obligated to make such advance and shall present an Officer's Certificate to the Securities Administrator Trustee and (if requested in writing) to the Guarantor (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. Notwithstanding the foregoing, the Master Servicer shall not be required to make any Monthly Advances that Xxxxx Fargo, as Servicer, was required to make pursuant to the Xxxxx Fargo Servicing Agreement and failed to do so. In the event that Xxxxx Fargo as Servicer or the Master Servicer fails to make a required Monthly Advance, the Trustee, as successor servicer or the successor master servicer, as applicable, shall be required to remit the amount of such Monthly Advance to the Distribution Account in accordance with and subject to the terms of this Agreement (including its rights of reimbursement hereunder) and shall provide the Guarantor (if requested) notice of such remittance by the Trustee.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-3)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, will deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-A1)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, will deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-A8)

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Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer or, if the Master Servicer and the Servicer are the same entity, the Indenture Trustee or another successor servicer will deposit in the Master Servicer Collection Account not later than the Distribution related Payment Account Deposit Date immediately preceding the related Distribution Payment Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer or, if the Master Servicer and the Servicer are the same entity, the Indenture Trustee or another successor servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer or, if the Master Servicer and the Servicer are the same entity, the Indenture Trustee or another successor servicer shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its the Servicing Agreement. If applicablethe Master Servicer or, if the Master Servicer and the Servicer are the same entity, the Indenture Trustee or another successor servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Payment Account Deposit Date, the Master Servicer or, if the Master Servicer and the Servicer are the same entity, the Indenture Trustee or another successor servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer or, if the Master Servicer and the Servicer are the same entity, the Indenture Trustee or another successor servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance.

Appears in 1 contract

Samples: Sale and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-2)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent Delinquent other than as a result of application of the Relief Act and for which the related applicable Servicer was required to make an advance pursuant to the related Servicing this Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related applicable Servicer is required to do so under its Servicing this Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar1)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related (a) The Servicer was required to shall make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to any Mortgage Loan and remit such Mortgage LoanMonthly Advance to the Securities Administrator for deposit in the Distribution Account no later than 1:00 p.m. Eastern time on the Remittance Date in immediately available funds. The Servicer shall be obligated to make any such Monthly Advance only to the extent that such Monthly Advance would not be a Nonrecoverable Advance. If the Servicer shall have determined that it has made a Nonrecoverable Advance or that a proposed Monthly Advance or a lesser portion of such Monthly Advance would constitute a Nonrecoverable Advance, the Servicer shall deliver (i) to the Securities Administrator for the benefit of the Certificateholders funds constituting the remaining portion of such Monthly Advance, if applicable, and (ii) to the Depositor, the Master Servicer, each Rating Agency and the Trustee an Officer’s Certificate setting forth the basis for such determination. Subject to the Master Servicer’s recoverability determination, in the event that the Servicer will fails to make a required Monthly Advance, the Master Servicer, as successor servicer, shall be required to remit the amount of such Monthly Advance to the Distribution Account. In the event that the Master Servicer fails to make a required Monthly Advance, the Trustee, as successor master servicer shall, subject to Section 9.02 be required to remit the amount of such Monthly Advance to the Distribution Account. In lieu of making all or a portion of such Monthly Advance from its own funds, the Servicer may (i) cause to be made an appropriate entry in its records relating to the Protected Account that any Amounts Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Monthly Advance and (ii) transfer such funds from the Protected Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Servicer by deposit in the Master Servicer Collection Account not Distribution Account, no later than the Distribution Account Deposit close of business on the Remittance Date immediately preceding the related Distribution Date an amount equal on which such funds are required to such deficiency, net be distributed pursuant to this Agreement. The Servicer shall be entitled to be reimbursed from the Protected Account for all Monthly Advances of the Servicing Fee for its own funds made pursuant to this Section as provided in Section 5.02. The obligation to make Monthly Advances with respect to any Mortgage Loan shall continue until such Mortgage LoanLoan is paid in full or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit otherwise provided in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablethis Section 6.01.

