Common use of Remittances and Monthly Report Clause in Contracts

Remittances and Monthly Report. Two (2) Business Days prior to each Distribution Date, Servicer shall submit a Monthly Report by means of hard copy and computer diskette substantially in the form set forth on Exhibit A hereto (or in such other form and manner as may be hereafter mutually agreed upon by Owner and Servicer), showing all collections of interest and principal (from whatever source) on the Loans and all collections in respect of the REO Properties (including sale proceeds and rental payments) during the related Collection Period as well as the amounts, and a detailed description of all Servicing Advances incurred during the related Collection Period and all distributions from the Collection Account since the preceding Distribution Date. On each Distribution Date Servicer shall withdraw the Monthly Collection Amount from the Collection Account and distribute the amount withdrawn in the following priority: (a) to refund to any Obligor any funds determined to be in excess of the amounts required under the terms of the related Loan Documents; (b) to the Owner, (i) all payments on account of principal on the Mortgage Loans or REO Properties, including all principal prepayments and (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; provided, however, that. upon liquidation of a Loan, any amounts due to Servicer pursuant to subsection (d) below with respect to such Loan shall be paid prior to any amounts due pursuant to this subsection (b); (c) to pay itself all Ancillary Income collected during the related Collection Period; (d) to reimburse itself for unpaid Servicing Fees and unreimbursed Servicing Advances; provided, that Servicer's right to reimburse itself pursuant to this subclause (d) with, respect to any Loan or REO Property (i) is limited to related Liquidation Proceeds, condemnation proceeds, insurance proceeds and such other amounts as may be collected by Servicer from the Obligor or otherwise relating to the Loan or REO Property, and (ii) if, after Disposition of such Loan or REO Property, such amounts are insufficient to satisfy such unpaid or unreimbursed amounts, then Servicer may seek reimbursement from Owner (as set forth in Section 6.4 below), it being understood that, in the case of such reimbursement from the Collection Account, Servicer's right thereto shall be prior to the rights of Owner. Amounts payable to Owner shall be paid by wire transfer in immediately available funds (by 4:00 p.m., eastern time on the day of transfer) to an account designated by Owner. With respect to any remittance sent by Servicer after the second Business Day following the Business Day on which such payment was due, Servicer shall pay to the Owner interest on any such late payment at an annual rate equal to the rate of interest as is publicly announced from time to time by Citibank, N.A., New York, New York, or its successor as its prime lending rate, plus 30/c, adjusted as of the date of each change, but in no event greater than the amount permitted by applicable law ("Default Rate"). Such interest shall be paid by Servicer to the Owner on the date such late payment is made and shall cover the period commencing with and including the Business Day on which such payment was due and ending with but excluding the Business Day on which such payment is made. Such interest shall be remitted along with such late payment The payment by Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default.

Remittances and Monthly Report. Two (2) Business Days prior to each Distribution Date, Interim Servicer shall submit a Monthly Report by means of hard copy and computer diskette in electronic format substantially in the form set forth on Exhibit A hereto (or in such other form and manner as may be hereafter mutually agreed upon by Owner and Interim Servicer), showing all collections of interest and principal (from whatever source) on the Loans and all collections in respect of the REO Properties (including sale proceeds and rental payments) during the related Collection Period as well as the amounts, and a detailed description of all Servicing Advances incurred during the related Collection Period and all distributions from the Collection Account since the preceding Distribution Date. On each Distribution Date Interim Servicer shall withdraw the Monthly Collection Amount from the Collection Account and distribute the amount withdrawn in the following priority: (a) to refund to any Obligor any funds determined to be in excess of the amounts required under the terms of the related Loan Documents; (b) to pay itself the Owner, (i) all payments on account of principal on the Mortgage Loans Servicing Fee earned per Loan or REO Properties, including Property during the related Collection Period and to pay itself all principal prepayments and Ancillary Income earned during the related Collection Period (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; provided, however, that. upon liquidation of a Loan, any amounts due to Servicer pursuant to subsection (d) below with respect to such Loan shall be paid prior to any amounts due pursuant to this subsection (bextent deposited into the Collection Account); (c) to pay reimburse itself all for Servicing Fees and Ancillary Income collected earned during Collection Periods prior to the related Collection Period, to the extent not previously paid or reimbursed; (d) to reimburse itself for unpaid Servicing Fees and unreimbursed Servicing Advances; provided, that Servicer's right Advances made during the related Collection Period; (e) to reimburse itself pursuant to this subclause (d) with, respect