Common use of Remittance of Payments Clause in Contracts

Remittance of Payments. On the Remittance Date, Servicer shall remit payments of principal and interest to Purchaser received pursuant to each Mortgage Loan on or before the Determination Date. Servicer shall deduct from the remittances of principal and interest the servicing fee to be paid to Servicer in accordance with Section 8 of this Agreement. Notwithstanding anything to the contrary herein, Servicer shall remit any prepayments of principal in full satisfaction of the Mortgage Loan within five (5) Business Days of the day that Servicer’s bank has cleared any such payment. Further, Servicer will make any necessary deposits to, or withdrawals from, Related Escrow Accounts, and will deliver any related income, and Servicer shall retain for its own account any ancillary income arising from the servicing of the Mortgage Loans, including assumption fees, late charges, amortization schedule fees, NSF fees, release fees, reconveyance fees, speedpay or other electronic payment fees, demand statement fees and loan modification fees.

Remittance of Payments. On the Remittance Date, Servicer shall remit payments of principal and interest to Purchaser received pursuant to each Mortgage Loan on or before the Determination Date. Servicer shall deduct from the remittances of principal and interest the servicing fee to be paid to Servicer in accordance with Section 8 of this Agreement. Notwithstanding anything to the contrary herein, Servicer shall remit any prepayments of principal in full satisfaction of the Mortgage Loan within five (5) Business Days of the day that Servicer’s bank has cleared any such payment. Further, Servicer will make any necessary deposits to, or withdrawals from, Related Escrow Accounts, and will deliver any related income, and Servicer shall retain for its own account any ancillary income arising from the servicing of the Mortgage Loans, including assumption fees, late charges, amortization schedule fees, NSF fees, release fees, reconveyance fees, speedpay or other electronic payment fees, demand statement fees and loan modification fees.