Common use of Payment to Servicer Clause in Contracts

Payment to Servicer. During the term of this Agreement, all payments, if any, made by Xxxxxxx Mac relating to the Reimbursement Rights will be paid directly to the account described in Schedule C hereto (the “Clearing Account”), and Indenture Trustee and Administrative Agent each expressly acknowledge their understanding that the Clearing Account is not a blocked or restricted account subject to control in favor of a secured party. Servicer, Depositor, Assignee, Administrative Agent, and Indenture Trustee will be deemed, by virtue of their execution of this Agreement, to have specifically authorized and irrevocably consented to Fifth Amended and Restated Consent Agreement any directed payment of the Reimbursement Rights to the Clearing Account until such time as any other written notice shall have been delivered by Indenture Trustee to Xxxxxxx Mac which directs all payments, if any, by Xxxxxxx Mac relating to Reimbursement Rights to another account, or the Indenture Trustee Final Notice shall have been delivered. The Servicer, the Depositor and the Assignee hereby authorize Xxxxxxx Mac to accept the written instructions of the Indenture Trustee with respect to payments to the Clearing Account, or the direction to make payments to another account, all in accordance with the Transaction Documents. Xxxxxxx Mac will have no obligation to confirm with the Servicer or Indenture Trustee any such direction or payment made by Xxxxxxx Mac relating to the Reimbursement Rights arising out of or relating to this Agreement. For the avoidance of doubt, (i) the Guide requires that Xxxxxxx Mac remit to Servicer reimbursement for advances of taxes and insurance and certain other advances, including foreclosure and liquidation and related expenses, required to be made or incurred by Servicer pursuant to the Guide and/or the Purchase Documents; and (ii) although the definition of “Reimbursement Amounts” does include the reimbursement of advances for delinquent principal and interest payments required to be made by Servicer pursuant to the Guide and/or the Purchase Documents, any such reimbursement from Xxxxxxx Mac will be in the form of either (A) crediting delinquent Principal and Interest Payments (as such term is defined in the Guide) advanced with respect to the Mortgage loans against amounts otherwise required to be remitted by Servicer to Xxxxxxx Mac, in which case the old advances shall be deemed reimbursed and the full amount of the new advances without regard to the credit shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-pocket payment, or (B) permitting Servicer to reimburse itself for delinquent principal and interest advanced with respect to the Mortgage loans by netting those amounts from amounts otherwise required to be remitted by Servicer to Xxxxxxx Mac, which, in the case of any crediting contemplated by clause (A) above, the old advances shall be deemed reimbursed and the full amount of the new advances without regard to the amount netted shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-pocket payment. Issuer, Depositor and Servicer acknowledge and agree that, to the extent not previously reimbursed in cash, such amounts credited or netted with respect to delinquent principal and interest advanced shall be deposited by Servicer directly into the Collection and Funding Account (as defined in the Indenture) for the benefit of the Secured Parties in accordance with the terms of the Indenture.

