Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date. (b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder. (c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 66 contracts
Sources: Pooling and Servicing Agreement (IndyMac INDA Mortgage Loan Trust 2007-Ar6), Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar11), Pooling and Servicing Agreement (Residential Asset Securitization Trust 2007-A3)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge As of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next last day of a Collection Period, if the payments during such Collection Period by or on behalf of the Obligor on or in respect of a Receivable (other than an Administrative Receivable or a Warranty Receivable) after application under Section 4.03(a) shall be less than the Scheduled Payment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer Advance may, at its option, advance to the Trust an amount equal to the product of the principal balance of such Receivable as of the first day of such Collection Period and one-twelfth of its APR minus the amount of interest actually received on such Receivable during such Collection Period (each, an “Advance”). If the calculation above results in a negative number, an amount equal to such negative amount shall be paid to the Servicer in reimbursement of any Outstanding Advances in respect of such Receivables. In addition, in the event that a Receivable becomes a Liquidated Receivable, the amount of accrued and unpaid interest thereon (but not including interest for the current Collection Period) shall, up to the amount of Outstanding Advances in respect of such Receivables in respect thereof, be withdrawn from the Collection Account and paid to the Servicer in reimbursement of such Outstanding Advances. No Advances will be made with respect to the Principal Balance of Receivables or with respect to Defaulted Receivables. Notwithstanding the foregoing, the Servicer shall not be required to make any Advance. On each Deposit Date. , the Servicer will deposit into the Collection Account an amount equal to all Advances to be made, at its option, in respect of the related Collection Period.
(b) The Servicer shall be entitled to be reimbursed from the Certificate Account reimbursement for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances Outstanding Advances, without interest, with respect to any Mortgage Loan shall continue if a Receivable from the following sources with respect to such Mortgage Loan has been foreclosed Receivable: (i) subsequent payments made by or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee on behalf of the amount of related Obligor, (ii) Liquidation Proceeds, (iii) the Advance to be made on each Servicer Advance Date no later than Administrative Purchase Payment and (iv) the second Business Day before the related Distribution DateWarranty Purchase Payment.
(bc) If To the extent that during any Collection Period any funds described above in Section 4.04(b) with respect to a Receivable as to which the Servicer previously has made an unreimbursed Advance are received by the Issuer or the Servicer, and the Servicer determines that it will any Outstanding Advances (other than in respect of an interest shortfall due to an Excess Payment) with respect to such Receivable are unlikely to be unable recovered from payments made on or with respect to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(asuch Receivable (each, a “Nonrecoverable Advance”), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York timethen, on the related Distribution Payment Date, deposit in upon the Distribution Account Trustees’ receipt of the Servicer’s Certificate for such Nonrecoverable Advance, the Indenture Trustee shall promptly remit to the Servicer from the Collection Account, (i) from Available Interest an amount equal to the portion of such Nonrecoverable Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited allocable to interest and (ii) from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Available Principal an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day portion of such reimbursement published Nonrecoverable Advance allocable to principal, in The Wall Street Journal) on such amounteach case without interest, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject 4.06(c)(i). In lieu of causing the Indenture Trustee to remit any such amounts or the limitations set forth amounts described in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates clauses (i) the Mortgage Loans with respect to which through (iv) in Section 4.04(b), the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer may deduct such amounts from deposits otherwise to be a Nonrecoverable Advancemade into the Collection Account in accordance with Section 4.09.
Appears in 54 contracts
Sources: Sale and Servicing Agreement (Honda Auto Receivables 2023-2 Owner Trust), Sale and Servicing Agreement (Honda Auto Receivables 2023-2 Owner Trust), Sale and Servicing Agreement (Honda Auto Receivables 2023-1 Owner Trust)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall have the right, but not the obligation, to immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 50 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2006-27cb), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy9), Pooling and Servicing Agreement (Countrywide Home Loans 2005-J9)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 43 contracts
Sources: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (Cwalt Inc), Pooling and Servicing Agreement (Cwalt Inc)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge As of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next last day of a Collection Period, if the payments during such Collection Period by or on behalf of the Obligor on or in respect of a Receivable (other than an Administrative Receivable or a Warranty Receivable) after application under Section 4.03(a) shall be less than the Scheduled Payment, whether as a result of any extension granted to the Obligor or otherwise, then the Servicer shall advance to the Trust an amount equal to the product of the principal balance of such Receivable as of the first day of such Collection Period and one-twelfth of its APR minus the amount of interest actually received on such Receivable during such Collection Period (each, an “Advance”). If the calculation above results in a negative number, an amount equal to such negative amount shall be paid to the Servicer in reimbursement of any Outstanding Advances in respect of such Receivables. In addition, in the event that a Receivable becomes a Liquidated Receivable, the amount of accrued and unpaid interest thereon (but not including interest for the current Collection Period) shall, up to the amount of Outstanding Advances in respect of such Receivables in respect thereof, be withdrawn from the Collection Account and paid to the Servicer in reimbursement of such Outstanding Advances. No Advances will be made with respect to the Principal Balance of Receivables. Notwithstanding the foregoing, the Servicer shall not be required to make any Advance (other than in respect of an interest shortfall due to an Excess Payment) to the extent that the Servicer, in its sole discretion, shall determine that such Advance is unlikely to be recovered from subsequent payments made by or on behalf of the related Obligor, Liquidation Proceeds, by the Administrative Purchase Payment or by the Warranty Purchase Payment, in each case, with respect to such Receivable or otherwise. On each Deposit Date, the Servicer will deposit into the Collection Account an amount equal to all Advances to be made in respect of the related Collection Period. The Successor Servicer shall only be required to make Advances for payments on behalf of Obligors in respect of Receivables arising on or after the Collection Period in which the (i) Successor Servicer accepts its appointment or (ii) the Indenture Trustee is automatically appointed Successor Servicer.
(b) The Servicer shall be entitled to be reimbursed from the Certificate Account reimbursement for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances Outstanding Advances, without interest, with respect to any Mortgage Loan shall continue if a Receivable from the following sources with respect to such Mortgage Loan has been foreclosed Receivable: (i) subsequent payments made by or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee on behalf of the amount of related Obligor, (ii) Liquidation Proceeds, (iii) the Advance to be made on each Servicer Advance Date no later than Administrative Purchase Payment and (iv) the second Business Day before the related Distribution DateWarranty Purchase Payment.
(bc) If To the extent that during any Collection Period any funds described above in Section 4.04(b) with respect to a Receivable as to which the Servicer previously has made an unreimbursed Advance are received by the Issuer or the Servicer, and the Servicer determines that it will any Outstanding Advances (other than in respect of an interest shortfall due to an Excess Payment) with respect to such Receivable are unlikely to be unable recovered from payments made on or with respect to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(asuch Receivable (each, a “Nonrecoverable Advance”), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York timethen, on the related Distribution Payment Date, deposit in upon the Distribution Account Trustees’ receipt of the Servicer’s Certificate for such Nonrecoverable Advance, the Indenture Trustee shall promptly remit to the Servicer from the Collection Account, (i) from Available Interest an amount equal to the portion of such Nonrecoverable Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited allocable to interest and (ii) from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Available Principal an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day portion of such reimbursement published Nonrecoverable Advance allocable to principal, in The Wall Street Journal) on such amounteach case without interest, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject 4.06(c)(i). In lieu of causing the Indenture Trustee to remit any such amounts or the limitations set forth amounts described in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates clauses (i) the Mortgage Loans with respect to which through (iv) in Section 4.04(b), the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer may deduct such amounts from deposits otherwise to be a Nonrecoverable Advancemade into the Collection Account in accordance with Section 4.09.
Appears in 29 contracts
Sources: Sale and Servicing Agreement (Honda Auto Receivables 2015-4 Owner Trust), Sale and Servicing Agreement (Honda Auto Receivables 2015-4 Owner Trust), Sale and Servicing Agreement (Honda Auto Receivables 2015-3 Owner Trust)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "“Advance Notice"”; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 22 contracts
Sources: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Flx5), Pooling and Servicing Agreement (IndyMac INDA Mortgage Loan Trust 2007-Ar5), Pooling and Servicing Agreement (IndyMac IMJA Mortgage Loan Trust 2007-A2)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution for the applicable Loan Group has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall have the right, but not the obligation, to immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 17 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2006-29t1), Pooling and Servicing Agreement (Alternative Loan Trust 2006-J5), Pooling and Servicing Agreement (Alternative Loan Trust 2006-6cb)
Advances. (a) The Servicer Subject to the conditions of this Article IV, the Master Servicer, as required below, shall determine make an Advance and deposit such Advance in the Certificate Account. Each such Advance shall be remitted to the Certificate Account no later than 1:00 p.m. Pacific time on or before each the Master Servicer Advance Date whether it is required in immediately available funds. The Master Servicer shall be obligated to make an any such Advance pursuant only to the definition thereofextent that such advance would not be a Nonrecoverable Advance. If the Master Servicer determines shall have determined that it is required to make an has made a Nonrecoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Nonrecoverable Advance, it shall, on or before the Master Servicer Advance Date, either shall deliver (i) deposit into the Certificate Account an amount equal to the Advance or Trustee for the benefit of the Certificateholders funds constituting the remaining portion of such Advance, if applicable, and (ii) make to the Depositor, each Rating Agency and the Trustee an Officer's Certificate setting forth the basis for such determination. In lieu of making all or a portion of such Advance from its own funds, the Master Servicer may (i) cause to be made an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution Distributions has been used by the Master Servicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Certificate Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance DateBusiness Day immediately preceding the Distribution Date on which such funds are required to be distributed pursuant to this Agreement. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until such Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or otherwise terminated and until the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
purchase or repurchase thereof (bor substitution therefor) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder4.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 16 contracts
Sources: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2002 Bc2), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2003 Bc2), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2001-Bc3)
Advances. (a) Subject to the conditions of this Article IV, the Servicer, as required below, shall make an Advance and deposit such Advance in the Collection Account. Each such Advance shall be remitted to the Collection Account no later than 1:00 p.m. Pacific Standard time on the Servicer Advance Date in immediately available funds. The Servicer shall determine on or before each Servicer Advance Date whether it is required be obligated to make an any such Advance pursuant only to the definition thereofextent that such advance would not be a Non-Recoverable Advance. If the Servicer determines shall have determined that it is required to make an has made a Non-Recoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Non-Recoverable Advance, it shall, on or before the Servicer Advance Date, either shall deliver (i) deposit into the Certificate Account an amount equal to the Advance Trustee or the Paying Agent for the benefit of the Certificateholders funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, each Rating Agency and the Trustee or the Paying Agent an Officer's Certificate setting forth the basis for such determination. The Servicer may, in its sole discretion, make an Advance with respect to the principal portion of the final Scheduled Payment on a Balloon Loan, but the Servicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect the Servicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the Servicer shall Advance (unless it determines in its good faith judgment that such amounts would constitute a Non-Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is reduced to zero. In lieu of making all or a portion of such Advance from its own funds, the Servicer may (i) cause to be made an appropriate entry in its records relating to the Certificate Collection Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Collection Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Servicer by deposit in the Certificate Collection Account no later than the close of business on the next Servicer Advance DateDate on which such funds are required to be distributed pursuant to this Agreement. The Servicer shall be entitled to be reimbursed from the Certificate Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until such Mortgage Loan is paid in full or the related Mortgaged Property (or stock allocated to a dwelling unit, in the case of Co-op Loan) or related REO Property has been foreclosed liquidated or otherwise terminated and until the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
purchase or repurchase thereof (bor substitution therefor) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder4.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 13 contracts
Sources: Pooling and Servicing Agreement (Chase Funding Trust, Series 2004-2), Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it the Master Servicer shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will not be unable to deposit deposited by the Master Servicer (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall have the right, but not the obligation, to immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 13 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oh1), Pooling and Servicing Agreement (CHL Mortgage Pass-Through Trust 2006-Hyb2), Pooling and Servicing Agreement (Alternative Loan Trust 2005-44)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "a “Trustee Advance Notice"”; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall have the right, but not the obligation, to immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 11 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oh3), Pooling and Servicing Agreement (Alternative Loan Trust 2007-23cb), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oa7)
Advances. (a) The If any Monthly Payment on a Mortgage Loan that was due on the immediately preceding Due Date or due during the related Collection Period and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer will deposit in the Collection Account not later than the third Business Day immediately preceding the related Payment Date an amount equal to such Monthly Payment net of the related Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. Subject to the foregoing and in the absence of such a determination, the Master Servicer shall determine on or before continue to make such advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. No later than the fourth Business Day preceding each Payment Date, the Master Servicer Advance Date whether it is required shall present an Officer's Certificate to the Indenture Trustee with respect to the Mortgage Loans, (i) stating that the Master Servicer elects not to make an Advance pursuant in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Master Servicer will include in the definition thereof. If the Servicer determines Remittance Report a list of each Mortgage Loan for which it is required to does not make an Advance, it shall, Advance in accordance with this Section. Such Advances may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so used shall be replaced by the Master Servicer from its own funds by deposit in the Collection Account on or before the fourth Business Day preceding any Payment Date to the extent that funds in the Collection Account with respect to such Payment Date shall be less than payments to Securityholders required to be made on such date. In the event that the Master Servicer Advance determines that, with respect to any Payment Date, either (i) it will be unable to deposit into in the Certificate Collection Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating required to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no made not later than the close of business on third Business Day immediately preceding the next related Payment Date in the amount determined by the Master Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a)4.04, it shall use its best efforts to give written notice thereof to the Indenture Trustee of its inability to Advance (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M.4:00 PM, New York time, on the third Business Day immediately preceding the related Servicer Advance Payment Date, specifying the portion of such amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advancedeposit. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not Not later than 3:00 P.M.12:00 PM, New York time, on the related Distribution Payment Date, deposit in unless by such time the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee Master Servicer shall have received written notification from the Servicer that the Servicer has deposited directly or caused to be indirectly deposited in the Certificate Payment Account an the entire amount equal of the Advances required to such Advance Deficiency by 3:00 P.M. New York time on be made for the related Distribution Payment Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence4.04, the Indenture Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Servicing Agreement in accordance with Section 7.01 6.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Servicer shall, not later than including the close of business on obligation to deposit in the Business Day immediately preceding each Servicer Advance Date, deliver Payment Account an amount equal to the Trustee a report (in form and substance reasonably satisfactory to Advance for the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvancePayment Date.
