Common use of Servicing Record Clause in Contracts

Servicing Record. (a) The Master Servicer shall establish and maintain books and records for the Home Loans (the "Servicing Record"), in which the Master Servicer shall record: (i) all Payments received or collected by or on behalf of the Master Servicer (through the Servicer or otherwise) or received by the Indenture Trustee in respect of each Home Loan and each Foreclosed Property and (ii) all amounts owing to the Master Servicer in compensation for services rendered by the Master Servicer hereunder or in reimbursement of costs and expenses incurred by the Master Servicer hereunder. (b) Except as otherwise provided herein, amounts received or collected by or on behalf of the Master Servicer or the Indenture Trustee from or on behalf of any Obligor or in respect of any Foreclosed Property shall be credited to the Servicing Record: (i) promptly following direct receipt or direct collection by the Master Servicer; (ii) in the case of a Home Loan directly serviced by a Servicer, promptly following deposit of the receipt or collection in the related Collection Account; or (iii) in the case of any amount received directly by the Indenture Trustee, promptly following the Master Servicer's actual knowledge of receipt by the Indenture Trustee; but in any event not later than the Determination Date next following the date of receipt or collection by or on behalf of the Master Servicer (through the Servicer or otherwise) or receipt by the Indenture Trustee. Amounts received or collected by the Master Servicer in connection with the purchase or repurchase of any Home Loan or any Foreclosed Property shall be so recorded on and as of the date of receipt. The Servicing Record shall separately reflect amounts so received or collected by the Master Servicer in each Due Period. (c) The Master Servicer shall credit to the Servicing Record relating to each Determination Date, on a Home Loan-by-Home Loan basis, each of the following Payments collected or received by or on behalf of the Master Servicer (through the Servicer or otherwise) or received by the Indenture Trustee in respect of each Home Loan and each Foreclosed Property: (i) all payments on account of principal; (ii) all payments on account of interest; (iii) all proceeds of the purchase or repurchase of any Home Loan pursuant to Section 3.05 and all Substitution Adjustment Amounts; (iv) all amounts paid by or on behalf of the related Obligor in respect of Foreclosure Advances previously advanced by the Master Servicer or the Servicer; (v) all revenues received or collected in respect of any Foreclosed Property, including all proceeds of the sale of any Foreclosed Property pursuant to Section 4.13; (vi) all proceeds of the sale of the Home Loans and any Foreclosed Properties pursuant to Section 11.01; and (vii) all Insurance Proceeds, any condemnation awards or settlements or any payments made by any related guarantor or third-party credit-support provider and any and all other amounts received in respect of Home Loans and not specified above. (d) Notwithstanding anything to the contrary herein, the Master Servicer shall not be required to credit to the Servicing Record, and neither the Master Servicer nor any Securityholder shall have any right or interest in any amount due or received with respect to any Home Loan or any related Foreclosed Property subsequent to the date of purchase of such Home Loan or Foreclosed Property from the Trust. (e) The Master Servicer shall separately record in the Servicing Record the items required to be included in the Master Servicer Certificate and additionally the following items to the extent not included therein: (i) on or before each Determination Date, the related unpaid Master Servicer Fee due the Master Servicer on the next Distribution Date; (ii) on or before each Determination Date, all amounts retained by the Servicer in respect of the preceding Due Period in respect of amounts due Independent Contractors hired by the Master Servicer to operate and manage a Foreclosed Property pursuant to Section 4.14(b); 50 (iii) on or before each Determination Date, the amount of unreimbursed Interest Advances in respect of prior Distribution Dates and the amount which the Master Servicer or the Servicer is entitled to be reimbursed therefor in accordance with Section 4.08; (iv) on or before each Determination Date, all amounts due as of the preceding Monthly Cut-Off Date in reimbursement of Foreclosure Advances previously advanced by the Master Servicer or the Servicer (separately identifying the type and amount of each then due); (v) on or before each Determination Date and based on information provided to the Master Servicer by the Indenture Trustee, all Other Fees distributable pursuant to Section 5.01(c)(iii)(d) on the next succeeding Distribution Date; (vi) promptly following each Distribution Date, the aggregate amount of the Master Servicer Fee, Servicer Fee and the Indenture Trustee Fee paid to the Master Servicer, Servicer and Indenture Trustee respectively, on such Distribution Date pursuant to Section 5.01(c)(i)(a) and the aggregate amount of the Owner Trustee Fee Reserve paid to the Servicer, on such Distribution Date pursuant to Section 5.01(c)(i)(c); (vii) promptly following each Distribution Date, the aggregate amount of Interest Advances and Foreclosure Advances reimbursed to the Master Servicer or the Servicer on such Distribution Date; (viii) on or before each Determination Date, the Principal Balance of Home Loans that became Defaulted Home Loans during the prior Due Period; (ix) on or before each Determination Date, identification by loan number, Obligor name, address of Property and Principal Balance of such Home Loan with respect to which the Master Servicer has requested that the Indenture Trustee obtain the environmental report required by Section 4.12 in connection with deciding pursuant to Section 4.12 to foreclose on or otherwise acquire title to the related Property; (x) on or before each Determination Date, the Principal Balance of each such Home Loan with respect to which the Master Servicer has determined under the circumstances described in Section 4.12(a) in good faith in accordance with customary mortgage loan servicing practices that all amounts which it expects to receive with respect to such Home Loan have been received; and (xi) on or before each Determination Date, any other information with respect to the Home Loans reasonably required by the Indenture Trustee to determine the amount required to be distributed pursuant to Section 5.01(c) and determinable by the Master Servicer without undue burden from the Servicer or the items otherwise required to be maintained in each Servicing Record.