to any Loan or REO Property (i) is limited to related Liquidation Proceeds, condemnation proceeds, insurance proceeds and such other amounts as may be collected by Servicer from the Obligor or otherwise relating to the Loan or REO Property, and (ii) if, after Disposition of such Loan or REO Property, such amounts are insufficient to satisfy such unpaid or unreimbursed amounts, then Servicer may seek reimbursement from Owner (as set forth in Section 6.4 below), it being understood that, in the case of such reimbursement from the for Servicing Advances made during Collection Account, Servicer's right thereto shall be Periods prior to the rights of related Collection Period, to the extent not previously reimbursed; and (f) to Owner. Amounts payable to Owner shall be paid by wire transfer in immediately available funds (by 4:00 p.m., eastern time on the day of transfer) to an account designated by Owner. With respect to any remittance sent by Servicer after the second Business Day following the Business Day on which such payment was due, Servicer shall pay to the Owner interest on any such late payment at an annual rate equal to the rate of interest as is publicly announced from time to time by Citibank, N.A., New York, New York, or its successor as its prime lending rate, plus 30/c, adjusted as of the date of each change, but in no event greater than the amount permitted by applicable law ("Default Rate"). Such interest shall be paid by Servicer to the Owner on the date such late payment is made and shall cover the period commencing with and including the Business Day on which such payment was due and ending with but excluding the Business Day on which such payment is made. Such interest shall be remitted along with such late payment The payment by Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default.

Remittances and Monthly Report. Two (2) Business Days prior ------------------------------ to each Distribution Date, the Servicer shall submit a Monthly Report by means of hard copy and computer diskette (substantially in the form set forth on Exhibit A hereto (hereto) or in such other form and manner as may be hereafter mutually agreed upon by Owner and the Servicer), showing all collections of interest and principal (from whatever source) on the Loans and all collections in respect of the REO Properties (including sale proceeds and rental payments) during the related Collection Period as well as the amounts, and a detailed description description, of all Servicing Advances incurred during the related Collection Period and all distributions from the Collection Account since the preceding Distribution Date. On each Distribution Date the Servicer shall withdraw the Monthly Collection Amount from the Collection Account and distribute the amount withdrawn in the following priority: (a) to refund to any Obligor any funds determined to be in excess of the amounts required under the terms of the related Loan Documents; (b) to pay itself the Owner, (i) all payments on account of principal on the Mortgage Loans Servicing Fee and Ancillary Income earned per Loan or REO Properties, including all principal prepayments and (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; provided, however, that. upon liquidation of a Loan, any amounts due to Servicer pursuant to subsection (d) below with respect to such Loan shall be paid prior to any amounts due pursuant to this subsection (b)Property per month; (c) to pay reimburse itself all for unpaid Servicing Fees and Ancillary Income collected during the related Collection PeriodIncome; (d) to reimburse itself for Servicing Advances; (e) to reimburse itself for Servicing Advances not previously reimbursed; (f) upon the termination of this Agreement, to reimburse itself for unpaid Servicing Fees and unreimbursed Ancillary Income and Servicing Advances; provided, that Servicer's right ; (g) to reimburse itself pursuant to this subclause (d) with, respect to any Loan or REO Property (i) is limited to related Liquidation Proceeds, condemnation proceeds, insurance proceeds and such other amounts as may be collected by Servicer from the Obligor or otherwise relating to the Loan or REO Property, and (ii) if, after Disposition of such Loan or REO Property, such amounts are insufficient to satisfy such unpaid or unreimbursed amounts, then Servicer may seek reimbursement from Owner (as set forth in Section 6.4 below), it being understood that, in the case of such reimbursement from the Collection Account, Servicer's right thereto shall be prior to the rights of Owner. Amounts payable to Owner shall be paid by wire transfer in immediately available funds (by 4:00 p.m., eastern time Eastern Standard Time on the day of transfer) to an account designated by Owner. With respect to any remittance sent by Servicer after the second Business Day following the Business Day on which such payment was due, Servicer shall pay to the Owner interest on any such late payment at an annual rate equal to the rate of interest as is publicly announced from time to time by Citibank, N.A., New York, New York, or its successor as its prime lending rate, plus 30/c, adjusted as of the date of each change, but in no event greater than the amount permitted by applicable law ("Default Rate"). Such interest shall be paid by Servicer to the Owner on the date such late payment is made and shall cover the period commencing with and including the Business Day on which such payment was due and ending with but excluding the Business Day on which such payment is made. Such interest shall be remitted along with such late payment The payment by Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default.

