Common use of Transfer of Escrow Funds and Other Proceeds Clause in Contracts

Transfer of Escrow Funds and Other Proceeds. The Servicer shall use its best efforts to transfer or cause to be transferred to a designated account, within one (1) Business Day and not later than three (3) Business Days following the Inbound Transfer Date by wire transfer, an amount equal to the sum of (i) Escrow Payments collected from each Mortgagor; and if applicable (ii) all undistributed insurance loss draft funds; (iii) all unapplied funds received by the Owner or any prior servicer; (iv) all unapplied interest on escrow balances accrued through the related Inbound Transfer Date; (v) all buydown funds held by the Owner or any prior servicer as of the related Inbound Transfer Date; and (vi) all other related amounts held by the respective owner of the Mortgage Loan or any prior servicer of such Mortgage Loan as of the related Inbound Transfer Date that the Owner or any prior servicer is not entitled to retain. The Owner shall be responsible for any interest on escrow amounts held by the Owner prior to the related Inbound Transfer Date. The Servicer shall be entitled to deduct from Servicer’s monthly remittance to the Owner any shortfalls in Escrow Payments that result from Owner’s failure to deliver any Escrow Payment in full to the Servicer. To the extent the Custodial Account has insufficient funds to fully fund such shortfalls in the Escrow Payments plus all other amounts due to the Servicer as set forth in Section 5.01 herein, the Owner shall wire such shortfall amount to the Servicer promptly upon receipt of notice of such shortfalls from the Servicer.

Transfer of Escrow Funds and Other Proceeds. The Servicer Owner shall use its best efforts to transfer or cause to be transferred to a designated accountthe Servicer, within one (1) Business Day and not later than three (3) Business Days following the Inbound Servicing Transfer Date by wire transfertransfer to the account designated by the Servicer, an amount equal to the sum of (i) Escrow Payments collected from each Mortgagor; and if applicable (ii) all undistributed insurance loss draft funds; (iii) all unapplied funds received by the Owner or any prior servicer; (iv) all unapplied interest on escrow balances accrued through the related Inbound Servicing Transfer Date; (v) all buydown funds held by the Owner or any prior servicer as of the related Inbound Servicing Transfer Date; and (vi) all other related amounts held by the respective owner of the Mortgage Loan or any prior servicer of such Mortgage Loan as of the related Inbound Servicing Transfer Date that the Owner or any prior servicer is not entitled to retain. The Owner shall be responsible for any interest on escrow amounts held by the Owner prior to the related Inbound Servicing Transfer Date. The Servicer shall be entitled to deduct from Servicer’s monthly remittance to the Owner any shortfalls in Escrow Payments that result from Owner’s failure to deliver any Escrow Payment in full to the Servicer. To the extent the Custodial Account has insufficient funds to fully fund such shortfalls in the Escrow Payments plus all other amounts due to the Servicer as set forth in Section 5.01 4.03 herein, the Owner shall wire such shortfall amount to the Servicer promptly upon receipt of notice of such shortfalls from the Servicer.

Transfer of Escrow Funds and Other Proceeds. The Servicer Owner shall use its best efforts to transfer or cause to be transferred to a designated accountthe Servicer, within one (1) Business Day and not later than three (3) Business Days following the Inbound Transfer Date by wire transfertransfer to the account designated by the Servicer, an amount equal to the sum of (i) Escrow Payments collected from each Mortgagor; and if applicable (ii) all undistributed insurance loss draft funds; (iii) all unapplied funds received by the Owner or any prior servicer; (iv) all unapplied interest on escrow balances accrued through the related Inbound Transfer Date; (v) all buydown funds held by the Owner or any prior servicer as of the related Inbound Transfer Date; and (vi) all other related amounts held by the respective owner of the Mortgage Loan or any prior servicer of such Mortgage Loan as of the related Inbound Transfer Date that the Owner or any prior servicer is not entitled to retain. The Owner shall be responsible for any interest on escrow amounts held by the Owner prior to the related Inbound Transfer Date. The Servicer shall be entitled to deduct from Servicer’s monthly remittance to the Owner any shortfalls in Escrow Payments that result from Owner’s failure to deliver any Escrow Payment in full to the Servicer. To the extent the Custodial Account has insufficient funds to fully fund such shortfalls in the Escrow Payments plus all other amounts due to the Servicer as set forth in Section 5.01 herein, the Owner shall wire such shortfall amount to the Servicer promptly upon receipt of notice of such shortfalls from the Servicer.

Transfer of Escrow Funds and Other Proceeds. The Servicer shall use its best efforts to transfer or cause to be transferred to a designated account, within one (1) Business Day and not later than Within three (3) Business Days following the Inbound related Servicing Transfer Date Date, the Seller shall transfer to the Purchaser, by wire transfertransfer to the account designated by the Purchaser, an amount equal to the sum of (i) Escrow Payments collected from each Mortgagor; and if applicable all Collections received after the Cut-off Date not previously remitted pursuant to Section 4.5 above, plus (ii) the aggregate amount of the positive Escrow Balances (as determined on a loan level basis for each Mortgage Loan), plus (iii) all unapplied interest on Escrow Balances accrued through the related Servicing Transfer Date, (iv) all undistributed insurance loss draft funds; , (iiiv) all unapplied funds received by the Owner or any prior servicer; Seller, (ivvi) all unapplied interest on escrow balances accrued through the related Inbound Servicing Transfer Date; , (vvii) all buydown funds held by the Owner or any prior servicer Seller as of the related Inbound Servicing Transfer Date; , and (viviii) all other related amounts held by the respective owner of Seller with respect to the Mortgage Loan or any prior servicer of such Mortgage Loan Loans as of the related Inbound Servicing Transfer Date that for which the Owner or any prior servicer Seller is not entitled to retainretain (collectively, the “Escrow Proceeds”). The Owner Notwithstanding the foregoing, the Purchaser shall not be responsible required to reimburse the Seller for any interest on escrow amounts held Servicing Advances incurred by the Owner Seller, whether billed or unbilled, prior to the related Inbound Closing Date. Within five (5) Business Days following the Purchaser’s receipt of the Escrow Proceeds, the Seller and the Purchaser shall resolve any discrepancies between the Seller’s accounting statement and the Purchaser’s reconciliation with respect thereto. No later than ten (10) Business Days following the related Servicing Transfer Date. The Servicer , the Seller or the Purchaser, as the case may be, shall be entitled to deduct from Servicer’s monthly remittance transfer to the Owner any shortfalls in Escrow Payments that result from Owner’s failure to deliver any Escrow Payment in full other, by wire transfer to the Servicer. To designated account, any amounts to which the extent the Custodial Account has insufficient funds to fully fund such shortfalls in the Escrow Payments plus all other amounts due to the Servicer as set forth in Section 5.01 herein, the Owner shall wire such shortfall amount to the Servicer promptly upon receipt of notice of such shortfalls from the Servicer.party is entitled; and