Appears in 11 contracts
Sources: Servicing Agreement (Imh Assets Corp Collateralized Asset Backed Bonds Ser 2004 4), Servicing Agreement (Imh Assets Corp Impac CMB Trust Series 2004-1), Servicing Agreement (Imh Assets Corp Collateralized Asset Backed Bonds Ser 2004 3)
Advances. (a) The Servicer shall determine In the event that all or any portion of a Monthly Interest Payment (or an Assumed Monthly Interest Payment, as applicable) representing interest due or deemed due on the Trust Loan (including, without limitation, all or before each Servicer Advance Date whether it is required to make any portion thereof that constitutes an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (iREO Trust Loan) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that during any Amount Held for Future Distribution calendar month has not been used received by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Determination Date in such calendar month, then the Servicer, subject to its determination that such amounts (together with interest thereon at the Advance Interest Rate compounded annually) are not Nonrecoverable Advances (and the Special Servicer has not determined that such Advance Datewould be a Nonrecoverable Advance), shall on the Remittance Date in such calendar month make an advance for remittance to the Certificate Administrator for deposit into the Distribution Account, in an amount equal to all or such portion of such Monthly Interest Payment (or Assumed Monthly Interest Payment, as applicable) (in each case other than the principal portion of the Balloon Payment and net of the Servicing Fee which shall not be paid to the Servicer until funds are available in the Collection Account for payment of such fee) due or deemed due on the Trust Loan that was delinquent as of the close of business on the Determination Date in such calendar month; provided, that neither the Servicer nor any other party shall be entitled to interest accrued on the amount of any Monthly Interest Payment Advance with respect to the Trust Loan if the related Monthly Interest Payment (or, if applicable, the Assumed Monthly Interest Payment) in respect of the Trust Loan is received by the Servicer or the Certificate Administrator, as applicable, by 2:00 p.m. (New York time) on the Remittance Date on which the Monthly Interest Payment Advance is to be made. The Servicer shall be entitled advance in respect of each Payment Date (or Assumed Payment Date) following a delinquency in the payment of the Balloon Payment of the Trust Loan or foreclosure (or acceptance of a deed-in-lieu of foreclosure or comparable conversion) of the Trust Loan not later than the related Remittance Date, to be reimbursed from the Certificate Account Administrator for all Advances deposit in the Distribution Account, the amount of its own funds any Assumed Monthly Interest Payment deemed due with respect to the Trust Loan on such Payment Date (or Assumed Payment Date) (excluding the principal portion of the Balloon Payment and Default Interest). For the avoidance of doubt, in the event that the amount of interest on the Trust Loan is reduced as a result of any modification to the Trust Loan, any Monthly Interest Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required as a result of such reduction. The Servicer shall maintain a record of each Monthly Interest Payment Advance it has made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage 3.23(a) on the Trust Loan and shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and notify the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described Certificate Administrator thereof in the second sentence of Section 4.01(a), it shall use its best efforts appropriate CREFC® Reports in order to give written notice permit allocation thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date3.4 and Section 3.5. In the event that the Servicer does not reimburse remit any amounts required to be remitted to the Trustee Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Interest Payment Advance) to the Certificate Administrator for deposit in accordance with the requirements of Distribution Account on the preceding sentenceRemittance Date, the Trustee Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject pay to the limitations set forth in Section 3.05Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, assume all of if earlier, the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Paymentsactual remittance date. The Servicer shall deliver have no obligation to make any Monthly Interest Payment Advance for any Companion Loan. At any time that an Appraisal Reduction Amount exists, the amount that would otherwise be required to be advanced by the Servicer in respect of delinquent payments of interest on the Trust Loan shall be reduced by multiplying such amount to be advanced by a fraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the portion of the Appraisal Reduction Amount allocable to the Trust Loan, and the denominator of which is the then outstanding principal balance of the Trust Loan. The Certificate Administrator shall notify the Servicer and the Trustee by telephone and electronically if as of 3:00 p.m., New York City time, on the Remittance Date, if the Certificate Administrator has not received the amount of a Monthly Interest Payment Advance required pursuant to this Section 3.23(a). In addition, the Certificate Administrator shall notify the Trustee by telephone and electronically if as of 11:00 a.m., New York City time, on any Distribution Date if the Servicer has not made the Monthly Interest Payment Advance required to have been made on the related Servicer Advance Remittance Date an Officer's Certificate pursuant to this Section 3.23(a). Notwithstanding the foregoing provisions of this Section 3.23(a) or any other contrary provisions of this Agreement, any portion of a Servicing Officer indicating Monthly Interest Payment Advance intended to cover the amount of any proposed Advance determined by CREFC® Licensing Fee shall be advanced directly to CREFC® on the applicable Remittance Date. If the Servicer to and the Trustee do not make a Property Protection Advance because it would be a Nonrecoverable Advance, then the Servicer may, but is not required to, pay such amounts from the Collection Account as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not pay such amounts, the Special Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection Advance or to perform the action requiring such Property Protection Advance.
Appears in 10 contracts
Sources: Trust and Servicing Agreement (BBCMS Mortgage Trust 2020-C7), Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2019-C7), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Securities Inc)
Advances. (a) The Servicer shall determine on Subject to the following sentence, with respect to each Monthly Period and each Lease (other than an Administrative Lease Asset, a Warranty Lease Asset or before each Servicer Advance Date whether it an Extended Lease), if there is required to make an Advance a shortfall in the Monthly Lease Payment remaining after application of the Applied Payments Ahead pursuant to the definition thereof. If Section 3.05(a), the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either in its sole discretion may (ibut shall have no obligation to) deposit into the Certificate Account advance an amount equal to the Advance or such shortfall (iisuch amount, a “Monthly Payment Advance”) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance second Business Day of the following Monthly Period or, if the Monthly Remittance Condition is satisfied, on the Business Day preceding the related Distribution Date. The Servicer may make a Monthly Payment Advance in respect of a Lease only to the extent that the Servicer, in its sole discretion, shall determine that such Monthly Payment Advance shall be entitled to be reimbursed recoverable from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if subsequent collections or recoveries on such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution DateLease Asset.
(b) If the Servicer determines that it will be unable With respect to comply with each Monthly Period and each Lease (i) which terminated by reason of having reached its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof Scheduled Lease End Date 120 days or more prior to the Trustee last day of such Monthly Period, and (each ii) for which the related Leased Vehicle has not been sold during or prior to such notice an "Advance Notice"; and such notice Monthly Period, the Servicer, in its sole discretion, may be given by telecopy), not later than 3:00 P.M., New York time(but shall have no obligation to) advance, on the second Business Day immediately preceding of the related Servicer Advance Datefollowing Monthly Period or, specifying if the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and Monthly Remittance Condition is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York timesatisfied, on the related Distribution Date, deposit in the Distribution Account an amount (the “Residual Advance”) equal to the Advance Deficiency identified lesser of (x) the Lease Residual for the related Leased Vehicle, reduced, in the case of any Lease Asset that is an Extended Lease, by the aggregate amount of any Extended Lease Payments on such Trustee Advance Notice unless it is prohibited from so doing Lease Asset received by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer since the Scheduled Lease End Date of such Lease Asset, and (y) the amount that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, in its sole discretion, has estimated shall be recoverable from the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements sale or other disposition of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject Leased Vehicle related to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereundersuch Lease.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans shall be reimbursed for Outstanding Advances with respect to which a Lease Asset from subsequent ACOLT Collections and recoveries received with respect to such Lease Asset.
(d) If the Servicer has determined that the related Scheduled Payments should be advanced and (iisources specified in Section 3.06(c) the amount are insufficient to reimburse all Outstanding Advances with respect to a Lease upon collection of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined all amounts expected by the Servicer to be a Nonrecoverable Advancecollected with respect to such Lease and the related Leased Vehicle, then the Servicer shall be entitled to reimbursement of any remaining Outstanding Advances with respect to such Lease from ACOLT Collections and recoveries on any other Lease Assets.