Remittances and Monthly Report. Two (2) Business Days prior to On each Distribution Date, Servicer the Subservicer shall submit to Metropolitan, on behalf of each Owner, a Monthly Report by means of hard copy and computer diskette for each Owner in electronic format substantially in the form set forth on Exhibit A hereto (or in such other form and manner as may be hereafter mutually agreed upon by Owner Metropolitan on behalf of each Owner, and Servicer)the Subservicer, showing which report will include the following, without limitation: (i) all collections of interest and principal (from whatever source) and Prepayment Penalties on the Loans Assets related to such Owner and all collections in respect of the related REO Properties (including sale proceeds and rental payments) ), if any, during the related Collection Period as well as Period, (ii) a detailed description of Servicing Fees and Ancillary Fees with respect to the amountsrelated Assets, and (iii) a detailed description of all Servicing Advances with respect to the related Assets incurred during the related Collection Period and Period, (iv) a detailed description of amounts received from Obligors or other Persons in payment of Servicing Advances previously made with respect to the related Assets, (v) all distributions from the Collection Account with respect to the related Assets since the preceding Distribution DateDate with respect to each Owner, (vi) those Assets with respect to such Owner that are in foreclosure/forfeiture or subject to bankruptcy proceedings and the relevant status date relating to each, (vii) the delinquency status of the Assets related to such Owner, and (viii) those Assets for which an assumption has been processed during the related Collection Period. On each Distribution Date Servicer Date, the Subservicer shall withdraw the Monthly Collection Amount with respect to each Owner from the Collection Account and distribute the amount withdrawn in the following priority: (a) to refund to any Obligor any funds determined to be in excess of the amounts required under the terms of the related Loan Documents; (b) to the Owner, pay itself (i) all payments on account of principal on the Mortgage Loans or REO Properties, including all principal prepayments and (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; provided, however, that. upon liquidation of a Loan, any amounts due to Servicer pursuant to subsection (d) below applicable Servicing Fee with respect to the Assets relating to such Loan shall be paid prior to any amounts due pursuant to this subsection Owner earned during the related Collection Period, (b); (cii) to pay itself all Ancillary Income collected with respect to such Assets earned during the related Collection Period (to the extent deposited into the Collection Account) and (iii) any Deboarding Fees pursuant to Section 10.1(c); (b) to reimburse itself for Servicing Fees, Ancillary Income and Deboarding Fees with respect to the Assets relating to such Owner earned during Collection Periods prior to the related Collection Period, to the extent not previously paid or reimbursed; (c) to reimburse itself for unreimbursed Servicing Advances made with respect to the Assets relating to such Owner during the related Collection Period or prior Collection Periods; (d) to reimburse itself the Subservicer for unpaid any expenses incurred by and reimbursable to the Subservicer pursuant to this Agreement, but not including expenses incurred pursuant to Section 8.3; and (e) to each Owner, the amount remaining from the Monthly Collection Amount relating to such Owner after applying amounts pursuant to clauses (a) through (d) above. Notwithstanding any provision in this Agreement to the contrary, the Subservicer shall remit the proceeds from any loan liquidations or prepayments in full (net of Servicing Fees and unreimbursed Servicing Advances; provided, that Servicer's right to reimburse itself pursuant to this subclause (d) with, other amounts due the Subservicer with respect to any Loan or REO Property the related Asset) to Metropolitan, on behalf of the related Owner, within five (i5) is limited to related Liquidation Proceeds, condemnation proceeds, insurance proceeds and such other amounts as may be collected Business Days of receipt by Servicer from the Obligor or otherwise relating to the Loan or REO Property, and (ii) if, after Disposition of such Loan or REO Property, such amounts are insufficient to satisfy such unpaid or unreimbursed amounts, then Servicer may seek reimbursement from Owner (as set forth in Section 6.4 below), it being understood that, in the case of such reimbursement