Payment to Servicer. During the term of this Agreement, all payments, if any, made by Xxxxxxx Mac relating to the Reimbursement Rights will be paid directly to the account described in Schedule C hereto (the “Clearing Account”), and Indenture Trustee and Administrative Agent each expressly acknowledge their understanding that the Clearing Account is not a blocked or restricted account subject to control in favor of a secured party. Servicer, Depositor, Assignee, Administrative Agent, and Indenture Trustee will be deemed, by virtue of their execution of this Agreement, to have specifically authorized and irrevocably consented to Fifth Amended and Restated Consent Agreement any directed payment of the Reimbursement Rights to the Clearing Account until such time as any other written notice shall have been delivered by Indenture Trustee to Xxxxxxx Mac which directs all payments, if any, by Xxxxxxx Mac relating to Reimbursement Rights to another account, or the Indenture Trustee Final Notice shall have been delivered. The Servicer, the Depositor and the Assignee hereby authorize Xxxxxxx Mac to accept the written instructions of the Indenture Trustee with respect to payments to the Clearing Account, or the direction to make payments to another account, all in accordance with the Transaction Documents. Xxxxxxx Mac will have no obligation to confirm with the Servicer or Indenture Trustee any such direction or payment made by Xxxxxxx Mac relating to the Reimbursement Rights arising out of or relating to this Agreement. For the avoidance of doubt, (i) the Guide requires that Xxxxxxx Mac remit to Servicer reimbursement for advances of taxes and insurance and certain other advances, including foreclosure and liquidation and related expenses, required to be made or incurred by Servicer pursuant to the Guide and/or the Purchase Documents; and (ii) although the definition of “Reimbursement Amounts” does include the reimbursement of advances for delinquent principal and interest payments required to be made by Servicer pursuant to the Guide and/or the Purchase Documents, any such reimbursement from Xxxxxxx Mac will be in the form of either (A) crediting delinquent Principal and Interest Payments (as such term is defined in the Guide) advanced with respect to the Mortgage loans against amounts otherwise required to be remitted by Servicer to Xxxxxxx Mac, in which case the old advances shall be deemed reimbursed and the full amount of the new advances without regard to the credit shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-pocket payment, or (B) permitting Servicer to reimburse itself for delinquent principal and interest advanced with respect to the Mortgage loans by netting those amounts from amounts otherwise required to be remitted by Servicer to Xxxxxxx Mac, which, in the case of any crediting contemplated by clause (A) above, the old advances shall be deemed reimbursed and the full amount of the new advances without regard to the amount netted shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-pocket payment. Issuer, Depositor and Servicer acknowledge and agree that, to the extent not previously reimbursed in cash, such amounts credited or netted with respect to delinquent principal and interest advanced shall be deposited by Servicer directly into the Collection and Funding Account (as defined in the Indenture) for the benefit of the Secured Parties in accordance with the terms of the Indenture.

Payment to Servicer. During the term of this Agreement, all payments, if any, made by Xxxxxxx Mac relating to the Reimbursement Rights will be paid directly to the account described in Schedule C hereto (the “Clearing Account”), and Indenture Trustee and Administrative Agent each expressly acknowledge their understanding that the Clearing Account is not a blocked or restricted account subject to control in favor of a secured party. Servicer, Depositor, Assignee, Administrative Agent, and Indenture Trustee will be deemed, by virtue of their execution of this Agreement, to have specifically authorized and irrevocably consented to Fifth Amended and Restated Consent Agreement any directed payment of the Reimbursement Rights to the Clearing Account until such time as any other written notice shall have been delivered by Indenture Trustee to Xxxxxxx Mac which directs all payments, if any, by Xxxxxxx Mac relating to Reimbursement Rights to another account, or the Indenture Trustee Final Notice shall have been delivered. The Servicer, the Depositor and the Assignee hereby authorize Xxxxxxx Mac to accept the written instructions of the Indenture Trustee with respect to payments to the Clearing Account, or the direction to make payments to another account, all in accordance with the Transaction Documents. Xxxxxxx Mac will have no obligation to confirm with the Servicer or Indenture Trustee any such direction or payment made by Xxxxxxx Mac relating to the Reimbursement Rights arising out of or relating to this Agreement. For the avoidance of doubt, (i) the Guide requires that Xxxxxxx Mac remit to Servicer reimbursement for advances of taxes and insurance and certain other advances, including foreclosure and liquidation and related expenses, required to be made or incurred by Servicer pursuant to the Guide and/or the Purchase Documents; and (ii) although the definition of “Reimbursement Amounts” does include the reimbursement of advances for delinquent principal and interest payments required to be made by Servicer pursuant to the Guide and/or the Purchase Documents, any such reimbursement from Xxxxxxx Mac will be in the form of either (A) crediting delinquent Principal and Interest Payments (as such term is defined in the Guide) advanced with respect to the Mortgage loans against amounts otherwise required to be remitted by Servicer to Xxxxxxx Mac, in which case the old advances shall be deemed reimbursed and the full amount of the new advances without regard to the credit shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-pocket payment, or (B) permitting Servicer to reimburse itself for delinquent principal and interest advanced with respect to the Mortgage loans by netting those amounts from amounts otherwise required to be remitted by 5 Fourth Amended and Restated Consent Agreement Servicer to Xxxxxxx Mac, which, in the case of any crediting contemplated by clause (A) above, the old advances shall be deemed reimbursed and the full amount of the new advances without regard to the amount netted shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-of- pocket payment. Issuer, Depositor and Servicer acknowledge and agree that, to the extent not previously reimbursed in cash, such amounts credited or netted with respect to delinquent principal and interest advanced shall be deposited by Servicer directly into the Collection and Funding Account (as defined in the Indenture) for the benefit of the Secured Parties in accordance with the terms of the Indenture. 4.