Servicing Record. (a) The Master Servicer shall establish and maintain books and records for the Home Loans (the "Servicing Record"), in which the Master Servicer shall record: (i) all Payments received or collected by or on behalf of the Master Servicer (through the Servicer or otherwise) or received by the Indenture Trustee in respect of each Home Loan and each Foreclosed Property and (ii) all amounts owing to the Master Servicer in compensation for 58 63 services rendered by the Master Servicer hereunder or in reimbursement of costs and expenses incurred by the Master Servicer hereunder. In addition, the Master Servicer shall establish and maintain records for the Insurance Record (which shall be part of each Servicing Record) in which the Master Servicer shall record all claims made under the Contract of Insurance, all payments received by or on behalf of the Contract of Insurance Holder from the FHA for each such claim and the amount of insurance coverage available in the Insurance Record. (b) Except as otherwise provided herein, amounts received or collected by or on behalf of the Master Servicer or the Indenture Trustee from or on behalf of any Obligor or in respect of any Foreclosed Property or from FHA with respect to a claim made under the Contract of Insurance shall be credited to the Servicing Record: (i) promptly following direct receipt or direct collection by the Master Servicer; (ii) in the case of a Home Loan directly serviced by a Servicer, promptly following deposit of the receipt or collection in the related Collection Account; or (iii) in the case of any amount received directly by the Indenture Trustee, promptly following the Master Servicer's actual knowledge of receipt by the Indenture TrusteeTrustee pursuant to the notice required by Section 4.12(d) or otherwise; but in any event not later than the Determination Date next following the date of receipt or collection by or on behalf of the Master Servicer (through the Servicer or otherwise) or receipt by the Indenture Trustee. Amounts received or collected by the Master Servicer in connection with the purchase or repurchase of any Home Loan or any Foreclosed Property shall be so recorded on and as of the date of receipt. The Servicing Record shall separately reflect amounts so received or collected by the Master Servicer in each Due Period.. All Payments from Obligors received on FHA Loans from or on behalf of an Obligor shall be allocated in accordance with Title I. (c) The Master Servicer shall credit to the Servicing Record relating to each Determination DateDue Period, on a Home Loan-by-Home Loan basis, each of the following Payments collected or received by or on behalf of the Master Servicer (through the Servicer or otherwise) or received by the Indenture Trustee in respect of each Home Loan and each Foreclosed Property: (i) all payments on account of principal; (ii) all payments on account of interest; (iii) all proceeds of the purchase or repurchase of any Home Loan pursuant to Section 3.05 and all Substitution Adjustment Amounts; (iv) all amounts paid by or on behalf of the related Obligor in respect of Foreclosure Advances previously advanced by the Master Servicer or the Servicer; (v) all revenues received or collected in respect of any Foreclosed Property, including all proceeds of the sale of any Foreclosed Property pursuant to Section 4.13; (vi) all proceeds of the sale of the Home Loans and any Foreclosed Properties pursuant to Section 11.01; and (vii) all Insurance Proceeds, any condemnation awards or settlements or any payments made by any related guarantor or third-party credit-support provider and any and all other amounts received in respect of Home Loans