Appears in 10 contracts
Sources: Servicing Agreement (Ally Auto Assets LLC), Servicing Agreement (Ally Auto Assets LLC), Servicing Agreement (Ally Auto Assets LLC)
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Remittance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the Servicer Remittance Date prior to any Distribution Date funds in the Collection Account are less than the amount required to be paid to the Certificateholders on such Distribution Date, then the Servicer shall deposit its own funds into the Distribution Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer’s own corporate funds or any subservicer’s funds. If applicable, on the Servicer Remittance Date preceding each Distribution Date, the Servicer shall present an Officers’ Certificate to the Trustee (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 8 contracts
Sources: Pooling and Servicing Agreement (NovaStar Mortgage Funding Trust, Series 2004-3), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP), Pooling and Servicing Agreement (NovaStar Mortgage Funding Trust, Series 2005-1)
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Remittance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any Subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the Servicer Remittance Date prior to any Distribution Date funds in the Collection Account are less than the amount required to be paid to the Certificateholders on such Distribution Date, then the Servicer shall deposit its own funds into the Distribution Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer’s own corporate funds or any Subservicer’s funds. If applicable, on the Servicer Remittance Date preceding each Distribution Date, the Servicer shall present an Officers’ Certificate to the Trustee (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 8 contracts
Sources: Pooling and Servicing Agreement (Novastar Mortgage Funding Trust, Series 2007-1), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP)
Advances. (a) The Servicer In the event that a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than the Balloon Payment) or any portion of a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than any Balloon Payment) on the Trust Loan has not been received by the close of the Business Day immediately prior to the Remittance Date, the Servicer, subject to its determination that such amounts are not Nonrecoverable Advances, shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant advance on such Remittance Date to the definition thereof. If the Servicer determines it is required to make an AdvanceDistribution Account, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account in an amount equal to the Advance Monthly Payment (or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make Assumed Monthly Payment, as applicable), or any such Advance. Any funds so applied shall be replaced by portion of the Servicer by deposit in Monthly Payment (or an Assumed Monthly Payment, as applicable) on the Certificate Account no later than Trust Loan that was delinquent as of the close of business on the next Business Day immediately prior to such Remittance Date, in each case, net of the Servicing Fee (which will not be paid to the Servicer Advance Date. The until the funds in the Collection Account are available for payment of such fee); provided that neither the Servicer nor any other party shall be entitled to be reimbursed from interest accrued on the Certificate Account for all Advances amount of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances any Monthly Payment Advance with respect to any Mortgage the Trust Loan shall continue if such Mortgage Loan has been foreclosed the related Monthly Payment (or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee an Assumed Monthly Payment, as applicable) in respect of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If Trust Loan is received by the Servicer determines that it will be unable to comply with its obligation to make or the Advances Certificate Administrator, as and when described in the second sentence of Section 4.01(a)applicable, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M.2:00 p.m., New York time, on such Remittance Date. For the Business Day immediately preceding the related Servicer Advance Dateavoidance of doubt, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer event that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day Trust Loan is reduced as a result of any modification to the Trust Loan, any future Monthly Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required as a result of such reimbursement published in reduction. The Wall Street Journal) on such amount, Servicer shall maintain a record of each Monthly Payment Advance it has made by the Trustee pursuant to this Section 4.01(b3.21(a) not later than on the second day following Trust Loan and the amount allocated to the related Servicer Advance DateTrust Note on a Note-by-Note Basis and shall notify the Certificate Administrator thereof in the appropriate CREFC® Reports in order to permit allocation thereof pursuant to Sections 3.4 and 3.5. In the event that the Servicer does not reimburse remit any amounts required to be remitted to the Trustee Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Payment Advance) to the Certificate Administrator for deposit in accordance with the requirements of Distribution Account on the preceding sentenceRemittance Date, the Trustee Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject pay to the limitations set forth in Section 3.05Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, assume all of if earlier, the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Paymentsactual remittance date. The Servicer and, if applicable pursuant to Section 3.21(c), the Trustee, shall deliver to notify each of the Trustee on master servicer, the related Servicer Advance Date an Officer's Certificate special servicer and the trustee under any Other Pooling and Servicing Agreement of a Servicing Officer indicating the amount of any proposed Monthly Payment Advance determined on the Trust Loan it has made within two (2) Business Days of making any such Monthly Payment Advance. Notwithstanding anything herein to the contrary, Monthly Payment Advances (other than any Nonrecoverable Advance) with respect to the Trust Loan shall be reimbursed solely out of amounts allocated to the Trust Loan pursuant to the Co-Lender Agreement and will not be reimbursed out of amounts allocated to the Companion Loan, and Companion Loan Advances (other than any Nonrecoverable Advance) with respect to the Companion Loan shall be reimbursed solely out of amounts allocated to such Companion Loan pursuant to the Co-Lender Agreement and will not be reimbursed out of amounts allocated to the Trust Loan or the other Companion Loan. At any time that an Appraisal Reduction Amount exists, the amount that would otherwise be required to be advanced by the Servicer to in respect of delinquent payments of principal and interest on the Trust Loan shall be reduced by multiplying such amount by a Nonrecoverable Advancefraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the applicable Appraisal Reduction Amount and the denominator of which is the then outstanding principal balance of the Trust Loan.
Appears in 7 contracts
Sources: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2021-C61), Trust and Servicing Agreement (3650R 2021-Pf1 Commercial Mortgage Trust), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2021-C60)
Advances. (a) The Servicer shall determine In the event that all or a portion of any Monthly Payment (other than the Balloon Payment and Default Interest) or an Assumed Monthly Payment, as applicable representing interest on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution Mortgage Loan has not been used received by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Business Day immediately prior to the Remittance Date, the Servicer, subject to its determination that such amounts are not Nonrecoverable Advances, shall make an advance on such Remittance Date to the Distribution Account, in an amount equal to such Monthly Payment (or portion thereof) (or in the amount of the Assumed Monthly Payment, or portion thereof, as applicable) with respect to the Mortgage Loan that has not been received by the close of business on the Business Day immediately prior to such Remittance Date (net of the Servicing Fee with respect to the Mortgage Loan, which shall not be paid to the Servicer Advance Date. The until funds in the Collection Account are available for payment of such fee); provided that neither the Servicer nor any other party shall be entitled to be reimbursed from interest accrued on the Certificate Account for all Advances amount of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances any Monthly Payment Advance with respect to any the Mortgage Loan shall continue if the delinquent amount of the Monthly Payment (or, if applicable, the Assumed Monthly Payment) in respect of such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If is received by the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M.2:00 p.m., New York time, on such Remittance Date. The portion of any Monthly Payment Advance equal to the Business Day immediately preceding CREFC® Intellectual Property Royalty License Fee for the related Servicer Advance Date, specifying Mortgage Loan and such Distribution Date will not be remitted to the amount that it Certificate Administrator but will be unable remitted to deposit CREFC® by the Servicer. The Servicer shall also advance in respect of each Payment Date following (each such amount an "Advance Deficiency"x) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If delinquency in the Trustee receives payment of the Balloon Payment of the Mortgage Loan or foreclosure (or acceptance of a Trustee Advance Notice on deed-in-lieu of foreclosure or before 3:00 P.M., New York time on a Servicer Advance Date, comparable conversion) of the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, Whole Loan or (y) not later than 3:00 P.M.the related Remittance Date, New York timeto the Distribution Account, the amount of any Assumed Monthly Payment deemed due with respect to the Mortgage Loan on such Payment Date (net of the Servicing Fees). For the avoidance of doubt, in the event that the amount of interest and/or principal on the related Distribution DateMortgage Loan is reduced as a result of any modification to the Mortgage Loan, deposit any Monthly Payment Advance made with respect to such modified Mortgage Loan shall be in such amounts as may be required as a result of such reduction. Notwithstanding anything to the contrary herein and subject to the determination of nonrecoverability provided in this Section 3.23, in the Distribution Account event that the Mortgaged Property becomes Foreclosed Property, the Servicer shall continue to make advances as required pursuant to this Section 3.23(a) with respect to each Payment Date following such event in an amount equal to the Advance Deficiency identified in Monthly Payment or Assumed Monthly Payment, as applicable, due or deemed due with respect to the Mortgage Loan on such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoingPayment Date, the Trustee shall not be required to make such deposit as if the Trustee shall have received written notification from Mortgaged Property had not become a Foreclosed Property and the Servicer that the Servicer has deposited or caused Mortgage Loan continued to be deposited outstanding. If and to the extent such information is not already included in the Certificate Account an amount equal to Distribution Date Statement for the month in which such Monthly Payment Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Serviceris made, the Servicer shall reimburse notify the Trustee for master servicer and trustee with respect to each Other Securitization Trust of the amount of any Monthly Payment Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b3.23(a) not later than within two Business Days of making such Advance. The Servicer shall maintain a record of each Monthly Payment Advance it has made pursuant to this Section 3.23(a) on the second day following Mortgage Loan and shall notify the related Servicer Advance DateCertificate Administrator thereof in the appropriate CREFC® Reports in order to permit allocation thereof pursuant to Sections 3.4 and 3.5. In the event that the Servicer does not reimburse remit any amounts required to be remitted to the Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Payment Advance) to the Certificate Administrator for deposit in the Distribution Account on the Remittance Date, the Servicer shall pay to the Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, if earlier, the actual remittance date. Neither the Servicer nor the Trustee will be required to make a Companion Loan Advance or any administrative advance in respect of any Companion Loan. Neither the Servicer nor the Trustee will be entitled to interest on any Monthly Payment Advance on the Mortgage Loan until the related Loan Payment Date has passed. The Servicer and the Trustee, as applicable, will each be entitled to reimbursement for a Monthly Payment Advance and any Administrative Advance from any collections on the Whole Loan prior to any distributions to the Certificateholders. At any time that a Trust Appraisal Reduction Amount exists with respect to the Whole Loan, the amount that would otherwise be required to be advanced by the Servicer in respect of delinquent payments of interest on the Mortgage Loan shall be reduced by multiplying such amount by a fraction, the numerator of which is the then-outstanding principal balance of the Mortgage Loan minus the Trust Appraisal Reduction Amount allocable to the Mortgage Loan (including any deemed Trust Appraisal Reduction Amount) and the denominator of which is the then-outstanding principal balance of the Mortgage Loan. For the avoidance of doubt, the Servicer shall make Monthly Payment Advances on the basis of the original terms of the Mortgage Loan, including if the Mortgage Loan is subject to a forbearance agreement or other temporary deferral or payment accommodation, unless (a) the terms of the Mortgage Loan have been permanently modified to reduce or forgive a monetary obligation or (b) such advance has been determined to be non-recoverable.
(b) Subject to Section 3.23(e), the Servicer shall advance, for the benefit of the Certificateholders and the Companion Loan Holders, to the extent it determines such amount is recoverable, all customary and reasonable out-of-pocket costs and expenses incurred by the Servicer or the Special Servicer in the performance of its respective servicing obligations, including, but not limited to, the costs and expenses incurred in connection with (i) the preservation, restoration, operation and protection of the Mortgaged Property that, in the Servicer’s sole discretion, exercised in accordance with Accepted Servicing Practices, are necessary to prevent an immediate or material loss to the requirements Trust’s interest in the Mortgaged Property, (ii) the payment of (A) real estate taxes, assessments, ground rents and governmental charges that may be levied or assessed against any Loan Party or any of its Affiliates or the Mortgaged Property or revenues therefrom or that become liens on the Mortgaged Property, (B) insurance premiums and (C) the out-of-pocket costs and expenses of the preceding sentenceServicer or the Special Servicer, as applicable (including, without limitation, reasonable attorneys’ fees and expenses) to the extent not paid by the applicable Loan Parties that are incurred in connection with a sale of the Whole Loan, the negotiation of a workout of the Whole Loan, an assumption of the Whole Loan or a release of the Mortgaged Property from the lien of the Mortgage, (iii) any enforcement or judicial proceedings, including foreclosures and including, but not limited to, court costs, reasonable attorneys’ fees and expenses and costs for third party experts, including Independent Appraisers, environmental and engineering consultants, and (iv) the management, operation and liquidation of the Mortgaged Property if the Mortgaged Property is acquired by the Trust (collectively, “Property Protection Advances”). In addition, subject to Section 3.23(e), the Servicer shall advance amounts eligible for withdrawal from the Collection Account pursuant to clauses (iii) (other than Servicing Fees), (iv)(b), (v) (to the extent reimbursements of such amounts are owed to the Trustee only), (vi), (viii) and (x) of Section 3.4(c) (collectively, “Administrative Advances”) on or prior to the related Distribution Date to the extent (A) such amounts are not paid from the Collection Account pursuant to the second paragraph of Section 3.4(c) and (B) it determines that such amounts are payable or reimbursable by the Borrower and would not be a Nonrecoverable Advance. During the continuation of a Special Servicing Loan Event, the Special Servicer shall give the Servicer and the Trustee not less than five (5) Business Days’ written notice before the date on which the Servicer is requested to make any Property Protection Advance with respect to the Whole Loan or any Foreclosed Property; provided, however, that only three (3) Business Days’ written notice shall be required in respect of Property Protection Advances required to be made on an urgent or emergency basis (which may include, without limitation, Property Protection Advances required to make tax or insurance payments). In addition, the Special Servicer shall provide the Servicer with such information in its possession as the Servicer may reasonably request to enable the Servicer to determine whether a requested Property Protection Advance would constitute a Nonrecoverable Advance. Subject to Section 6.3, notwithstanding anything herein to the contrary, if the Special Servicer requests that the Servicer make an Advance, the Servicer may conclusively rely on such request as evidence that such advance is not a Nonrecoverable Advance; provided, however, that the Special Servicer shall not be entitled to make such a request more frequently than once per calendar month with respect to Advances other than emergency Advances (although such request may relate to more than one Advance). The Special Servicer shall not be obligated to make any Advance.
