Remittance Reports; Advances Clause Samples
The "Remittance Reports; Advances" clause outlines the obligations of a party, typically a servicer or agent, to provide regular reports detailing payments collected and remitted, as well as the procedures for advancing funds when necessary. In practice, this clause requires the responsible party to submit periodic statements summarizing amounts received, amounts forwarded to beneficiaries, and any advances made to cover shortfalls or delays in payment. Its core function is to ensure transparency and accountability in the flow of funds, while also providing a mechanism to maintain timely payments even if collections are temporarily insufficient.
POPULAR SAMPLE Copied 1 times
Remittance Reports; Advances. (a) No later than the 15th calendar day of each month, the Master Servicer shall deliver to the Securities Administrator by telecopy or electronic mail (or by such other means as the Master Servicer and the Securities Administrator may agree from time to time) the Remittance Report with respect to the Distribution Date. No later than the Close of Business New York time on the Business Day prior to such Distribution Date, the Master Servicer shall deliver or cause to be delivered to the Securities Administrator in addition to the information provided on the Remittance Report, such other loan-level information reasonably available to it with respect to the Mortgage Loans as the Securities Administrator may reasonably require to perform the calculations necessary to make the distributions contemplated by Section 5.01.
(b) If the Monthly Payment on a Mortgage Loan that was due on a related Due Date and is delinquent, other than as a result of application of the Relief Act, and for which the related Servicer was required to make an advance pursuant to the related Servicing Agreement, exceeds the amount on deposit in the Distribution Account which will be used for an advance with respect to such Mortgage Loan, the Master Servicer shall, on the Business Day preceding the Distribution Date, deposit in the Distribution Account an amount equal to such deficiency, net of the Servicing Fee and the Master Servicing Fee, for such Mortgage Loan except to the extent the Master Servicer determines any such Advance to be Nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which such Advance was made. Subject to the foregoing, the Master Servicer shall continue to make such Advances through the date that the related Servicer is required to do so under its Servicing Agreement. If the Master Servicer determines that an Advance is Nonrecoverable, it shall, on or prior to the related Distribution Date, present an Officer’s Certificate to the Trustee and the Securities Administrator (i) stating that the Master Servicer elects not to make a Advance in a stated amount and (ii) detailing the reason it deems the advance to be Nonrecoverable.
Remittance Reports; Advances. (a) On the third Business Day following each Determination Date, the Servicer shall deliver to the Trustee and the Trustee shall make available to the NIMS Insurer, by telecopy or electronic mail (or by such other means as the Servicer and the Trustee may agree from time to time) a Remittance Report with respect to the related Distribution Date, which Remittance Reports the Trustee shall use in preparing the statement pursuant to Section 4.03. The Servicer shall deliver or cause to be delivered to the Trustee in addition to the information provided on the Remittance Report, such other information reasonably available to it with respect to the Mortgage Loans as the Trustee may reasonably require to perform the calculations necessary to (i) make the distributions contemplated by Section 4.01, (ii) to prepare the statements to Certificateholders contemplated by Section 4.03 and (iii) to prepare the Form 10-D contemplated by Section 4.07. The Trustee shall not be responsible to recompute, recalculate or verify any information provided to it by the Servicer.
(b) The amount of Advances to be made by the Servicer for any Distribution Date shall equal, subject to Section 4.04(d), the sum of (i) the aggregate amount of Monthly Payments (net of the related Servicing Fee), due during the related Due Period in respect of the Mortgage Loans, which Monthly Payments were delinquent on a contractual basis as of the Close of Business on the related Determination Date and (ii) with respect to each REO Property, which REO Property was acquired during or prior to the related Due Period and as to which REO Property an REO Disposition did not occur during the related Due Period, an amount equal to the excess, if any, of the REO Imputed Interest on such REO Property for the most recently ended calendar month, over the net income from such REO Property transferred to the Distribution Account pursuant to Section 3.23 for distribution on such Distribution Date. For purposes of the preceding sentence, the Monthly Payment on each Balloon Mortgage Loan with a delinquent Balloon Payment is equal to the assumed monthly payment that would have been due on the related Due Date based on the original principal amortization schedule for such Balloon Mortgage Loan. On or before the Servicer Remittance Date, the Servicer shall remit in immediately available funds to the Trustee for deposit in the Distribution Account an amount equal to the aggregate amount of Advances, if any, to be made in re...
Remittance Reports; Advances. Distributions on the REMIC Regular Interests.
Remittance Reports; Advances. Net WAC Rate Carryover Reserve Account.
Remittance Reports; Advances. 96 ARTICLE V THE CERTIFICATES Section 5.01 The Certificates...............................................................................................98 Section 5.02 Registration of Transfer and Exchange of Certificates..........................................................98 Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.............................................................103 Section 5.04 Persons Deemed Owners.........................................................................................104 Section 5.05 Appointment of Paying Agent...................................................................................104
Remittance Reports; Advances. 92 Section 4.05. PRE-FUNDING ACCOUNT...................................................................93 Section 4.06.
Remittance Reports; Advances. SECTION 4.05 [Reserved]............................................................................... SECTION 4.06 Net WAC Rate Carryover Reserve Account................................................... SECTION 4.07 [Reserved]............................................................................... SECTION 4.08 Distributions on the REMIC Regular Interests............................................. SECTION 4.09
Remittance Reports; Advances. 97 Section 4.05 [Reserved].................................................................................98 Section 4.06 Distributions on the Uncertificated REMIC Regular Interests................................99 Section 4.07
Remittance Reports; Advances. Allocation of Realized Losses.
Remittance Reports; Advances. (a) On the Servicer Report Date, the Servicer shall deliver to the Trustee in electronic form (or by such other means as the Servicer and the Trustee may agree from time to time) a Remittance Report with respect to the related Distribution Date and any other information that the Trustee reasonably requests and which is reasonably available to the Servicer. The Trustee shall not be responsible to recompute, recalculate or verify any information provided to it by the Servicer.
(b) The Servicer shall use reasonable efforts to provide to the Depositor the following notices and reports in a timely manner and using the same methodology and calculations used in its Remittance Report. The Servicer shall send all such notices and reports to the Depositor in electronic format unless otherwise specified herein or agreed to in writing by the Depositor.