Common use of Remittance Reports; Monthly Advances Clause in Contracts

Remittance Reports; Monthly Advances. (a) On the second Business Day prior to the related Payment Date, the Master Servicer shall deliver to the Securities Administrator, the Paying Agent and the Indenture Trustee by telecopy (or by such other means as the Master Servicer, the Paying Agent, the Securities Administrator and the Indenture Trustee may agree from time to time) a Remittance Report with respect to the related Payment Date. Such Remittance Report will include (i) the amount of Monthly Advances to be made by the Master Servicer in respect of the related Payment Date, the aggregate amount of Monthly Advances outstanding after giving effect to such Monthly Advances, and the aggregate amount of Nonrecoverable Advances in respect of such Payment Date and (ii) such other information with respect to the Mortgage Loans as the Securities Administrator or the Paying Agent may reasonably require to perform the calculations necessary for the Paying Agent to make the payments contemplated by Section 3.03 of the Indenture and for the Securities Administrator to prepare the statements to Noteholders contemplated by Section 7.04 of the Indenture; provided, however, that if the Master Servicer is not the Securities Administrator, the Master Servicer will forward to the successor Securities Administrator the information set forth in clause (i) above on the next Business Day following the latest related Determination Date and the information set forth in clause (ii) above on the fifth Business Day following the last day of the related calendar month. Neither the Indenture Trustee, the Paying Agent nor the Securities Administrator shall be responsible to recompute, recalculate or verify any information provided to it by the Master Servicer.

Remittance Reports; Monthly Advances. (a) On the second Business Day prior to the related Payment following each Determination Date, the Master Servicer shall deliver to the Securities Administrator, the Paying Agent Trustee and the Indenture Trustee Certificate Insurer by telecopy (or by such other means as the Master Servicer, the Paying AgentTrustee or the Certificate Insurer, as the Securities Administrator and the Indenture Trustee case may be, may agree from time to time) a Remittance Report with respect to the related Payment Distribution Date. Such On the same date, the Master Servicer shall forward to the Trustee by overnight mail a computer readable magnetic tape or diskette containing the information set forth in such Remittance Report will include with respect to the related Distribution Date. Not later than the close of business New York time on the Master Servicer Remittance Date, the Master Servicer shall deliver or cause to be delivered to the Certificate Insurer and the Trustee in addition to the information provided on the Remittance Report, (i) the Guaranteed Distribution for such Distribution Date, separately identifying the portions thereof allocable to principal and interest; (ii) the Available Distribution Amount for such Distribution Date; (iii) whether the Available Distribution Amount expected to be on deposit in the Distribution Account on such Distribution Date will be sufficient to cover the Guaranteed Distribution and, if not, the amount of the shortfall; (iv) the amount of Monthly Advances to be made by the Master Servicer in respect of the related Payment Distribution Date, the aggregate amount of Monthly Advances outstanding after giving effect to such Monthly Advances, and the aggregate amount of Nonrecoverable Monthly Advances in respect of such Payment Distribution Date; (v) with respect to any reimbursement to be made to the Certificate Insurer on such Distribution Date pursuant to Section 4.01(a)(v), the amount, if any, allocable to principal and the amount allocable to interest; (vi) Cumulative Insurance Payments after giving effect to the distributions to be made on such Distribution Date; and (iivii) such other information with respect to the Mortgage Loans as the Securities Administrator or the Paying Agent Trustee may reasonably require to perform the calculations necessary for the Paying Agent to make the payments distributions contemplated by Section 3.03 of the Indenture 4.01 and for the Securities Administrator to prepare the statements to Noteholders Certificateholders contemplated by Section 7.04 of the Indenture; provided, however, that if the Master Servicer is 4.02. The Trustee shall not the Securities Administrator, the Master Servicer will forward to the successor Securities Administrator the information set forth in clause (i) above on the next Business Day following the latest related Determination Date and the information set forth in clause (ii) above on the fifth Business Day following the last day of the related calendar month. Neither the Indenture Trustee, the Paying Agent nor the Securities Administrator shall be responsible to recompute, recalculate or verify any information provided to it by the Master Servicer.

Remittance Reports; Monthly Advances. (a) On the second Business Day prior to the related Payment following each Determination Date, the Master Servicer shall deliver to the Securities Administrator, the Paying Agent Trustee and the Indenture Trustee Certificate Insurer by telecopy (or by such other means as the Master Servicer, the Paying AgentTrustee or the Certificate Insurer, as the Securities Administrator and the Indenture Trustee case may be, may agree from time to time) a Remittance Report with respect to the related Payment Distribution Date. Such On the same date, the Master Servicer shall forward to the Trustee by overnight mail a computer readable magnetic tape or diskette containing the information set forth in such Remittance Report will include with respect to the related Distribution Date. Not later than the close of business New York time on the Master Servicer Remittance Date, the Master Servicer shall deliver or cause to be delivered to the Certificate Insurer and the Trustee in addition to the information provided on the Remittance Report, (i) the Guaranteed Distribution for such Distribution Date, separately identifying the portions thereof allocable to principal and interest; (ii) the Available Distribution Amount for such Distribution Date; (iii) whether the Available Distribution Amount expected to be on deposit in the Distribution Account on such Distribution Date will be sufficient to cover the Guaranteed Distribution and, if not, the amount of the shortfall; (iv) the amount of Monthly Advances to be made by the Master Servicer in respect of the related Payment Distribution Date, the aggregate amount of Monthly Advances outstanding after giving effect to such Monthly Advances, and the aggregate amount of Nonrecoverable Monthly Advances in respect of such Payment Distribution Date; (v) with respect to any reimbursement to be made to the Certificate Insurer on such Distribution Date pursuant to Section 4.01(a)(iv), the amount, if any, allocable to principal and the amount allocable to interest; (vi) Cumulative Insurance Payments after giving effect to the distributions to be made on such Distribution Date; and (iivii) such other information with respect to the Mortgage Loans as the Securities Administrator or the Paying Agent Trustee may reasonably require to perform the calculations necessary for the Paying Agent to make the payments distributions contemplated by Section 3.03 of the Indenture 4.01 and for the Securities Administrator to prepare the statements to Noteholders Certificateholders contemplated by Section 7.04 of the Indenture; provided, however, that if the Master Servicer is 4.02. The Trustee shall not the Securities Administrator, the Master Servicer will forward to the successor Securities Administrator the information set forth in clause (i) above on the next Business Day following the latest related Determination Date and the information set forth in clause (ii) above on the fifth Business Day following the last day of the related calendar month. Neither the Indenture Trustee, the Paying Agent nor the Securities Administrator shall be responsible to recompute, recalculate or verify any information provided to it by the Master Servicer.