(c) To the extent the Servicer fails to make an Advance that it is required to make under this Agreement, the Trustee shall immediately (a) terminate all of be required to make such Advance pursuant to Section 7.6. It is understood that the rights and obligations obligation of the Servicer under this Agreement in accordance with and the Trustee (pursuant to Section 7.01 and (b7.6) to make such Advances is mandatory, subject to the limitations set forth in Section 3.05this Agreement, assume all and shall continue to apply with respect to the Mortgage Loan after any modification or amendment of the rights and obligations Whole Loan pursuant to Section 3.24 hereof, beyond the Maturity Date of the Servicer hereunder.
(c) The Servicer shallWhole Loan if a payment default shall have occurred on such date and through any court appointed stay period or similar payment delay resulting from any insolvency of any Loan Party or related bankruptcy, not later than the close notwithstanding any other provision of business on the Business Day immediately preceding each Servicer Advance Datethis Agreement, deliver subject to the Trustee a report (in form and substance reasonably satisfactory to requirement of recoverability, until the Trustee) that indicates earliest of (i) the payment in full of the Whole Loan, (ii) the date on which the entirety of the Mortgaged Property becomes liquidated or (iii) the date on which the Whole Loan is sold.
(d) Interest on each Advance made by the Servicer or the Trustee shall accrue for each day that such Advance is outstanding at a rate of interest equal to the Prime Rate (the “Advance Rate”) for each such day (or the most recent day on which the Prime Rate was reported, if not reported on such day) on the basis of a year of 360 days and the actual number of days elapsed in a month. Interest on the Advances shall compound annually. If the context requires, each reference to the reimbursement or payment of an Advance also includes, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate through but excluding the date of payment or reimbursement.
(e) Notwithstanding any other provision in this Agreement, the Servicer or the Trustee, as applicable, shall be obligated to make an Advance only to the extent that the Servicer or the Trustee, as applicable, has determined that such Advance, together with interest thereon at the Advance Rate, would not constitute a Nonrecoverable Advance if made. The Trustee and the Servicer, in that order, shall be entitled to reimbursement for any such Advances relating to the Mortgage Loan or the Whole Loan, as applicable, from the Collection Account and shall obtain such reimbursement in accordance with Section 3.4(c). If the context requires, each reference to the reimbursement or payment of an Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate through but excluding the date of payment or reimbursement.
(f) The determination by the Servicer or the Trustee that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by the delivery of an Officer’s Certificate to the Companion Loan Holders, the Certificate Administrator, the Trustee (if such determination is made by the Servicer), the Servicer and the Special Servicer, that sets forth the determination of nonrecoverability and the considerations forming the basis of such determination with supporting documents attached. Such Officer’s Certificate shall be made available to any Privileged Person by the Certificate Administrator posting such Officer’s Certificate to the Certificate Administrator’s Website in accordance with Section 8.15(b). The costs of any appraisals, engineering reports, environmental reports or surveys and other information requested by the Servicer or the Trustee establishing an Advance as a Nonrecoverable Advance shall be treated as Trust Fund Expenses (except to the extent such expenses are reimbursed with funds otherwise paid from amounts allocable to the Companion Loans pursuant to the terms of the Co-Lender Agreement), payable from the Collection Account pursuant to Section 3.4(c), and shall constitute a Property Protection Advance if paid by the Servicer or the Trustee from its funds. If such amounts are reimbursed from amounts allocable to the Mortgage Loan, the Servicer (with respect to which the Whole Loan when it is not a Specially Serviced Whole Loan) or Special Servicer has determined that (with respect to a Specially Serviced Whole Loan or Foreclosed Property) shall, after receiving payment from amounts on deposit in the related Scheduled Payments should be advanced Collection Account allocable to the Mortgage Loan, if any, to (i) promptly notify the Companion Loan Holders and (ii) use efforts consistent with Accepted Servicing Practices to exercise on behalf of the Trust the rights of the Trust under the Co-Lender Agreement to obtain reimbursement for a pro rata portion (based on the principal balances of the Notes) of such amount allocable to the Companion Loans from the Companion Loan Holders (including, if such amounts cannot be recovered from the Whole Loan, from general collections of the related Scheduled PaymentsOther Securitization Trust, if applicable). The Servicer Subject to Section 6.3, the Servicer’s reasonable determination of nonrecoverability in accordance with the above provisions shall deliver to be conclusive and binding on the Trustee on and the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer Trustee shall be entitled to be a Nonrecoverable Advance.rely conclusively
Appears in 7 contracts
Sources: Trust and Servicing Agreement (Benchmark 2022-B35 Mortgage Trust), Trust and Servicing Agreement (Bank 2022-Bnk41), Trust and Servicing Agreement (Benchmark 2022-B34 Mortgage Trust)
Advances. (a) The Servicer shall determine In the event that all or any portion of a Monthly Debt Service Payment Amount (or an Assumed Monthly Interest Payment, as applicable) representing interest due or deemed due on the Trust Loan (including, without limitation, all or before each Servicer Advance Date whether it is required to make any portion thereof that constitutes an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (iREO Trust Loan) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that during any Amount Held for Future Distribution calendar month has not been used received by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Determination Date in such calendar month, then the Servicer, subject to its determination that such amounts (together with interest thereon at the Advance Interest Rate compounded annually) are not Nonrecoverable Advances (and the Special Servicer has not determined that such Advance Datewould be a Nonrecoverable Advance), shall on the Remittance Date in such calendar month make an advance for remittance to the Certificate Administrator for deposit into the Distribution Account, in an amount equal to all or such portion of such Monthly Debt Service Payment Amount calculated at the Initial Interest Rate (or Assumed Monthly Interest Payment, as applicable) (in each case other than the principal portion of the Balloon Payment and net of the Servicing Fee which shall not be paid to the Servicer until funds are available in the Collection Account for payment of such fee) due or deemed due on the Trust Loan that was delinquent as of the close of business on the Determination Date in such calendar month; provided, that neither the Servicer nor any other party shall be entitled to interest accrued on the amount of any Monthly Interest Payment Advance with respect to the Trust Loan if the related Monthly Debt Service Payment Amount (or, if applicable, the Assumed Monthly Interest Payment) in respect of the Trust Loan is received by the Servicer or the Certificate Administrator, as applicable, by 2:00 p.m. (New York time) on the Remittance Date on which the Monthly Interest Payment Advance is to be made. The Servicer shall be entitled advance in respect of each Payment Date (or Assumed Payment Date) following a delinquency in the payment of the Balloon Payment of the Trust Loan or foreclosure (or acceptance of a deed-in-lieu of foreclosure or comparable conversion) of the Trust Loan not later than the related Remittance Date, to be reimbursed from the Certificate Account Administrator for all Advances deposit in the Distribution Account, the amount of its own funds any Assumed Monthly Interest Payment deemed due with respect to the Trust Loan on such Payment Date (or Assumed Payment Date) (excluding the principal portion of the Balloon Payment and Default Interest). For the avoidance of doubt, in the event that the amount of interest on the Trust Loan is reduced as a result of any modification to the Trust Loan, any Monthly Interest Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required as a result of such reduction. The Servicer shall maintain a record of each Monthly Interest Payment Advance it has made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage 3.23(a) on the Trust Loan and shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and notify the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described Certificate Administrator thereof in the second sentence of Section 4.01(a), it shall use its best efforts appropriate CREFC® Reports in order to give written notice permit allocation thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date3.4 and Section 3.5. In the event that the Servicer does not reimburse remit any amounts required to be remitted to the Trustee Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Interest Payment Advance) to the Certificate Administrator for deposit in accordance with the requirements of Distribution Account on the preceding sentenceRemittance Date, the Trustee Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject pay to the limitations set forth in Section 3.05Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, assume all of if earlier, the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Paymentsactual remittance date. The Servicer shall deliver have no obligation to make any Monthly Interest Payment Advance for any Companion Loan. At any time that an Appraisal Reduction Amount exists, the amount that would otherwise be required to be advanced by the Servicer in respect of delinquent payments of interest on the Trust Loan shall be reduced by multiplying such amount to be advanced by a fraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the portion of the Appraisal Reduction Amount allocable to the Trust Loan, and the denominator of which is the then outstanding principal balance of the Trust Loan. The Certificate Administrator shall notify the Servicer and the Trustee by telephone and electronically if as of 3:00 p.m., New York City time, on the Remittance Date, if the Certificate Administrator has not received the amount of a Monthly Interest Payment Advance required pursuant to this Section 3.23(a). In addition, the Certificate Administrator shall notify the Trustee by telephone and electronically if as of 11:00 a.m., New York City time, on any Distribution Date if the Servicer has not made the Monthly Interest Payment Advance required to have been made on the related Servicer Advance Remittance Date an Officer's Certificate pursuant to this Section 3.23(a). Notwithstanding the foregoing provisions of this Section 3.23(a) or any other contrary provisions of this Agreement, any portion of a Servicing Officer indicating Monthly Interest Payment Advance intended to cover the amount of any proposed Advance determined by CREFC® Licensing Fee shall be advanced directly to CREFC® on the applicable Remittance Date. If the Servicer to and the Trustee do not make a Property Protection Advance because it would be a Nonrecoverable Advance, then the Servicer may, but is not required to, pay such amounts from the Collection Account as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not pay such amounts, the Special Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection Advance or to perform the action requiring such Property Protection Advance.
Appears in 7 contracts
Sources: Trust and Servicing Agreement (CSAIL 2021-C20 Commercial Mortgage Trust), Trust and Servicing Agreement (BBCMS Mortgage Trust 2021-C9), Trust and Servicing Agreement (Benchmark 2021-B23 Mortgage Trust)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall have the right but not the obligation, to immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2005-37t1), Pooling and Servicing Agreement (Alternative Loan Trust 2005-42cb), Pooling and Servicing Agreement (Alternative Loan Trust 2005-47cb)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than 6:00 P.M., New York time on the second day Business Day following the related Servicer Advance Distribution Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Servicer shallMaster Servicer, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, shall deliver to the Trustee a report (in the form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (CWABS Asset Backed Certificates Trust 2004-Bc3), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certs Ser 2003-Bc4), Pooling and Servicing Agreement (CWABS Asset Backed Certificates Trust 2004-Bc3)
Advances. (a) The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make an Advance advance of the delinquent amount pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer determines it is required to make an Advanceshall deposit in the Distribution Account, it shallfrom its own funds or from amounts on deposit in the Distribution Account that are held for future distribution, on or before not later than the Servicer Advance Date, either (i) deposit into Distribution Account Deposit Date immediately preceding the Certificate Account related Distribution Date an amount equal to such delinquency, net of the Advance or (ii) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the Certificate Account that any Amount Held for Future Distribution has been used by extent the Master Servicer in discharge of its obligation to make determines any such Advanceadvance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds, or future payments on the Loan for which such Advance was made. Any funds amounts held for future distribution and so applied used shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Certificate Distribution Account no later on or before any future Distribution Account Deposit Date to the extent that related Available Distribution Amount (determined without regard to Advances to be made on the related Distribution Account Deposit Date) shall be less than the close total amount that would be distributed to the related Classes of business Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the next Servicer Advance Date. The foregoing, the Master Servicer shall be entitled continue to be reimbursed from make such Advances through the Certificate Account for all Advances of date that the related Servicer is required to do so under its own funds made Servicing Agreement. In the event the Master Servicer elects not to make an Advance because the Master Servicer deems such Advance nonrecoverable pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time4.7, on the related Distribution Account Deposit Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver present an Officer’s Certificate to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined stating that the related Scheduled Payments should be advanced Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 6 contracts
Sources: Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-5)
Advances. (a) The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make an Advance advance of the delinquent amount pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer determines it is required to make an Advanceshall deposit in the Distribution Account, it shallfrom its own funds or from amounts on deposit in the Distribution Account that are held for future distribution, on or before not later than the Servicer Advance Date, either (i) deposit into Distribution Account Deposit Date immediately preceding the Certificate Account related Distribution Date an amount equal to such delinquency, net of the Advance or (ii) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the Certificate Account that any Amount Held for Future Distribution has been used by extent the Master Servicer in discharge of its obligation to make determines any such Advanceadvance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Loan for which such Advance was made. Any funds amounts held for future distribution and so applied used shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Certificate Distribution Account no later than on or before any future Distribution Account Deposit Date to the close of business on extent that the next Servicer Advance Date. The Servicer shall be entitled Available Distribution Amount for the related Distribution Date (determined without regard to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later the Distribution Account Deposit Date) shall be less than the second Business Day before total amount that would be distributed to the Classes of Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. 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 applicable, on the Distribution Account Deposit Date.