from the Collection Account, Servicer's right thereto shall be prior to the rights of OwnerSubservicer. Amounts payable to Owner the Owners pursuant to this Section 6.2 shall be paid by wire transfer in immediately available funds (by 4:00 3:00 p.m., eastern time on the day of transfer) to an a single account designated by OwnerMetropolitan, on behalf of the Owners. With Notwithstanding any provision in this Agreement to the contrary, Servicing Fees and Ancillary Income received by the Subservicer need not be deposited by the Subservicer in the Collection Account and may be retained by the Subservicer. In addition, prior to remitting amounts to the Collection Account the Subservicer may reimburse itself for Servicing Advances made with respect to any remittance sent by Servicer after the second Business Day following the Business Day on which such payment was due, Servicer shall pay a particular Asset to the Owner interest on extent received from the related Obligor or other Persons or from Liquidation Proceeds or proceeds from Mortgage Insurance for the related Asset. In the event the Subservicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such late payment at an annual rate equal amount from the Collection Account, any provision to the rate of interest as is publicly announced contrary notwithstanding. Notwithstanding any provision in this Agreement to the contrary, the Subservicer may withdraw at any time from time amounts on deposit in the Collection Account amounts necessary to time by Citibank, N.A., New York, New York, pay or its successor as its prime lending rate, plus 30/c, adjusted as reimburse expenses incurred in connection with clause (g) of the date definition of each change"Property Protection Expenses". If amounts in the Collection Account are not sufficient to pay such expenses, but then upon the written request of the Subservicer, the Owner shall fund such shortfall amount in no event greater than the amount permitted by applicable law ("Default Rate"). Such interest shall order that such expenses can be paid by Servicer to the Owner on the date such late payment is made and shall cover the period commencing with and including the Business Day on which such payment was due and ending with but excluding the Business Day on which such payment is made. Such interest shall be remitted along with such late payment The payment by Servicer of any such interest shall not be deemed an extension of time for payment or in a waiver of any Servicer Event of Defaulttimely manner.

Remittances and Monthly Report. Two (2) Business Days prior to On each Distribution Date, the Servicer shall submit to Metropolitan, on behalf of each Owner, a Monthly Report by means of hard copy and computer diskette for each Owner in electronic format substantially in the form set forth on Exhibit A hereto (or in such other form and manner as may be hereafter mutually agreed upon by Owner the Owners and the Servicer), showing which report will include the following, without limitation: (i) all collections of interest and principal (from whatever source) and Prepayment Penalties on the Loans Assets related to such Owner and all collections in respect of the related REO Properties (including sale proceeds and rental payments) ), if any, during the related Collection Period as well as Period, (ii) a detailed description of Servicing Fees and Ancillary Fees with respect to the amountsrelated Assets, and (iii) a detailed description of all Servicing Advances with respect to the related Assets incurred during the related Collection Period and Period, (iv) a detailed description of amounts received from Obligors or other Persons in payment of Servicing Advances previously made with respect to the related Assets, (v) all distributions from the Collection Account with respect to the related Assets since the preceding Distribution DateDate with respect to each Owner, (vi) those Assets with respect to such Owner that are in foreclosure/forfeiture or subject to bankruptcy proceedings and the relevant status date relating to each, (vii) the delinquency status of the Assets related to such Owner, and (viii) those Assets for which an assumption has been processed during the related Collection Period. On each Distribution Date Date, the Servicer shall withdraw the Monthly Collection Amount with respect to each Owner from the Collection Account and distribute the amount withdrawn in the following priority: (a) to refund pay itself the applicable Servicing Fee with respect to any Obligor any funds determined the Assets relating to be in excess of the amounts required under the terms of such Owner earned during