Appears in 1 contract

Samples: Custodial Agreement (Suntrust Alternative Loan Trust, Series 2006-if Mortgage Pass-Through Certificates, Series 2006-1f)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent delinquent, other than as a result of application of the Relief Act Act, and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Distribution Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Distribution Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer Servicer, as successor servicer, shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable; provided, however, that if the Master Servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall not be obligated to make such advance and shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. Notwithstanding the foregoing, the Master Servicer shall not be required to make any Monthly Advances that Xxxxx Fargo, as Servicer, was required to make pursuant to the Xxxxx Fargo Servicing Agreement and failed to do so. In the event that Xxxxx Fargo as Servicer or the Master Servicer fails to make a required Monthly Advance, the Trustee, as successor servicer or master servicer, as applicable, shall be required to remit the amount of such Monthly Advance to the Distribution Account in accordance with and subject to the terms of this Agreement (including its rights of reimbursement hereunder).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-4)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related WF Servicer or Sub-Master Servicer was required to make an advance pursuant to the related Servicing Agreement or Sub-Master Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee and Sub-Master Servicing Fee, if applicable, for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related WF Servicer or Sub-Master Servicer is required to do so under its Servicing Agreement or Sub-Master Servicing Agreement, as applicable. If applicablethe Master Servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mort Invest Inc Mort Pas THR Cert Se 03 Cl1)

Monthly Advances. (a) If the Monthly interest portion of an Original Scheduled Payment or a scheduled payment made by the related Mortgagor pursuant to the terms of a formally modified Mortgage Note in existence as of the Cut-Off Date or the date of transfer to the Trust Fund for any Substitute Mortgage Loan (together with any advances from the Sub-Servicers) on a Mortgage Loan that was due on a related Due Date and is delinquent (other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement Act) exceeds the amount deposited in the Master Servicer Collection Certificate Account that which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer is by deposit in the Certificate Account no later than the Funds Transfer Date preceding the Distribution Date on which such funds are required to do so under its Servicing Agreementbe distributed pursuant to Section 6.01. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable. Notwithstanding the foregoing, the Master Servicer shall not be obligated to make any Monthly Advances in respect of delinquent payments of principal.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003 -Abf1)

Monthly Advances. If the Monthly Scheduled Payment (together with any advances from any Sub-Servicers) on a CMC Mortgage Loan or an NBMC Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Certificate Account that which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer CMC (with respect to a CMC Mortgage Loan) or NBMC (with respect to an NBMC Mortgage Loan) will deposit in the Master Servicer Collection appropriate subaccount of the Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the such Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the such Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of such Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the applicable Master Servicer is by deposit in the appropriate subaccount of the Certificate Account on or before any future date on which and to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by such Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the each Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the such Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Custodial Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Af2)

Monthly Advances. If the Monthly Scheduled Payment (together with any advances from any Sub-Servicers) on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Certificate Account that which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, deficiency net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer is by deposit in the Certificate Account on or before any future date on which and to the extent that funds in the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by the Master Servicer to the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable; provided that with respect to each Mortgage Loan, such Officer's Certificate shall be given only with respect to the first Distribution Date as to which an advance will not be made.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act (and for which no required advance has been made by the related Servicer was required to make an advance pursuant to the related Servicing Agreement or First Union subservicer) exceeds the amount deposited in the Master Servicer Collection Certificate Account that which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Master Servicing Fee and Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Servicer or First Union subservicer is required to do so under its Servicing Agreementso. The Master Servicer's obligation to make the Monthly Advances with respect to unpaid Balloon Payments for which no required advance is made by the related Servicer or First Union subservicer is limited to the amount of the related Scheduled Payment due immediately prior to such Balloon Payment. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer by deposit in the appropriate subaccount of the Certificate Account on or before any future date on which and to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to be transferred by the Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant Subject to the related Servicing Agreement exceeds the amount deposited in conditions of this Article IV, the Master Servicer Collection Account that will be used for Servicer, as required below, shall make a Monthly Advance with respect to the Certificate Account, in the amount, if any, of the aggregate scheduled installments of principal and interest, after adjustment of such interest payment to the Pass-Through Rate for such Mortgage Loan, Loan on the Mortgage Loans that were due on the Due Date but which were not received or advanced by the Servicers (including the Master Servicer, in its capacity as Servicer will deposit in of Nonsubserviced Mortgage Loans) and remitted to the Master Certificate Account on or prior to the Servicer Collection Remittance Date. Each Monthly Advance shall be remitted to the Certificate Account not no later than the close of business on the Business Day immediately preceding the related Distribution Account Deposit Date in immediately available funds. The Master Servicer shall be obligated to make such Monthly Advance only to the extent that such advance, in the good faith judgment of the Master Servicer, is reimbursable from Insurance Proceeds, Liquidation Proceeds, payments under the Letter of Credit or under any Alternative Credit Support, or otherwise. On the Determination Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer determines any such Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present determine whether and to what extent any Servicers have failed to make any advances of principal or any interest in respect of scheduled installments of principal and interest that were due on the Due Date and whether such deficiencies, if advanced by the Master Servicer, would be reimbursable from Insurance Proceeds, Liquidation Proceeds or otherwise. If the Master Servicer shall have determined that it is not obligated to make the entire Monthly Advance because all or a lesser portion of such Monthly Advance would not be reimbursable from Insurance Proceeds, Liquidation Proceeds or otherwise, the Master Servicer shall promptly deliver to the Trustee an Officer's Certificate to setting forth the Securities Administrator (i) stating that reasons for the Master Servicer's determination. In lieu of making all or a portion of such Monthly Advance, the Master Servicer elects not may cause to be made an appropriate entry in its records relating to the Certificate Account that funds in such account being held for future distribution or withdrawal have been used by the Master Servicer in discharge of its obligation to make a any such Monthly Advance Advance. Any funds being held in a stated amount and (ii) detailing the reason it deems Certificate Account for future distribution to the advance Certificateholders shall be replaced by the Master Servicer by deposit, in the manner set forth above, in the Certificate Account no later than the close of business on the Business Day immediately preceding the related Distribution Date, to the extent that funds in the Certificate Account on such Distribution Date are less than the amounts required to be nonrecoverabledistributed to the Certificateholders on such Distribution Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Monthly Advances made pursuant to this Section as provided in Section 3.12.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)