(b) If , the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof present an Officer's Certificate to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), i) stating that the Master Servicer elects not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes make an Advance hereunder and is not in a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an stated amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2), Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Advances. (a) The Servicer shall determine In the event that all or any portion of a Monthly Debt Service Payment Amount (or an Assumed Monthly Interest Payment, as applicable) representing interest due or deemed due on the Trust Loan (including, without limitation, all or before each Servicer Advance Date whether it is required to make any portion thereof that constitutes an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (iREO Trust Loan) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that during any Amount Held for Future Distribution calendar month has not been used received by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Determination Date in such calendar month, then the Servicer, subject to its determination that such amounts (together with interest thereon at the Advance Interest Rate compounded annually) are not Nonrecoverable Advances (and the Special Servicer has not determined that such Advance Datewould be a Nonrecoverable Advance), shall on the Remittance Date in such calendar month make an advance for remittance to the Certificate Administrator for deposit into the Distribution Account, in an amount equal to all or such portion of such Monthly Debt Service Payment Amount (or Assumed Monthly Interest Payment, as applicable) (in each case other than the principal portion of the Balloon Payment and net of the Servicing Fee which shall not be paid to the Servicer until funds are available in the Collection Account for payment of such fee) due or deemed due on the Trust Loan that was delinquent as of the close of business on the Determination Date in such calendar month; provided, that neither the Servicer nor any other party shall be entitled to interest accrued on the amount of any Monthly Interest Payment Advance with respect to the Trust Loan if the related Monthly Debt Service Payment Amount (or, if applicable, the Assumed Monthly Interest Payment) in respect of the Trust Loan is received by the Servicer or the Certificate Administrator, as applicable, by 2:00 p.m. (New York time) on the Remittance Date on which the Monthly Interest Payment Advance is to be made. The Servicer shall be entitled advance in respect of each Payment Date (or Assumed Payment Date) following a delinquency in the payment of the Balloon Payment of the Trust Loan or foreclosure (or acceptance of a deed-in-lieu of foreclosure or comparable conversion) of the Trust Loan not later than the related Remittance Date, to be reimbursed from the Certificate Account Administrator for all Advances deposit in the Distribution Account, the amount of its own funds any Assumed Monthly Interest Payment deemed due with respect to the Trust Loan on such Payment Date (or Assumed Payment Date) (excluding the principal portion of the Balloon Payment and Default Interest). For the avoidance of doubt, in the event that the amount of interest on the Trust Loan is reduced as a result of any modification to the Trust Loan, any Monthly Interest Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required as a result of such reduction. The Servicer shall maintain a record of each Monthly Interest Payment Advance it has made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage 3.23(a) on the Trust Loan and shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and notify the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described Certificate Administrator thereof in the second sentence of Section 4.01(a), it shall use its best efforts appropriate CREFC® Reports in order to give written notice permit allocation thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date3.4 and Section 3.5. In the event that the Servicer does not reimburse remit any amounts required to be remitted to the Trustee Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Interest Payment Advance) to the Certificate Administrator for deposit in accordance with the requirements Distribution Account on the Remittance Date, the Servicer shall pay to the Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, if earlier, the actual remittance date. The Servicer shall have no obligation to make any Monthly Interest Payment Advance for any Companion Loan. At any time that an Appraisal Reduction Amount exists, the amount that would otherwise be required to be advanced by the Servicer in respect of delinquent payments of interest on the Trust Loan shall be reduced by multiplying such amount to be advanced by a fraction, the numerator of which is the then outstanding principal balance of the preceding sentenceTrust Loan minus the portion of the Appraisal Reduction Amount allocable to the Trust Loan, and the denominator of which is the then outstanding principal balance of the Trust Loan. The Certificate Administrator shall notify the Servicer and (if the Certificate Administrator is not acting as the Back-Up Advancing Agent) the Back-Up Advancing Agent by telephone and electronically if, as of 3:00 p.m., New York City time, on the Remittance Date, the Trustee Certificate Administrator has not received the amount of a Monthly Interest Payment Advance required pursuant to this Section 3.23(a). In addition, the Certificate Administrator shall immediately notify (if the Certificate Administrator is not acting as the Back-Up Advancing Agent) the Back-Up Advancing Agent by telephone and electronically if, as of 11:00 a.m., New York City time, on any Distribution Date, the Servicer has not made the Monthly Interest Payment Advance required to have been made on the related Remittance Date pursuant to this Section 3.23(a). Notwithstanding the foregoing provisions of this Section 3.23(a) or any other contrary provisions of this Agreement: (a) terminate all any portion of a Monthly Interest Payment Advance intended to cover the rights and obligations of CREFC® Licensing Fee shall be advanced directly to CREFC® on the Servicer under this Agreement in accordance with Section 7.01 applicable Remittance Date; and (b) subject any portion of a Monthly Interest Payment Advance intended to cover the Trustee/Certificate Administrator Fee (including the portion thereof that is the Trustee Fee) or the Operating Advisor Fee shall be advanced directly to the limitations set forth in Section 3.05, assume all Certificate Administrator (who shall pay the Trustee the portion of the rights Trustee/Certificate Administrator Fee that represents the Trustee Fee pursuant to Section 8.5 hereof) and obligations of the Operating Advisor, respectively. If the Servicer hereunder.
(c) The Servicer shall, and the Back-Up Advancing Agent do not later than the close of business on the Business Day immediately preceding each Servicer make a Property Protection Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to because it would be a Nonrecoverable Advance, then the Servicer may, but is not required to, pay such amounts from the Collection Account as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not pay such amounts, the Special Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection Advance or to perform the action requiring such Property Protection Advance.
Appears in 5 contracts
Sources: Trust and Servicing Agreement (BMO 2025-5c12 Mortgage Trust), Trust and Servicing Agreement (Benchmark 2025-V17 Mortgage Trust), Trust and Servicing Agreement (BBCMS Mortgage Trust 2025-5c37)
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Remittance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the Servicer Remittance Date prior to any Distribution Date funds in the Collection Account are less than the amount required to be paid to the Certificateholders on such Distribution Date, then the Servicer shall deposit its own funds into the Payment Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer's own corporate funds or any subservicer's funds. If applicable, on the Servicer Remittance Date preceding each Distribution Date, the Servicer shall present an Officer's Certificate to the Certificate Administrator, and the Trustee (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (Residential Asset Funding Corp), Pooling and Servicing Agreement (Residential Asset Funding Corp), Pooling and Servicing Agreement (Novastar Mortgage Funding Trust Series 2001-1)
Advances. (a) Subject to the conditions of this Article IV, the Servicer, as required below, shall make an Advance and deposit such Advance in the Collection Account. Each such Advance shall be remitted to the Collection Account no later than 1:00 p.m. New York City time on the Servicer Advance Date in immediately available funds. The Servicer shall determine on or before each Servicer Advance Date whether it is required be obligated to make an any such Advance pursuant only to the definition thereofextent that such advance would not be a Non-Recoverable Advance. If the Servicer determines shall have determined that it is required to make an has made a Non-Recoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Non-Recoverable Advance, it shall, on or before the Servicer Advance Date, either shall deliver (i) deposit into the Certificate Account an amount equal to the Advance or Trustee for the benefit of the Certificateholders funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, the NIM Insurer, each Rating Agency and the Trustee an Officer's Certificate setting forth the basis for such determination. The Servicer may, in its sole discretion, make an Advance with respect to the principal portion of the final Scheduled Payment on a Balloon Loan, but the Servicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect the Servicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the Servicer shall Advance (unless it determines in its good faith judgment that such amounts would constitute a Non Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is reduced to zero. In lieu of making all or a portion of such Advance from its own funds, the Servicer may (i) cause to be made an appropriate entry in its records relating to the Certificate Collection Account that any Amount Held amount held for Future Distribution future distribution has been used by the Servicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Collection Account to the Certificate Account. In addition, the Servicer shall have the right to reimburse itself for any such Advance from amounts held from time to time in the Collection Account to the extent such amounts are not then required to be distributed. Any funds so applied and transferred pursuant to the previous two sentences shall be replaced by the Servicer by deposit in the Certificate Collection Account no later than the close of business on the next Servicer Advance DateDate on which such funds are required to be distributed pursuant to this Agreement. The Servicer shall be entitled to be reimbursed from the Certificate Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until such Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or otherwise terminated and until the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
purchase or repurchase thereof (bor substitution therefor) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder4.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Series 2005-Bc1)
Advances. (a) The Prior to the Lead Note A Securitization Date, if the Lead Note A Holder (or the Servicer shall determine on or before each Servicer Advance Date whether it is required its behalf) elects, in its reasonable good faith discretion and in accordance with the Servicing Standard, to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an a Note A Holder Advance, it shallthe Lead Note A Holder shall notify the Note B Holders promptly, which notice shall set forth the amount of the additional funds required, the date such funds are required and a summary of the need for such advance. The Directing Note B Holder shall have the right to advance on or before the Servicer date specified in the related notice its pro rata share of any such that relates to Note B, determined based upon the Aggregate Note B Percentage Interest. If the Directing Note B Holder fails or refuses to advance the foregoing share of such Note A Holder Advance, the Lead Note A Holder shall have the right to advance the portion of the Note A Holder Advance Datenot advanced by the Directing Note B Holder. Repayment of any and all such Advances made by any Note A Holder and/or Note B Holder together with interest thereon at the Advance Rate, either (i) deposit into the Certificate Account an amount equal if applicable, shall be paid to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 Holders as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated 3 and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution DateSection 4 hereof.
(b) If The parties acknowledge that from and after the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Lead Note A Securitization Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoingMaster Servicer, the Special Servicer and/or the Trustee may make (and in certain circumstances, shall not be required to make make) Advances under the Lead Note A PSA, in which case interest may accrue on such deposit if Advances at the Trustee shall have received written notification from Advance Rate. The right of the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Master Servicer, the Special Servicer shall reimburse and the Trustee to reimbursement for such Advances and interest accrued thereon is prior to the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements rights of the preceding sentence, Holders to receive any distributions or amounts recovered with respect to the Trustee shall immediately (a) terminate all of Mortgage Loan or the rights and obligations of Mortgaged Property to the Servicer under extent provided in this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunderLead Note A PSA.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) Prior to the Mortgage Loans Lead Note A Securitization Date, no monthly debt service payment Advances shall be made with respect to which the Servicer has determined that the related Scheduled Payments should be advanced Note A or Note B, and (ii) from and after the amount Lead Note A Securitization Date, no monthly debt service payment Advance shall be made with respect to Note B.
