Common use of Outstanding Servicing Advances Clause in Contracts

Outstanding Servicing Advances. Not later than ten (10) Business Days following the Servicing Transfer Date, the Owner shall deliver to the Servicer a schedule, certified by an authorized officer of the Owner as being true and correct and setting forth, in all material respects, those Servicing Advances made by the Owner with respect to the Mortgage Loans as of the related Servicing Transfer Date for which the Owner has not been reimbursed (the “Outstanding Owner Servicing Advances”). The Servicer agrees to reimburse the prior servicer within thirty (30) days following the Servicing Transfer Date for all Outstanding Owner Servicing Advances with which the prior servicer or the Owner has provided the Servicer with reasonably detailed documentation evidencing such advances. The Servicer shall have no obligation to board Outstanding Owner Servicing Advances or reimburse the prior servicer unless the Servicer has received reasonably detailed documentation allowing the Servicer to collect such advances from the Mortgagor.

Outstanding Servicing Advances. Not later than ten (10) Business Days following the Servicing Inbound Transfer Date, the Owner shall deliver to the Servicer a schedule, certified by an authorized officer of the Owner as being true and correct and setting forth, in all material respects, those Servicing Advances made by the Owner with respect to the Mortgage Loans as of the related Servicing Inbound Transfer Date for which the Owner has not been reimbursed (the “Outstanding Owner Servicing Advances”). The Servicer agrees to reimburse the prior servicer within thirty (30) days following the Servicing Inbound Transfer Date for all Outstanding Owner Servicing Advances with which the prior servicer or the Owner has provided the Servicer with reasonably detailed documentation evidencing such advances. The Servicer shall have no obligation to board Outstanding Owner Servicing Advances or reimburse the prior servicer unless the Servicer has received reasonably detailed documentation allowing the Servicer to collect such advances from the Mortgagor.