the related Loan DocumentsCollection Period and to pay itself all Ancillary Income with respect to such Assets earned during the related Collection Period (to the extent deposited into the Collection Account); (b) to the Owner, (i) all payments on account of principal on the Mortgage Loans or REO Properties, including all principal prepayments reimburse itself for Servicing Fees and (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; provided, however, that. upon liquidation of a Loan, any amounts due to Servicer pursuant to subsection (d) below Ancillary Income with respect to the Assets relating to such Loan shall be paid Owner earned during Collection Periods prior to any amounts due pursuant the related Collection Period, to this subsection (b)the extent not previously paid or reimbursed; (c) to pay reimburse itself all Ancillary Income collected for unreimbursed Servicing Advances made with respect to the Assets relating to such Owner during the related Collection PeriodPeriod or prior Collection Periods to the extent received from the related Obligor or other Persons or from Liquidation Proceeds or proceeds from Mortgage Insurance for the related Asset for which such Servicing Advance was made; (d) to reimburse itself for unpaid any Servicing Advances that are Non-Recoverable Advances to the extent amounts specified in clause (c) are insufficient to reimburse the Servicer for such Servicing Advances; (e) to reimburse the Servicer for any expenses incurred by and reimbursable to the Servicer pursuant to this Agreement, but not including expenses incurred pursuant to Section 8.3; and (f) to each Owner, the amount remaining from the Monthly Collection Amount relating to such Owner after applying amounts pursuant to clauses (a) through (e) above. Notwithstanding any provision in this Agreement to the contrary, the Servicer shall remit the proceeds from any loan liquidations or prepayments in full (net of Servicing Fees and unreimbursed Servicing Advances; provided, that Servicer's right to reimburse itself pursuant to this subclause (d) with, other amounts due the Servicer with respect to any Loan or REO Property the related Asset) to Metropolitan, on behalf of the related Owner, within five (i5) is limited to related Liquidation Proceeds, condemnation proceeds, insurance proceeds and such other amounts as may be collected Business Days of receipt by Servicer from the Obligor or otherwise relating to the Loan or REO Property, and (ii) if, after Disposition of such Loan or REO Property, such amounts are insufficient to satisfy such unpaid or unreimbursed amounts, then Servicer may seek reimbursement from Owner (as set forth in Section 6.4 below), it being understood that, in the case of such reimbursement from the Collection Account, Servicer's right thereto shall be prior to the rights of Owner. Amounts payable to Owner the Owners pursuant to this Section 6.2 shall be paid by wire transfer in immediately available funds (by 4:00 3:00 p.m., eastern time on the day of transfer) to an a single account designated by OwnerMetropolitan, on behalf of the Owners. With Notwithstanding any provision in this Agreement to the contrary, Servicing Fees and Ancillary Income received by the Servicer need not be deposited by the Servicer in the Collection Account and may be retained by the Servicer. In addition, prior to remitting amounts to the Collection Account the Servicer may reimburse itself for Servicing Advances made with respect to any remittance sent by Servicer after a particular Asset to the second Business Day following extent received from the Business Day on which such payment was due, related Obligor or other Persons or from Liquidation Proceeds or proceeds from Mortgage Insurance for the related Asset. In the event the Servicer shall pay deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision to the Owner interest on any such late payment at an annual rate equal to the rate of interest as is publicly announced from time to time by Citibank, N.A., New York, New York, or its successor as its prime lending rate, plus 30/c, adjusted as of the date of each change, but in no event greater than the amount permitted by applicable law ("Default Rate"). Such interest shall be paid by Servicer to the Owner on the date such late payment is made and shall cover the period commencing with and including the Business Day on which such payment was due and ending with but excluding the Business Day on which such payment is made. Such interest shall be remitted along with such late payment The payment by Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Defaultcontrary notwithstanding.