(d) Notwithstanding any other provisions contained herein or in the Servicing Agreement to the contrary, no Note B Holder shall be required to reimburse the Note A Holders or any other Person for a payment of any REMIC or grantor trust taxes or Advances therefor or interest accrued thereon at the related Scheduled Payments. The Servicer Advance Rate or for deficits in other items of disbursement or income resulting from the use of funds for payment of REMIC or grantor trust taxes (other than such Holder’s pro rata share (based on its Percentage Interest) of taxes imposed in connection with the grantor trust created pursuant to this Agreement)), nor shall deliver any disbursement or payment otherwise distributable to any Note B Holder be reduced to offset or make up any such payment or deficit or any fees payable to the Trustee on or the related Servicer Advance Date an Officer's Certificate of a Administrator under the Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvanceAgreement.
Appears in 5 contracts
Sources: Intercreditor Agreement (UBS Commercial Mortgage Trust 2019-C18), Intercreditor Agreement (Bank 2019-Bnk24), Intercreditor Agreement (CSAIL 2019-C18 Commercial Mortgage Trust)
Advances. On the terms and conditions hereinafter set forth, the Borrower may at its option, by delivery of a Notice of Borrowing to the Administrative Agent and each Lender Agent, from time to time on any Business Day from the Closing Date until the end of the Revolving Period, request that the Lenders make Advances to it in an amount which after giving effect to such Advances, would not cause the aggregate Advances Outstanding to exceed the Maximum Availability on such date; provided, that no more than one Same-Day Advance and no more than one Foreign Currency Advance may be made in any one calendar week and no more than three Advances may be made in any one calendar week; provided, further that such Advance shall not result in a Foreign Currency Excess Exposure; provided, further that during any CQT Non-Qualification Period and with respect to an Advance proposed to be funded in connection with the addition of a Loan Asset to the Collateral Portfolio (awhether by sale or contribution), such Advance results in Collateral Quality Improvement, and provided, further that the Borrower shall not deliver a Notice of Borrowing and the Lenders shall have no obligation to fund Advances during any Suspension Period. Such Advances shall be used for the purpose of purchasing Eligible Loan Assets; provided, if such Eligible Loan Asset is a Foreign Currency Loan Asset, either (x) The Servicer such Foreign Currency Loan Asset shall determine on be subject to a Hedging Agreement, or before (y) such Advance shall be a Foreign Currency Advance in the related Foreign Currency. Upon receipt of such Notice of Borrowing, the Lender Agent for each Servicer Lender Group containing one or more Conduit Lenders shall notify the Conduit Lenders in its Lender Group of the requested Advance, and such Conduit Lenders may, in their sole discretion, agree or decline to make the Advance. If any Conduit Lender declines to make all or any part of a proposed Advance, the Lender Agent for such Conduit Lender shall so notify the Liquidity Banks in its Lender Group and the applicable portion of the Advance Date whether it is shall be made by such Liquidity Banks in accordance with their ratable shares of the Group Advance Limit for their Lender Group. Under no circumstances shall any Conduit Lender make any Advance or shall any Liquidity Bank or any Institutional Lender be required to make an any Advance pursuant if after giving effect to such Advance and the addition to the definition thereof. If Collateral Portfolio of the Servicer determines it is required to make an Eligible Loan Assets being acquired by the Borrower using the proceeds of such Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance Event of Default has occurred and is continuing or would result therefrom or an Unmatured Event of Default exists or would result therefrom or (ii) make an appropriate entry the aggregate Advances Outstanding would exceed the Maximum Draw Amount. Notwithstanding anything contained in its records relating this Section 2.01 or elsewhere in this Agreement to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation contrary, (A) no Liquidity Bank shall be obligated to make any Advance in an amount that would, after giving effect to such Advance. Any funds so applied , exceed such Liquidity Bank’s Commitment less the sum of (x) the aggregate outstanding amount of any Advances funded by such Liquidity Bank under such Liquidity Bank’s Liquidity Agreement plus (y) such Liquidity Bank’s ratable share of the aggregate outstanding Advances made by the Conduit Lenders in such Liquidity Bank’s Lender Group (whether or not any portion thereof has been assigned under a Liquidity Agreement), (B) no Institutional Lender shall be replaced obligated to make any Advance in an amount that would, after giving effect to such Advance, exceed such Institutional Lender’s Commitment less the aggregate outstanding amount of any Advances funded by the Servicer by deposit such Institutional Lender, (C) no Conduit Lender shall make any Advance in an amount that would, after giving effect to such Advance, result in the Certificate Account aggregate Advances then funded by all of the Conduit Lenders in a Lender Group exceeding the Group Advance Limit for such Lender Group then in effect and (D) no later than the close of business on the next Servicer Conduit Lender shall make any Advance Date. The Servicer and no Liquidity Bank or Institutional Lender shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation required to make Advances with respect any Advance if after giving effect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and Advance, the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the aggregate amount of Advances Outstanding would exceed the Maximum Availability. Each Advance to be made on each Servicer Advance Date no later than hereunder shall be made ratably among the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee Lender Groups in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereundertheir Group Advance Limits.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 4 contracts
Sources: Loan and Servicing Agreement (SLR Investment Corp.), Loan and Servicing Agreement (SLR Investment Corp.), Ninth Amendment to the Loan and Servicing Agreement (SLR Senior Investment Corp.)
Advances. (a) The Servicer shall determine on or before by each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereofof Advance. If the Servicer determines it is required to make an Advance, it shall, on or before by the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such the Advance. Any The Servicer shall replace any funds so applied shall be replaced by the Servicer by making a deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 4.01, as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such the Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice notice, an "“Advance Notice"”; and such notice may be given by telecopy), not later than 3:00 P.M.p.m., (New York time), on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount amount, an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes the amount of an Advance hereunder and is that such Advance would not be a Nonrecoverable Advance. If the Trustee receives a Trustee an Advance Notice on or before 3:00 P.M.p.m., (New York time time) on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M.p.m., (New York time), on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. p.m. (New York time time) on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any such Advance Deficiency (including interest at the Prime Rate published in The Wall Street Journal on the day of such reimbursement published in The Wall Street Journal) on such amount), made by the Trustee pursuant to this Section 4.01(b) ), not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. Notwithstanding anything herein to the contrary, no Advance or Servicing Advance shall be required to be made hereunder by the Servicer if such Advance or Servicing Advance would, if made, constitute a Nonrecoverable Advance or Nonrecoverable Servicing Advance. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance or Servicing Advance determined by the Servicer to be a Nonrecoverable Advance or Nonrecoverable Servicing Advance, as applicable.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series Inabs 2007-B), Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset Backed Trust, Series INABS 2007-A), Pooling and Servicing Agreement (IndyMac MBS Home Equity Mortgage Loan Asset Backed Trust, Series INABS 2006-D)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it the Master Servicer shall use its best efforts to give written notice thereof to the Trustee (each such notice an "a “Trustee Advance Notice"”; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will not be unable to deposit deposited by the Master Servicer (each such amount an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall have the right, but not the obligation, to immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Al1), Pooling and Servicing Agreement (CHL Mortgage Pass-Through Trust 2007-Hy1), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oa9)
Advances. (a) The As of last day of a Collection Period, if the payments during such Collection Period by or on behalf of the Obligor on or in respect of a Precomputed Receivable (other than an Administrative Receivable or a Warranty Receivable) after application under Section 4.03(a) shall be less than the Scheduled Payment (determined as of the Closing Date), whether as a result of any modification or extension granted to the Obligor or otherwise, then the Deferred Prepayment, if any, with respect to such Precomputed Receivable shall be applied by the Servicer to the extent of the shortfall, and such Deferred Prepayment shall be reduced accordingly. Subject to the provisions of the last sentence of this paragraph, the Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or such shortfall (iieach, a "Precomputed Advance") make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Collection Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Distribution Date. In addition, specifying as of last day of a Collection Period, if the payments during such Collection Period by or on behalf of the Obligor on or in respect of a Simple Interest Receivable (other than an Administrative Receivable or a Warranty Receivable) after application under Section 4.03(a) shall be less than the Scheduled Payment (determined as of the Closing Date), whether as a result of any modification or extension granted to the Obligor or otherwise, then an amount equal to the product of the Principal Balance of such Receivable as of the first day of the related Collection Period and one-twelfth of its Annual Percentage Rate minus the amount of interest actually received on such Receivable during the Collection Period (each, a "Simple Interest Advance") shall be deposited by the Servicer into the Collection Account on the Business Day immediately preceding the related Distribution Date. If such a calculation in respect of a Simple Interest Receivable results in a negative number, an amount equal to such negative amount shall be paid to the Servicer in reimbursement of any Outstanding Advances in respect of Simple Interest Receivables. In addition, in the event that it a Simple Interest Receivable becomes a Liquidated Receivable, the amount of accrued and unpaid interest thereon (but not including interest for the current Collection Period) shall, up to the amount of Outstanding Advances in respect of Simple Interest Receivables in respect thereof, be withdrawn from the Collection Account and paid to the Servicer in reimbursement of such Outstanding Advances. No Advances will be unable made with respect to deposit the Principal Balance of Simple Interest Receivables. The Servicer shall not be required to make an Advance (each such amount other than a Simple Interest Advance in respect of an "Advance Deficiency"interest shortfall arising from the Prepayment of a Simple Interest Receivable) and certifying to the extent that the Servicer, in its sole discretion, shall determine that such Advance Deficiency constitutes is unlikely to be recovered from subsequent payments made by or on behalf of the related Obligor, Liquidation Proceeds, by the Administrative Purchase Payment or by the Warranty Purchase Payment with respect to such Receivable or otherwise.
(b) The Servicer shall be entitled to reimbursement for Outstanding Advances, without interest, with respect to a Receivable from the following sources with respect to such Receivable: (i) subsequent payments made by or on behalf of the related Obligor, (ii) Liquidation Proceeds, (iii) the Administrative Purchase Payment, and (iv) the Warranty Purchase Payment; provided, however, that in the case of Advances made pursuant to Section 3.02, the Servicer shall be entitled to reimbursement only from amounts received in respect of such Receivable that are in excess of the amount of the Scheduled Payment in the related Collection Period.