Payment to Servicer. During the term of this Agreement, all payments, if any, made by Xxxxxxx Mac relating to the Reimbursement Rights will be paid directly to the account described in Schedule C hereto (the “Clearing Account”), and Indenture Trustee and Administrative Agent each expressly acknowledge their understanding that the Clearing Account is not a blocked or restricted account subject to control in favor of a secured party. Servicer, Depositor, Assignee, Administrative Agent, and Indenture Trustee will be deemed, by virtue of their execution of this Agreement, to have specifically authorized and irrevocably consented to Fifth Amended and Restated Consent Agreement any directed payment of the Reimbursement Rights to the Clearing Account until such time as any other written notice shall have been delivered by Indenture Trustee to Xxxxxxx Mac which directs all payments, if any, by Xxxxxxx Mac relating to Reimbursement Rights to another account, or the Indenture Trustee Final Notice shall have been delivered. The Servicer, the Depositor and the Assignee hereby authorize Xxxxxxx Mac to accept the written instructions of the Indenture Trustee with respect to payments to the Clearing Account, or the direction to make payments to another account, all in accordance with the Transaction Documents. Xxxxxxx Mac will have no obligation to confirm with the Servicer or Indenture Trustee any such direction or payment made by Xxxxxxx Mac relating to the Reimbursement Rights arising out of or relating to this Agreement. For the avoidance of doubt, (i) the Guide requires that Xxxxxxx Mac remit to Servicer reimbursement for advances of taxes and insurance and certain other advances, including foreclosure and liquidation and related expenses, required to be made or incurred by Servicer pursuant to the Guide and/or the Purchase Documents; and (ii) although the definition of “Reimbursement Amounts” does include the reimbursement of advances for delinquent principal and interest payments required to be made by Servicer pursuant to the Guide and/or the Purchase Documents, any such reimbursement from Xxxxxxx Mac will be in the form of either (A) crediting delinquent Principal and Interest Payments (as such term is defined in the Guide) advanced with respect to the Mortgage loans against amounts otherwise required to be remitted by Servicer to Xxxxxxx Mac, in which case the old advances shall be deemed reimbursed and the full amount of the new advances without regard to the credit shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-pocket payment, or (B) permitting Servicer to reimburse itself for delinquent principal and interest advanced with respect to the Mortgage loans by netting those amounts from amounts otherwise required to be remitted by Fourth Amended and Restated Consent Agreement Servicer to Xxxxxxx Mac, which, in the case of any crediting contemplated by clause (A) above, the old advances shall be deemed reimbursed and the full amount of the new advances without regard to the amount netted shall be deemed to have been remitted, such that Servicer shall remain entitled to reimbursement of the new advance amount as if such new advance amount had been an out-of-of- pocket payment. Issuer, Depositor and Servicer acknowledge and agree that, to the extent not previously reimbursed in cash, such amounts credited or netted with respect to delinquent principal and interest advanced shall be deposited by Servicer directly into the Collection and Funding Account (as defined in the Indenture) for the benefit of the Secured Parties in accordance with the terms of the Indenture.