Common use of Reimbursement of Servicing Advances Clause in Contracts

Reimbursement of Servicing Advances. (1) The Subservicer shall cooperate with the Owner/Servicer, Owner/Servicer's lender(s) and any rating agency in connection with the Owner/Servicer's financing of any Servicing Advances. (2) The Subservicer shall be entitled to be reimbursed for all Servicing Advances made by the Subservicer pursuant to this Agreement on a weekly basis as further described in this Section 2.12(c). On the first Business Day of each week, or as mutually agreed by the Owner/Servicer and Subservicer, the Subservicer shall provide the Owner/Servicer and Owner/Servicer's lender(s) (as identified to the Subservicer by the Owner/Servicer) with reasonable and customary documentation in accordance with Applicable Requirements (and any other information reasonably requested by the Owner/Servicer or Owner/Servicer's lender(s)) and acceptable to the Owner/Servicer and/or Owner/Servicer's lender(s) evidencing Servicing Advances made by the Subservicer in the previous week. Within two (2) Business Days of Owner/Servicer and Owner/Servicer's lender's receipt of such notice, the Owner/Servicer shall remit (or cause to be remitted) the amount set forth in the written notice provided by the Subservicer (or such lesser amount as reasonably determined by the Subservicer) via wire transfer to the Subservicer. (3) Notwithstanding any provision in this Agreement to the contrary, the Subservicer shall reimburse the Owner/Servicer for any Servicing Advances made by the Subservicer and reimbursed by the Owner/Servicer in the event (i) the applicable Agency declines to reimburse such advance as a result of the failure of the Subservicer to service the related Mortgage Loan in accordance with Applicable Requirements or (ii) such advance is not eligible for reimbursement under Agency Guidelines (unless Subservicer is required to make such advance under Applicable Requirements or the Subservicer has obtained the consent of the Owner/Servicer to make such Servicing Advance). In connection therewith, in no event shall the Subservicer be entitled to any processing fees (or other similar fees) set forth on Exhibit B to the extent the Owner/Servicer is entitled to reimbursement from the Subservicer pursuant to this Section 2.12(c)(3). (4) No later than the Reporting Date, the Subservicer shall provide a monthly report in a format reasonably acceptable to the Owner/Servicer relating to Servicing Advances which are not eligible for reimbursement under Agency Guidelines or the Agency declines to reimburse such Servicing Advances and documenting the reason that such Servicing Advances are not recoverable. In addition, from time to time and upon request of the Owner/Servicer, the Subservicer shall provide, to the Owner/Servicer and Owner/Servicer's lender(s) such documentation, data and/or reports required by the Owner/Servicer and/or Owner/Servicer's lender(s) to enable Owner/Servicer to finance the Servicing Advances xxx/xx X&X Advances.

Reimbursement of Servicing Advances. (1i) The Subservicer shall cooperate with the Owner/Servicer, Owner/Servicer's ’s lender(s) and any rating agency Rating Agency or other third party in connection with the Owner/Servicer's ’s financing of any Servicing Advances. (2ii) The Subservicer shall be entitled to be reimbursed for all Servicing Advances made by the Subservicer pursuant to in accordance with this Agreement on a weekly daily basis as further described in this Section 2.12(c2.13(c). On the first Each Business Day of each week, or as mutually agreed by the Owner/Servicer and SubservicerDay, the Subservicer shall provide the Owner/Servicer and the Owner/Servicer's ’s lender(s) (as identified to the Subservicer by the Owner/Servicer) with reasonable and customary documentation in accordance with Applicable Requirements (and any other information reasonably requested by the Owner/Servicer or Owner/Servicer's lender(s)) and acceptable to the Owner/Servicer and/or Owner/Servicer's lender(s) a report as set forth on Exhibit E-1 evidencing Servicing Advances made by the Subservicer in the previous weekBusiness Day. Within two For the avoidance of doubt, images of invoices will not be required for purposes of reimbursement pursuant to this Section 2.13(c)(ii). (2iii) Business Days of Owner/Servicer and Promptly upon Owner/Servicer's ’s lender's ’s receipt of such noticethe information provided pursuant to Section 2.13(c)(ii) (the “Servicing Advances Reimbursement Date”), subject to resolution of any obvious or manifest errors, the Owner/Servicer shall remit (or cause to be remitted) the amount set forth in the written notice invoice or other customary documentation provided by the Subservicer for all such Servicing Advances (or such lesser amount as reasonably determined by the Subservicer) via wire transfer to the SubservicerSubservicer on such Servicing Advances Reimbursement Date. (3iv) Except with respect to obvious or manifest errors, Subservicer and Owner/Servicer shall resolve any disputes regarding Servicing Advances in accordance with Section 2.13(e). (v) Notwithstanding any provision in this Agreement to the contrary, the Subservicer shall reimburse the Owner/Servicer for any Servicing Advances (as part of the daily remittance of the Owner/Servicer Economics) made by the Subservicer and reimbursed by the Owner/Servicer in the event (ix) the applicable Agency Investor declines to reimburse such advance Servicing Advance as a result of the failure of the Subservicer to service the related Mortgage Loan in accordance with Applicable Requirements or (iiy) it is determined that such advance Servicing Advance is not eligible for reimbursement under Agency Guidelines the applicable Servicing Agreement (unless Subservicer is required to make such advance under Applicable Requirements or the Subservicer has obtained the consent of the Owner/Servicer to make such Servicing Advance). In connection therewith, Advance is permitted to be made under the Advance Policy and in no event shall the Subservicer be entitled to any processing fees (or other similar fees) set forth on Exhibit B to the extent the Owner/Servicer is entitled to reimbursement from the Subservicer pursuant to this accordance with Section 2.12(c)(32.13(a). (4) No later than the Reporting Date, the Subservicer shall provide a monthly report in a format reasonably acceptable to the Owner/Servicer relating to Servicing Advances which are not eligible for reimbursement under Agency Guidelines or the Agency declines to reimburse such Servicing Advances and documenting the reason that such Servicing Advances are not recoverable. In addition, from time to time and upon request of the Owner/Servicer, the Subservicer shall provide, to the Owner/Servicer and Owner/Servicer's lender(s) such documentation, data and/or reports required by the Owner/Servicer and/or Owner/Servicer's lender(s) to enable Owner/Servicer to finance the Servicing Advances xxx/xx X&X Advances.