(c) To the extent that during any Collection Period any funds described above in Section 4.04(b) with respect to a Receivable as to which the Servicer previously has made an unreimbursed Advance hereunder are received by the Trustee or the Servicer, and is not the Servicer determines that any Outstanding Advances with respect to such Receivable are unlikely to be recovered from payments made on or with respect to such Receivable (each, a "Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M."), New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York timethen, on the related Distribution Date, deposit in upon the Distribution Account Servicer providing the Seller and the Trustee with an Officer's Certificate setting forth the basis for its determination of any such amount, the Trustee shall promptly remit to the Servicer (i) from Available Interest an amount equal to the portion of such Nonrecoverable Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited allocable to interest and (ii) from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Available Principal an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day portion of such reimbursement published Nonrecoverable Advance allocable to principal, in The Wall Street Journal) on such amounteach case without interest, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all 4.06(c)(i). In lieu of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to causing the Trustee a report (to remit any such amounts or the amounts described in form and substance reasonably satisfactory to the Trustee) that indicates clauses (i) the Mortgage Loans with respect to which through (iv) in Section 4.04(b), the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer may deduct such amounts from deposits otherwise to be a Nonrecoverable Advancemade into the Collection Account.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Toyota Motor Credit Corp), Pooling and Servicing Agreement (Toyota Motor Credit Corp), Pooling and Servicing Agreement (Toyota Motor Credit Corp)
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Remittance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the Servicer Remittance Date prior to any Distribution Date funds in the Collection Account are less than the amount required to be paid to the Certificateholders on such Distribution Date, then the Servicer shall deposit its own funds into the Distribution Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer's own corporate funds or any subservicer's funds. If applicable, on the Servicer Remittance Date preceding each Distribution Date, the Servicer shall present an Officer's Certificate to the Trustee (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Home Eq Ln as Bk Ce Se 03 2), Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Home Eq Ln as Bk Ce Se 03 1), Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Home Equity Loan Ser 2003-4)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge As of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next last day of each Collection Period, if the payments by or on behalf of an Obligor on a Precomputed Receivable (other than a Purchased Receivable) shall be less than the Scheduled Payment, the Payahead Balance, if any, with respect to such Precomputed Receivable shall be applied by the Servicer to the extent of the shortfall and such Payahead Balance shall be reduced accordingly. Next, the Servicer shall advance any remaining shortfall (such amount a "Precomputed Advance"), to the extent that the Servicer, at its sole discretion, shall determine that such Precomputed Advance Dateshall be recoverable from the Obligor, the Purchase Amount or Liquidation Proceeds with respect to such Receivable or proceeds of any other Precomputed Receivables. The Each such Precomputed Advance shall increase the aggregate amount of Outstanding Precomputed Advances. Outstanding Precomputed Advances shall be reduced by subsequent payments by or on behalf of the Obligor, collections of Liquidation Proceeds in respect of Precomputed Receivables or payments of the Purchase Amount in respect of Precomputed Receivables. If the Servicer shall determine that an Outstanding Precomputed Advance with respect to any Precomputed Receivable shall not be recoverable as aforesaid, the Servicer shall be entitled to be reimbursed from any collections made on other Precomputed Receivables in the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Trust, and Outstanding Precomputed Advances with respect to any Mortgage Loan such Precomputed Receivable shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Datereduced accordingly.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than At the close of business on the Business Day immediately preceding last day of each Collection Period, the Servicer Advance Date, deliver shall advance an amount equal to the Trustee amount of interest due on the Simple Interest Receivables at their respective APR's for the related Collection Period (assuming the Simple Interest Receivables pay on their respective due dates) minus the amount of interest actually received on the Simple Interest Receivables during the related Collection Period (such amount, a report ("Simple Interest Advance"). Each such Simple Interest Advance shall increase the aggregate amount of Outstanding Simple Interest Advances. If such calculation results in form and substance reasonably satisfactory a negative number, an amount equal to such negative number shall be paid to the Trustee) Servicer and the amount of Outstanding Simple Interest Advances shall be reduced by such amount. In addition, in the event that indicates (i) the Mortgage Loans a Simple Interest Receivable becomes a Liquidated Receivable, Liquidation Proceeds with respect to which such Simple Interest Receivable attributable to accrued and unpaid interest thereon (but not including interest for the then current Collection Period) shall be paid to the Servicer has determined that to reduce Outstanding Simple Interest Advances, but only to the related Scheduled Payments should be advanced and (ii) the amount extent of the related Scheduled Paymentsany current Outstanding Simple Interest Advances. The Servicer shall deliver not make any advance with respect to the Trustee on the related Servicer Advance Date an Officer's Certificate principal of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvanceSimple Interest Receivable.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Gs Mortgage Securities Corp), Pooling and Servicing Agreement (Goldman Sachs Asset Backed Securities Corp), Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
Advances. (a) The In the event that a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than the Balloon Payment) or any portion of a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than any Balloon Payment) on the Trust Loan has not been received by the Servicer by the close of the Business Day immediately prior to the Remittance Date, the Servicer, subject to its determination that such amounts are not Nonrecoverable Advances, shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant advance on such Remittance Date to the definition thereof. If the Servicer determines it is required to make an AdvanceDistribution Account, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account in an amount equal to the Advance Monthly Payment (or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make Assumed Monthly Payment, as applicable), or any such Advance. Any funds so applied shall be replaced by portion of the Servicer by deposit in the Certificate Account no later than Monthly Payment (or an Assumed Monthly Payment, as applicable) on such Trust Loan that was delinquent as of the close of business on the next Business Day immediately prior to such Remittance Date, in each case, net of the Servicing Fee (which will not be paid to the Servicer Advance Date. The until the funds in the Collection Account are available for payment of such fee); provided that neither the Servicer nor any other party shall be entitled to be reimbursed from interest accrued on the Certificate Account for all Advances amount of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances any Monthly Payment Advance with respect to any Mortgage the Trust Loan shall continue if such Mortgage Loan has been foreclosed the related Monthly Payment (or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee an Assumed Monthly Payment, as applicable) in respect of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If Trust Loan is received by the Servicer determines that it will be unable to comply with its obligation to make or the Advances Certificate Administrator, as and when described in the second sentence of Section 4.01(a)applicable, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M.2:00 p.m., New York time, on such Remittance Date. For the Business Day immediately preceding avoidance of doubt, in the related Servicer Advance Date, specifying event that the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, of interest on the related Distribution Date, deposit in the Distribution Account an amount equal Trust Loan is reduced as a result of any modification to the Trust Loan, any future Monthly Payment Advance Deficiency identified made with respect to such modified Trust Loan shall be in such Trustee Advance Notice unless it is prohibited from so doing by applicable lawamounts as may be required as a result of such reduction. Notwithstanding the foregoing, the Trustee The Servicer shall not be required to, and shall not, make any advance of principal or interest with respect to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time any delinquent payment on the related Distribution DateCompanion Loans. If the Trustee has not terminated the Servicer, the The Servicer shall reimburse the Trustee for the amount maintain a record of any each Monthly Payment Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, it has made by the Trustee pursuant to this Section 4.01(b3.23(a) not later than on the second day following Trust Loan and the amount allocated to the related Servicer Advance DateComponent on a Component-by-Component basis and shall notify the Certificate Administrator thereof in the appropriate CREFC® Reports in order to permit allocation thereof pursuant to Sections 3.4 and 3.5. In the event that the Servicer does not reimburse remit any amounts required to be remitted to the Trustee Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Payment Advance) to the Certificate Administrator for deposit in the Distribution Account on the Remittance Date, the Servicer shall pay to the Certificate Administrator interest on such amounts at the Federal Funds Rate for the period from and including the Remittance Date to but excluding the Distribution Date or, if earlier, the actual remittance date. Notwithstanding anything herein to the contrary, if a Monthly Payment Advance is made with respect to the Trust Loan pursuant to the terms hereof, then that Monthly Payment Advance, together with interest thereon, shall be reimbursed (with respect to both the related A Notes and the B Notes), pro rata and pari passu with any monthly interest advances on any Companion Loan, pursuant to the terms of and in accordance with the requirements Co-Lender Agreement. For the avoidance of doubt, the Servicer shall make Monthly Payment Advances on the basis of the preceding sentenceoriginal terms of the Trust Loan, including if the Trustee shall immediately Trust Loan is subject to a forbearance agreement or other temporary deferral or payment accommodation, unless (a) terminate all the terms of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and Trust Loan have been permanently modified to reduce or forgive a monetary obligation or (b) subject such advance has been determined to be non-recoverable. At any time that an Appraisal Reduction Amount exists, the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver amount that would otherwise be required to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer in respect of delinquent payments of principal and interest on the Trust Loan shall be reduced by multiplying such amount by a fraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the applicable Appraisal Reduction Amount (or portion thereof allocable to be a Nonrecoverable Advancethe Trust Loan pursuant to the Co-Lender Agreement) and the denominator of which is the then outstanding principal balance of the Trust Loan.
Appears in 4 contracts
Sources: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2025-5c5), Trust and Servicing Agreement (BMO 2025-5c11 Mortgage Trust), Trust and Servicing Agreement (Benchmark 2025-V15 Mortgage Trust)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution for the applicable Loan Group has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "a “Trustee Advance Notice"”; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall have the right, but not the obligation, to immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2007-4cb), Pooling and Servicing Agreement (Cwalt Inc), Pooling and Servicing Agreement (Alternative Loan Trust 2007-J1)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it the Master Servicer shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will not be unable to deposit deposited by the Master Servicer (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Advances. (a) The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make an a Monthly Advance pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer, as successor to such Servicer determines it is required or any of the successor servicer appointed pursuant to make an Advancethis Agreement, it shallshall deposit in the Distribution Account, from its own funds or from amounts on or before deposit in the Servicer Advance DateDistribution Account that are held for future distribution, either (i) deposit into not later than the Certificate Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such delinquency, net of the Advance or (ii) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the Certificate Account that any Amount Held for Future Distribution has been used by extent the Master Servicer in discharge of its obligation to make determines any such Advance to be a Nonrecoverable Advance. Any funds amounts held for future distribution and so applied used shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Certificate Distribution Account no later on or before any future Distribution Account Deposit Date to the extent that the Available Distribution Amount for the related Distribution Date (determined without regard to Advances to be made on the Distribution Account Deposit Date) shall be less than the close total amount that would be distributed to the Classes of business Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the next Servicer Advance Date. The foregoing, the Master Servicer shall be entitled continue to make such Advances through the date that the related Servicer is required to do so under its Servicing Agreement. In the event the Master Servicer elects not to make an Advance because the Master Servicer deems such Advance to be reimbursed from the Certificate Account for all Advances of its own funds made a Nonrecoverable Advance pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and 4.4, on the Mortgaged Property has not been liquidated. The Distribution Account Deposit Date, the Master Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof present an Officer’s Certificate to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy)the NIMS Insurer, not later than 3:00 P.M.if any, New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined stating that the related Scheduled Payments should be advanced Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa4 /DE), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa3 /DE), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa3 /DE)
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Remittance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the Servicer Remittance Date prior to any Distribution Date funds in the Collection Account are less than the amount required to be paid to the Noteholders on such Distribution Date, then the Servicer shall deposit its own funds into the Distribution Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer’s own corporate funds or any subservicer’s funds. If applicable, on the Servicer Remittance Date preceding each Distribution Date, the Servicer shall present an Officers’ Note to the Indenture Trustee (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 4 contracts
Sources: Sale and Servicing Agreement (NovaStar Certificates Financing CORP), Sale and Servicing Agreement (NovaStar Certificates Financing LLC), Sale and Servicing Agreement (NovaStar Certificates Financing LLC)
Advances. (a) The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make an Advance advance of the delinquent amount pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer determines it is required to make an Advanceshall deposit in the Distribution Account, it shallfrom its own funds or from amounts on deposit in the Distribution Account that are held for future distribution, on or before not later than the Servicer Advance Date, either (i) deposit into Distribution Account Deposit Date immediately preceding the Certificate Account related Distribution Date an amount equal to such delinquency, net of the Advance or (ii) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the Certificate Account that any Amount Held for Future Distribution has been used by extent the Master Servicer in discharge of its obligation to make determines any such Advanceadvance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds, or future payments on the Loan for which such Advance was made. Any funds amounts held for future distribution and so applied used shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Certificate Distribution Account no later on or before any future Distribution Account Deposit Date to the extent that related Available Distribution Amount (determined without regard to Advances to be made on the related Distribution Account Deposit Date) shall be less than the close total amount that would be distributed to the related Classes of business Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the next Servicer Advance Date. The foregoing, the Master Servicer shall be entitled continue to be reimbursed from make such Advances through the Certificate Account for all Advances of date that the related Servicer is required to do so under its own funds made Servicing Agreement. In the event the Master Servicer elects not to make an Advance because the Master Servicer deems such Advance nonrecoverable pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made 4.7 on each Servicer Advance Date no later than the second Business Day before the related Distribution Account Deposit Date.