and not specified above. (d) Notwithstanding anything to the contrary herein, the Master Servicer shall not be required to credit to the Servicing Record, and neither the Master Servicer nor any Securityholder shall have any right or interest in any amount due or received with respect to any Home Loan or any related Foreclosed Property subsequent to the date of purchase of such Home Loan or Foreclosed Property from the Trust. (e) The Master Servicer shall separately record in the Servicing Record the items required to be included in the Master Servicer Certificate and additionally the following items to the extent not included therein: (i) on or before each Determination Date, the related unpaid Master Servicer Fee due the Master Servicer on the next Distribution Date; (ii) on or before each Determination Date, all amounts retained by the Servicer in respect of the preceding Due Period in respect of amounts due Independent Contractors hired by the Master Servicer to operate and manage a Foreclosed Property pursuant to Section 4.14(b); 50 (iii) on or before each Determination Date, the amount of unreimbursed Interest Advances in respect of prior Distribution Dates and the amount which the Master Servicer or the Servicer is entitled to be reimbursed therefor in accordance with Section 4.08; (iv) on or before each Determination Date, all amounts due as of the preceding Monthly Cut-Off Date in reimbursement of Foreclosure Advances previously advanced by the Master Servicer or the Servicer (separately identifying the type and amount of each then due); (v) on or before each Determination Date and based on information provided to the Master Servicer by the Indenture Trustee, all Other Fees distributable pursuant to Section 5.01(c)(iii)(d) on the next succeeding Distribution Date; (vi) promptly following each Distribution Date, the aggregate amount of the Master Servicer Fee, Servicer Fee and the Indenture Trustee Fee paid to the Master Servicer, Servicer and Indenture Trustee respectively, on such Distribution Date pursuant to Section 5.01(c)(i)(a) and the aggregate amount of the Owner Trustee Fee Reserve paid to the Servicer, on such Distribution Date pursuant to Section 5.01(c)(i)(c); (vii) promptly following each Distribution Date, the aggregate amount of Interest Advances and Foreclosure Advances reimbursed to the Master Servicer or the Servicer on such Distribution Date; (viii) on or before each Determination Date, the Principal Balance of Home Loans that became Defaulted Home Loans during the prior Due Period; (ix) on or before each Determination Date, identification by loan number, Obligor name, address of Property and Principal Balance of such Home Loan with respect to which the Master Servicer has requested that the Indenture Trustee obtain the environmental report required by Section 4.12 in connection with deciding pursuant to Section 4.12 to foreclose on or otherwise acquire title to the related Property; (x) on or before each Determination Date, the Principal Balance of each such Home Loan with respect to which the Master Servicer has determined under the circumstances described in Section 4.12(a) in good faith in accordance with customary mortgage loan servicing practices that all amounts which it expects to receive with respect to such Home Loan have been received; and (xi) on or before each Determination Date, any other information with respect to the Home Loans reasonably required by the Indenture Trustee to determine the amount required to be distributed pursuant to Section 5.01(c) and determinable by the Master Servicer without undue burden from the Servicer or the items otherwise required to be maintained in each Servicing Record.