Reimbursement of Servicing Advances. (1i) The Subservicer shall cooperate with the Owner/Servicer, Owner/Servicer's ’s lender(s) and any rating agency Rating Agency or other third party in connection with the Owner/Servicer's ’s financing of any Servicing Advances. (2ii) The Subservicer shall be entitled to be reimbursed for all Servicing Advances made by the Subservicer pursuant to in accordance with this Agreement on a weekly daily basis as further described in this Section 2.12(c2.13(c). On the first Each Business Day of each week, or as mutually agreed by the Owner/Servicer and SubservicerDay, the Subservicer shall provide the Owner/Servicer and the Owner/Servicer's ’s lender(s) (as identified to the Subservicer by the Owner/Servicer) with reasonable and customary documentation in accordance with Applicable Requirements (and any other information reasonably requested by the Owner/Servicer or Owner/Servicer's lender(s)) and acceptable to the Owner/Servicer and/or Owner/Servicer's lender(s) a report as set forth on Exhibit E-1 evidencing Servicing Advances made by the Subservicer in the previous weekBusiness Day. Within two For the avoidance of doubt, images of invoices will not be required for purposes of reimbursement pursuant to this Section 2.13(c)(ii). (2iii) Business Days of Owner/Servicer and Promptly upon Owner/Servicer's ’s lender's ’s receipt of such noticethe information provided pursuant to Section 2.13(c)(ii) (the “Servicing Advances Reimbursement Date”), subject to resolution of any obvious or manifest errors, the Owner/Servicer shall remit (or cause to be remitted) the amount set forth in the written notice invoice or other customary documentation provided by the Subservicer for all such Servicing Advances (or such lesser amount as reasonably determined by the Subservicer) via wire transfer to the SubservicerSubservicer on such Servicing Advances Reimbursement Date. Notwithstanding any provision in this Agreement to the contrary, the Owner/Servicer shall not be responsible for any PMI Proceeding Advances and in no event shall the Subservicer be reimbursed by the Owner/Servicer for any PMI Proceeding Advances. (3iv) Except with respect to obvious or manifest errors, Subservicer and Owner/Servicer shall resolve any disputes regarding Servicing Advances in accordance with Section 2.13(e). (v) Notwithstanding any provision in this Agreement to the contrary, the Subservicer shall reimburse the Owner/Servicer for any Servicing Advances (as part of the daily remittance of the Owner/Servicer Economics) made by the Subservicer and reimbursed by the Owner/Servicer in the event (ix) the applicable Agency Investor declines to reimburse such advance Servicing Advance as a result of the failure of the Subservicer to service the related Mortgage Loan in accordance with Applicable Requirements or (iiy) it is determined that such advance Servicing Advance is not eligible for reimbursement under Agency Guidelines the applicable Servicing Agreement (unless Subservicer is required to make such advance under Applicable Requirements or the Subservicer has obtained the consent of the Owner/Servicer to make such Servicing Advance). In connection therewith, Advance is permitted to be made under the Advance Policy and in no event shall the Subservicer be entitled to any processing fees (or other similar fees) set forth on Exhibit B to the extent the Owner/Servicer is entitled to reimbursement from the Subservicer pursuant to this accordance with Section 2.12(c)(32.13(a). (4) No later than the Reporting Date, the Subservicer shall provide a monthly report in a format reasonably acceptable to the Owner/Servicer relating to Servicing Advances which are not eligible for reimbursement under Agency Guidelines or the Agency declines to reimburse such Servicing Advances and documenting the reason that such Servicing Advances are not recoverable. In addition, from time to time and upon request of the Owner/Servicer, the Subservicer shall provide, to the Owner/Servicer and Owner/Servicer's lender(s) such documentation, data and/or reports required by the Owner/Servicer and/or Owner/Servicer's lender(s) to enable Owner/Servicer to finance the Servicing Advances xxx/xx X&X Advances.