Monthly Advances. If the Monthly Scheduled Payment (together with any ---------------- advances from the Sub-Servicers) on a Mortgage Loan that was due on the Due Date in the month of a related Due Distribution Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Custody Account that or the Certificate Account which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection appropriate subaccount of the Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, deficiency net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer is by deposit in the appropriate subaccount of the Certificate Account on or before any future date to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by the Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Icifc Secured Assets Corp)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer (or in the case of First Union, the related First Union subservicer) was required to make an advance pursuant to the related Servicing Agreement (and for which no required advance has been made by the related Servicer or First Union subservicer) exceeds the amount deposited in the Master Servicer Collection Certificate Account that which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Master Servicing Fee and Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Servicer or First Union subservicer is required to do so under its Servicing Agreementso. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer by deposit in the Certificate Account on or before any future date on which and to the extent that funds in the Certificate Account on such date are less than the amount required to be transferred by the Master Servicer to such Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Servicing Agreement (Structured Asset Mortgage Investments Inc)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance a Monthly Advance pursuant to the related Servicing Agreement exceeds and fails to make any required Monthly Advance, in whole or in part, if such Servicer is Wxxxx Fargo Bank, the amount deposited in Indenture Trustee, as successor servicer or another successor servicer appointed by it, shall remit to the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Payment Account not later than the Distribution related Payment Account Deposit Date immediately preceding the related Distribution Payment Date an amount equal to such deficiencyrequired Monthly Advance to the extent not otherwise paid by the related Servicer, net of the related Servicing Fee for such Mortgage LoanLoan except to the extent the Indenture Trustee determines any such advance to be a Nonrecoverable Advance. If such Servicer is Countrywide, the Master Servicer, as successor servicer or another successor servicer appointed by it, shall remit to the Payment Account not later than the related Payment Account Deposit Date immediately preceding the related Payment Date an amount equal to such required Monthly Advance to the extent not otherwise paid by the related Servicer, net of the related Servicing Fee for such Mortgage Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer or the Indenture Trustee, as applicable, shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its the related Servicing Agreement. If the Master Servicer or the Indenture Trustee, as applicable, deems an advance to be a Nonrecoverable Advance, on the Distribution Payment Account Deposit Date, the Master Servicer such party shall present an Officer's ’s Certificate to the Securities Administrator (i) stating that the Master Servicer such party elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance.

Appears in 1 contract

Samples: Assignment, Assumption and Recognition Agreement (Bear Stearns ARM Trust 2007-2)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which Act, the related Servicer was required to make an advance pursuant to the related applicable Sub-Servicing Agreement exceeds will require the amount deposited in the Master Sub-Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Account not later than on the Distribution Account Deposit Date immediately preceding the related Distribution applicable Sub-Servicer Remittance Date an amount equal to such deficiency, net of the related Sub-Servicing Fee for such Mortgage Loanand Excess Servicing Fee, except to the extent the Master applicable Sub-Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related On each Distribution Date, an amount equal to the remaining deficiency as of extent that any Sub-Servicer fails to make a Monthly Advance required by the Distribution Account Deposit Date. Subject to the foregoingapplicable Sub-Servicing Agreement, the Master Servicer shall continue will be obligated to make such Monthly Advances through Advance, except to the date that extent the Master Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or from future payments on the Mortgage Loan for which the advance was made. Any amount used as a Certificate Account Advance shall be replaced by the related Sub-Servicer is by deposit in the appropriate subaccount of the Certificate Account on or before any future date on which and to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred to such subaccount of the Certificate Account. If applicable, on the Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)

