Remittances; Compensating Interest Clause Samples

Remittances; Compensating Interest. (a) With respect to Mortgage Loans as to which Owner/Servicer is the Investor, on each Investor Remittance Date, the Subservicer shall remit by wire transfer of immediately available funds to the account or accounts designated by the Owner/Servicer all amounts deposited in the applicable Custodial Account as of the close of business on the Determination Date (net of charges against or withdrawals from such Custodial Account pursuant to Section 5.06). (b) With respect to Mortgage Loans owned by Investors other than Owner/Servicer, subject to Investor Guidelines, the Subservicer shall administer and make the Owner/Servicer’s remittance to the respective Investor, on behalf of the Owner/Servicer, on each Investor Remittance Date and in a manner specified by the respective Investor as a part of the Monthly Advance for the Owner/Servicer. Subject to Section 5.03 and the terms of this Section 5.15, on each Investor Remittance Date or other applicable date, the Subservicer shall remit, consistent with applicable Agency Requirements, any guaranty fees to the respective Agency, any required Monthly Advances and Compensating Interest payments. To the extent such payments are not funded by the Owner/Servicer prior to disbursement by the Subservicer, then the Owner/Servicer shall reimburse the Subservicer for any such disbursed amounts in accordance with this Agreement. (c) With respect to Mortgage Loans owned by Investors other than Owner/Servicer, on each Servicing Rights Remittance Date, the Subservicer shall make a remittance by wire transfer or by Agency-initiated ACH draft, immediately available funds to the account or accounts designated by the Owner/Servicer, including without limitation, all recoveries on the Mortgage Loans in respect of Monthly Advances and Servicing Advances previously funded or reimbursed by the Owner/Servicer, net of amounts payable to the applicable Investor and other charges against or withdrawals from the applicable Custodial Accounts pursuant to Section 5.06. (d) With respect to Agency Loans, in no event shall the Subservicer be obligated to make payments from its own funds of Compensating Interest or other amounts necessary to repurchase a Mortgage Loan from an Agency or otherwise required to be advanced to implement a modification, short sale or other Loss Mitigation alternative. The Subservicer shall remit such funds only (a) upon funding either by the Owner/Servicer of any such Compensating Interest payments or (b) from amounts be...