Common use of Repayment of Servicing Advances Clause in Contracts

Repayment of Servicing Advances. Subject to Section 3.05, on each Remittance Date, or upon liquidation or transfer of servicing of a Mortgage Loan, the Servicer shall be entitled to reimbursement for all due and unpaid P&I Advances and Servicing Advances. The Servicer may reimburse itself from the funds in the Collection Account for due and unpaid Servicing Advances prior to distribution of such funds to the Owner. To the extent that there are not sufficient funds in the Collection Account to reimburse the Servicer for due and unpaid Servicing Advances, or if the Collection Account is no longer in the Servicer's control, the Owner shall pay the amount of such shortfall to the Servicer within five (5) Business Days upon receipt of an invoice therefor. In addition to the data requirements listed on Schedule I, the Servicer shall provide in its monthly remittance reports all information relating to Servicing Advances as deemed necessary by the Owner in its reasonable discretion.

Repayment of Servicing Advances. Subject to Section 3.05, on each Remittance Date, or upon liquidation or transfer of servicing of a Mortgage Loan, the Servicer shall be entitled to reimbursement for all due and unpaid P&I Advances and Servicing Advances. The Servicer may reimburse itself from the funds in the Collection Account for due and unpaid Servicing Advances prior to distribution of such funds to the Owner. To the extent that there are not sufficient funds in the Collection Account to reimburse the Servicer for due and unpaid Servicing Advances, or if the Collection Account is no longer in the Servicer's ’s control, the Owner shall pay the amount of such shortfall to the Servicer within five (5) Business Days upon receipt of an invoice therefor. In addition to the data requirements listed on Schedule I, the Servicer shall provide in its monthly remittance reports all information relating to Servicing Advances as deemed necessary by the Owner in its reasonable discretion.

Repayment of Servicing Advances. Subject to Section 3.05, on each Remittance Date, or upon liquidation or transfer of servicing of a Mortgage Loan, the Servicer shall be entitled to reimbursement for all due and unpaid P&I Advances and Servicing Advances. The Servicer may reimburse itself from the funds in the Collection Account for due and unpaid Servicing Advances prior to distribution of such funds to the Owner. To the extent that there are not sufficient funds in the Collection Account to reimburse the Servicer for due and unpaid Servicing Advances, or if the Collection Account is no longer in the Servicer's ’s control, the Owner shall pay the amount of such shortfall to the Servicer within five (5) Business Days upon receipt of an invoice therefor. In addition to the data requirements listed on Schedule I, the Servicer shall provide in its monthly remittance reports all information relating to Servicing Advances as deemed necessary by the Owner or the Certificate Insurer in its reasonable discretion.