Monthly Advances. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer (other than Wells Fargo) was required to make an advance a Monthlx Xxvance pursuant to the related Servicing Agreement exceeds the amount deposited and fails to make any required Monthly Advance, in the Master Servicer Collection Account that will be used for a Monthly Advance with respect to such Mortgage Loanwhole or in part, the Master Servicer Servicer, as successor servicer, or any other successor servicer appointed by it, will deposit in the Master Servicer Collection Distribution Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiencyMonthly Advance to the extent not otherwise paid by the related Servicer, net of the Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer Servicer, as successor servicer, shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable; provided, however, that if the Master Servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall not be obligated to make such advance and shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. Notwithstanding the foregoing, the Master Servicer shall not be required to make any Monthly Advances that Wells Fargo, as Servicer, was required tx xxxe pursuant to the Wells Fargo Servicing Agreement and failed xx xx so. In the event that Wells Fargo as Servicer or the Master Servxxxx fails to make a required Monthly Advance, the Trustee, as successor servicer or the successor master servicer, as applicable, shall be required to remit the amount of such Monthly Advance to the Distribution Account in accordance with and subject to the terms of this Agreement (including its rights of reimbursement hereunder).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2007-2)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act (and for which no required advance has been made by the related Servicer was required to make an advance pursuant to the related Servicing Agreement Servicer) exceeds the amount deposited in the Master Servicer Collection Certificate Account that which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Master Servicing Fee and Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the Master Servicer shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its Servicing Agreementso. The Master Servicer's obligation to make the Monthly Advances with respect to unpaid Balloon Payments for which no required advance is made by the related Servicer is limited to the amount of the related Scheduled Payment due immediately prior to such Balloon Payment. Any amount used as a Certificate Account Advance shall be replaced by the Master Servicer by deposit in the appropriate subaccount of the Certificate Account on or before any future date on which and to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to be transferred by the Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Monthly Advances. If the Monthly Scheduled Payment (together with any advances from any Sub-Servicers) on a CMC Mortgage Loan or an IndyMac Mortgage Loan that was due on a related Due Date and is delinquent other than as a result of application of the Relief Act and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Certificate Account that which will be used for a Monthly Certificate Account Advance with respect to such Mortgage Loan, the Master Servicer CMC (with respect to a CMC Mortgage Loan) or IndyMac (with respect to an IndyMac Mortgage Loan) will deposit in the Master Servicer Collection appropriate subaccount 104 of the Certificate Account not later than the Distribution Account Deposit Advancing Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the related Master Servicing Fee for such Mortgage Loan, Loan except to the extent the such Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Date. Subject to the foregoing, the such Master Servicer shall continue to make such Monthly Advances advances through the date that the related Mortgaged Property has, in the judgment of such Master Servicer, been completely liquidated. Any amount used as a Certificate Account Advance shall be replaced by the applicable Master Servicer is by deposit in the appropriate subaccount of the Certificate Account on or before any future date on which and to the extent that funds in the appropriate subaccount of the Certificate Account on such date are less than the amount required to do so under its Servicing Agreementbe transferred by such Master Servicer to such subaccount of the Certificate Account. If applicable, on the fifth Business Day preceding each Distribution Account Deposit Date, the each Master Servicer shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the such Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Monthly Advances. If the Monthly Scheduled Payment on a Mortgage Loan that was due on a related Due Date and is delinquent delinquent, other than as a result of application of the Relief Act Act, and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement exceeds the amount deposited in the Master Servicer Collection Distribution Account that which will be used for a Monthly Advance an advance with respect to such Mortgage Loan, the Master Servicer will deposit in the Master Servicer Collection Distribution Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, Loan except to the extent the Master Servicer determines any such Monthly Advance advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Monthly Advance was made. If the Master Servicer has not deposited the amount described above as of the related Distribution Account Deposit Date, the Trustee will, subject to applicable law and its determination of recoverability, deposit in the Master Servicer Collection Account not later than the related Distribution Date, an amount equal to the remaining deficiency as of the Distribution Account Deposit Datea Nonrecoverable Advance. Subject to the foregoing, the Master Servicer Servicer, as successor servicer, shall continue to make such Monthly Advances advances through the date that the related Servicer is required to do so under its Servicing Agreement. If applicable; provided, however, that if the Master Servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall not be obligated to make such advance and shall present an Officer's Certificate to the Securities Administrator Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverablea Nonrecoverable Advance. 168 Notwithstanding the foregoing, the Master Servicer shall not be required to make any Monthly Advances that Xxxxx Fargo, as Servicer, was required to make pursuant to the Xxxxx Fargo Servicing Agreement and failed to do so. In the event that Xxxxx Fargo as Servicer or the Master Servicer fails to make a required Monthly Advance, the Trustee, as successor servicer or master servicer, as applicable, shall be required to remit the amount of such Monthly Advance to the Distribution Account in accordance with and subject to the terms of this Agreement (including its rights of reimbursement hereunder).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns ALT-A Trust 2006-3)

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