Servicing Record. (a) The Master Servicer shall establish and maintain books and records for the Home Loans (the "Servicing Record"), in which the Master Servicer shall record: (i) all Payments received or collected by or on behalf of the Master Servicer (through the Servicer or otherwise) or received by the Indenture Trustee in respect of each Home Loan and each Foreclosed Property and (ii) all amounts owing to the Master Servicer in compensation for services rendered by the Master Servicer hereunder or in reimbursement of costs and expenses incurred by the Master Servicer hereunder. (b) Except as otherwise provided herein, amounts received or collected by or on behalf of the Master Servicer or the Indenture Trustee from or on behalf of any Obligor or in respect of any Foreclosed Property shall be credited to the Servicing Record: (i) promptly following direct receipt or direct collection by the Master Servicer; (ii) in the case of a Home Loan directly serviced by a Servicer, promptly following deposit of the receipt or collection in the related Collection Account; or (iii) in the case of any amount received directly by the Indenture Trustee, promptly following the Master Servicer's actual knowledge of receipt by the Indenture Trustee; but in any event not later than the Determination Date next following the date of receipt or collection by or on behalf of the Master Servicer (through the Servicer or otherwise) or receipt by the Indenture Trustee. Amounts received or collected by the Master Servicer in connection with the purchase or repurchase of any Home Loan or any Foreclosed Property shall be so recorded on and as of the date of receipt. The Servicing Record shall separately reflect amounts so received or collected by the Master Servicer in each Due Period. (c) The Master Servicer shall credit to the Servicing Record relating to each Determination Date, on a Home Loan-by-Home Loan basis, each of the following Payments collected or received by or on behalf of the Master Servicer (through the Servicer or otherwise) or received by the Indenture Trustee in respect of each Home Loan and each Foreclosed Property: (i) all payments on account of principal; (ii) all payments on account of interest; (iii) all proceeds of the purchase or repurchase of any Home Loan pursuant to Section 3.05 and all Substitution Adjustment Amounts; (iv) all amounts paid by or on behalf of the related Obligor in respect of Foreclosure Advances previously advanced by the Master Servicer or the Servicer; (v) all revenues received or collected in respect of any Foreclosed Property, including all proceeds of the sale of any Foreclosed Property pursuant to Section 4.13; (vi) all proceeds of the sale of the Home Loans and any Foreclosed Properties pursuant to Section 11.019.01; and (vii) all Insurance Proceeds, any condemnation awards or settlements or any payments made by any related guarantor or third-party credit-support provider and any and all other amounts received in respect of Home Loans and not specified above. (d) Notwithstanding anything to the contrary herein, the Master Servicer shall not be required to credit to the Servicing Record, and neither the Master Servicer nor any Securityholder shall have any right or interest in any amount due or received with respect to any Home Loan or any related Foreclosed Property subsequent to the date of purchase of such Home Loan or Foreclosed Property from the Trust. (e) The Master Servicer shall separately record in the Servicing Record the items required to be included in the Master Servicer Certificate and additionally the following items to the extent not included therein: (i) on or before each Determination Date, the related unpaid Master Servicer Fee due the Master Servicer on the next Distribution Date; (ii) on or before each Determination Date, all amounts retained by the Servicer in respect of the preceding Due Period in respect of amounts due Independent Contractors hired by the Master Servicer to operate and manage a Foreclosed Property pursuant to Section 4.14(b); 50; (iii) on or before each Determination Date, the amount of unreimbursed Interest Advances in respect of prior Distribution Dates and the amount which the Master Servicer or the Servicer is entitled to be reimbursed therefor in accordance with Section 4.084.09; (iv) on or before each Determination Date, all amounts due in accordance with Section 4.09 as of the preceding Monthly Cut-Off Date in reimbursement of Foreclosure Advances previously advanced by the Master Servicer or the Servicer (separately identifying the type and amount of each then due); (v) on or before each Determination Date and based on information provided to the Master Servicer by the Indenture Trustee, all Other Fees distributable pursuant to Section 5.01(c)(iii)(d) on the next succeeding Distribution Date; (vi) promptly following each Distribution Date, the aggregate amount of the Master Servicer Fee, Servicer Fee and the Indenture Trustee Fee paid to the Master Servicer, Servicer and Indenture Trustee respectively, on such Distribution Date pursuant to Section 5.01(c)(i)(a) and the aggregate amount of the Owner Trustee Fee Reserve paid to the Servicer, on such Distribution Date pursuant to Section 5.01(c)(i)(c); (vii) promptly following each Distribution Date, the aggregate amount of Interest Advances and Foreclosure Advances reimbursed to the Master Servicer or the Servicer on such Distribution Date; (viii) on or before each Determination Date, the Principal Balance of Home Loans that became Defaulted Home Loans during the prior Due Period; (ix) on or before each Determination Date, identification by loan number, Obligor name, address of Property and Principal Balance of such Home Loan with respect to which the Master Servicer has requested that the Indenture Trustee obtain the environmental report required by Section 4.12 in connection with deciding pursuant to Section 4.12 to foreclose on or otherwise acquire title to the related Property; (x) on or before each Determination Date, the Principal Balance of each such Home Loan with respect to which the Master Servicer has determined under the circumstances described in Section 4.12(a) in good faith in accordance with customary mortgage loan servicing practices that all amounts which it expects to receive with respect to such Home Loan have been received; and (xi) on or before each Determination Date, any other information with respect to the Home Loans reasonably required by the Indenture Trustee to determine the amount required to be distributed pursuant to Section 5.01(c) and determinable by the Master Servicer without undue burden from the Servicer or the items otherwise required to be maintained in each Servicing Record.