(b) If , the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof present an Officer’s Certificate to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), i) stating that the Master Servicer elects not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes make an Advance hereunder and is not in a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an stated amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-4), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-3), Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-Ar1)
Advances. (a) The If any Monthly Payment on a Mortgage Loan that was due on the immediately preceding Due Date or due during the related Collection Period and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer will deposit in the Collection Account not later than the third Business Day immediately preceding the related Payment Date an amount equal to such Monthly Payment net of the related Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. Subject to the foregoing and in the absence of such a determination, the Master Servicer shall determine on or before continue to make such advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. No later than the fourth Business Day preceding each Payment Date, the Master Servicer Advance Date whether it is required shall present an Officer’s Certificate to the Indenture Trustee and the Bond Insurer with respect to the Mortgage Loans, (i) stating that the Master Servicer elects not to make an Advance pursuant in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Master Servicer will include in the definition thereof. If the Servicer determines Remittance Report a list of each Mortgage Loan for which it is required to does not make an Advance, it shall, Advance in accordance with this Section. Such Advances may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so used shall be replaced by the Master Servicer from its own funds by deposit in the Collection Account on or before the fourth Business Day preceding any Payment Date to the extent that funds in the Collection Account with respect to such Payment Date shall be less than payments to Securityholders required to be made on such date. In the event that the Master Servicer Advance determines that, with respect to any Payment Date, either (i) it will be unable to deposit into in the Certificate Collection Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating required to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no made not later than the close of business on third Business Day immediately preceding the next related Payment Date in the amount determined by the Master Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a)4.04, it shall use its best efforts to give written notice thereof to the Indenture Trustee of its inability to Advance (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M.4:00 PM, New York time, on the third Business Day immediately preceding the related Servicer Advance Payment Date, specifying the portion of such amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advancedeposit. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not Not later than 3:00 P.M.12:00 PM, New York time, on the related Distribution Payment Date, deposit in unless by such time the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee Master Servicer shall have received written notification from the Servicer that the Servicer has deposited directly or caused to be indirectly deposited in the Certificate Payment Account an the entire amount equal of the Advances required to such Advance Deficiency by 3:00 P.M. New York time on be made for the related Distribution Payment Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence4.04, the Indenture Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Servicing Agreement in accordance with Section 7.01 6.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Servicer shall, not later than including the close of business on obligation to deposit in the Business Day immediately preceding each Servicer Advance Date, deliver Payment Account an amount equal to the Trustee a report (in form and substance reasonably satisfactory to Advance for the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvancePayment Date.
Appears in 4 contracts
Sources: Servicing Agreement (IMPAC CMB Trust Series 2005-5), Servicing Agreement (IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2005-6), Servicing Agreement (Imh Assets Corp., Collateralized Asset-Backed Bonds, Series 2005-7)
Advances. (a) The Servicer In the event that a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than the Balloon Payment) or any portion of a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than any Balloon Payment) on the Trust Loan has not been received by the close of the Business Day immediately prior to the Remittance Date, the Servicer, subject to its determination that such amounts are not Nonrecoverable Advances, shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant advance on such Remittance Date to the definition thereof. If the Servicer determines it is required to make an AdvanceDistribution Account, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account in an amount equal to the Advance Monthly Payment (or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make Assumed Monthly Payment, as applicable), or any such Advance. Any funds so applied shall be replaced by portion of the Servicer by deposit in Monthly Payment (or an Assumed Monthly Payment, as applicable) on the Certificate Account no later than Trust Loan that was delinquent as of the close of business on the next Business Day immediately prior to such Remittance Date, in each case, net of the Servicing Fee (which will not be paid to the Servicer Advance Date. The until the funds in the Collection Account are available for payment of such fee); provided that neither the Servicer nor any other party shall be entitled to be reimbursed from interest accrued on the Certificate Account for all Advances amount of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances any Monthly Payment Advance with respect to any Mortgage the Trust Loan shall continue if such Mortgage Loan has been foreclosed the related Monthly Payment (or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee an Assumed Monthly Payment, as applicable) in respect of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If Trust Loan is received by the Servicer determines that it will be unable to comply with its obligation to make or the Advances Certificate Administrator, as and when described in the second sentence of Section 4.01(a)applicable, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M.2:00 p.m., New York time, on such Remittance Date. For the Business Day immediately preceding the related Servicer Advance Dateavoidance of doubt, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer event that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day Trust Loan is reduced as a result of any modification to the Trust Loan, any future Monthly Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required as a result of such reimbursement published in reduction. The Wall Street Journal) on such amount, Servicer shall maintain a record of each Monthly Payment Advance it has made by the Trustee pursuant to this Section 4.01(b3.23(a) not later than on the second day following Trust Loan and the amount allocated to the related Servicer Advance DateNote on a Note-by-Note Basis and shall notify the Certificate Administrator thereof in the appropriate CREFC® Reports in order to permit allocation thereof pursuant to Sections 3.4 and 3.5. In the event that the Servicer does not reimburse remit any amounts required to be remitted to the Trustee Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Payment Advance) to the Certificate Administrator for deposit in accordance with the requirements of Distribution Account on the preceding sentenceRemittance Date, the Trustee Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject pay to the limitations set forth in Section 3.05Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, assume all of if earlier, the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver actual remittance date. Notwithstanding anything herein to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans contrary, Monthly Payment Advances with respect to which the Servicer has determined Trust Loan shall be reimbursed solely out of amounts allocated to the Trust Loan pursuant to the Co-Lender Agreement and will not be reimbursed out of amounts allocated to the Companion Loans, and Companion Loan Advances with respect to any Companion Loan shall be reimbursed solely out of amounts allocated to such Companion Loan pursuant to the Co-Lender Agreement and will not be reimbursed out of amounts allocated to the Trust Loan or the other Companion Loan. At any time that an Appraisal Reduction Amount exists, the related Scheduled Payments should amount that would otherwise be required to be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to in respect of delinquent payments of principal and interest on the Trust Loan shall be reduced by multiplying such amount by a Nonrecoverable Advancefraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the applicable Appraisal Reduction Amount and the denominator of which is the then outstanding principal balance of the Trust Loan.
Appears in 3 contracts
Sources: Trust and Servicing Agreement (CSAIL 2017-Cx9 Commercial Mortgage Trust), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2017-C39), Trust and Servicing Agreement (CSAIL 2016-C5 Commercial Mortgage Trust)
Advances. (a) The Company shall make an Advance with respect to any EMC Mortgage Loan and remit such Advance to the Master Servicer for deposit in the Master Servicer Collection Account no later than 1:00 p.m. Eastern time on the Remittance Date in immediately available funds. The Master Servicer shall determine on cause the related Servicer to remit any such Advance required pursuant to the terms of the related Servicing Agreement. The Company or before the related Servicer, as applicable, shall be obligated to make any such Advance only to the extent that such advance would not be a Nonrecoverable Advance. If the Company or the related Servicer shall have determined that it has made a Nonrecoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Nonrecoverable Advance, the Company or the related Servicer, as the case may be, shall deliver (i) to the Master Servicer for the benefit of the Certificateholders constituting the portion of such Advance that is not deemed nonrecoverable, if applicable, and (ii) to the Depositor, the Master Servicer, each Rating Agency and the Trustee an Officer’s Certificate setting forth the basis for such determination. Subject to the Master Servicer’s recoverability determination, in the event that a Servicer (other than the Company) fails to make a required Advance, the Master Servicer, as successor servicer, shall be required to remit the amount of such Advance Date whether it is to the Distribution Account. If the Company or the Master Servicer were required to make an Advance but failed to do so, the Trustee upon receiving notice or becoming aware of such failure, and pursuant to the definition thereofapplicable terms of this Agreement, shall appoint a successor servicer or master servicer, as applicable, who will make such Advance, or the Trustee as successor master servicer shall be required to remit the amount of such Advance to the Master Servicer Collection Account, unless the Trustee shall have determined that such Advance is a Nonrecoverable Advance. If the Trustee cannot find a successor servicer to replace the Company as Servicer determines it is the Trustee shall become the successor servicer and shall be required to make an remit the amount of such Advance to the Master Servicer Collection Account, unless the Trustee shall have determined that such Advance is a Nonrecoverable Advance. In lieu of making all or a portion of such Advance from its own funds, it shall, on or before the Servicer Advance Date, either Company may (i) deposit into the Certificate Account an amount equal cause to the Advance or (ii) make be made an appropriate entry in its records relating to the Certificate Protected Account that any Amount Amounts Held for Future Distribution has been used by the Servicer Company in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Protected Account to the Master Servicer Collection Account. Any funds so applied and transferred shall be replaced by the Servicer Company by deposit in the Certificate Account Master Servicer Collection Account, no later than the close of business on the next Servicer Advance DateRemittance Date immediately preceding the Distribution Date on which such funds are required to be distributed pursuant to this Agreement. The Servicer Company shall be entitled to be reimbursed from the Certificate Protected Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.095.02. The obligation to make Advances with respect to any EMC Mortgage Loan shall continue if until such EMC Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Dateprovided in this Section 6.01.
(b) If the Company or the related Servicer determines that it will be unable to comply with its obligation was required to make an Advance pursuant to this Agreement or the Advances related Servicing Agreement and fails to make any required Advance, in whole or in part, the Master Servicer, as and when described successor servicer, or an other successor servicer appointed by it, will remit to the Trustee, who in turn will deposit in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), Distribution Account not later than 3:00 P.M.the Business Day prior to the Distribution Date an amount equal to such required Advance to the extent not otherwise paid by the related Servicer, New York timenet of the 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 Company or the related Servicer is required to do so under this Agreement or the related Servicing Agreement, as applicable. If applicable, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable prior to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account Master Servicer shall present an amount equal Officer’s Certificate to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding (i) stating that the foregoing, the Trustee shall Master Servicer elects not be required to make such deposit if an Advance in a stated amount and (ii) detailing the Trustee shall have received written notification from reason it deems the Servicer that the Servicer has deposited or caused advance to be deposited in the Certificate Account an amount equal nonrecoverable. Subject to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee and in accordance with the requirements provisions of Article IX hereof, in the preceding sentenceevent the Master Servicer fails to make such Advance, then the Trustee Trustee, as Successor Master Servicer, shall immediately (a) terminate all be obligated to make such Advance, subject to the provisions of the rights and obligations of the Servicer under this Agreement Section 6.01, in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all terms of the this Agreement (including its rights and obligations of the Servicer reimbursement hereunder).
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac4)
Advances. (a) The Servicer shall determine on or before by each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereofof Advance. If the Servicer determines it is required to make an Advance, it shall, on or before by the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such the Advance. Any The Servicer shall replace any funds so applied shall be replaced by the Servicer by making a deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 4.01, as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such the Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice notice, an "“Advance Notice"”; and such notice may be given by telecopy), not later than 3:00 P.M.p.m., (New York time), on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount amount, an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes the amount of an Advance hereunder and is that such Advance would not be a Nonrecoverable Advance. If the Trustee receives a Trustee an Advance Notice on or before 3:00 P.M.p.m., (New York time time) on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M.p.m., (New York time), on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. p.m. (New York time time) on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any such Advance Deficiency (including interest at the Prime Rate published in The Wall Street Journal on the day of such reimbursement published in The Wall Street Journal) on such amount), made by the Trustee pursuant to this Section 4.01(b) ), not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Indymac Abs Inc), Pooling and Servicing Agreement (IndyMac MBS, Inc. Home Equity Mortgage Loan Asset-Backed Trust, Series INDS 2006-A), Pooling and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-B)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Master Servicer shall inform the Trustee of the amount of the Advance to be made on each Master Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Master Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Master Servicer, the Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the Business Day immediately preceding each Master Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.on
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (IndyMac Indx Mortgage Loan Trust 2005-Ar2), Pooling and Servicing Agreement (Indymac Indx Mortgage Loan Trust 2004-Ar8), Pooling and Servicing Agreement (IndyMac Indx Mortgage Loan Trust 2004-Ar14)
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Remittance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the Servicer Remittance Date prior to any Distribution Date funds in the Collection Account are less than the amount that would have been paid to the Certificateholders had the Servicer not withdrawn such funds on such Distribution Date, then the Servicer shall deposit its own funds into the Distribution Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer’s own corporate funds or any subservicer’s funds. The Servicer is not entitled to reimbursement of any Advance unless such Advance was paid from corporate funds or was advanced to it by any Advance Facility. If applicable, on the Servicer Remittance Date preceding each Distribution Date, the Servicer shall present an Officers’ Certificate to the Trustee and the Class A-1 Insurer (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (NovaStar Certificates Financing LLC), Pooling and Servicing Agreement (NovaStar Certificates Financing CORP), Pooling and Servicing Agreement (Novastar Mortgage Funding Trust Series 2004-2)
Advances. (a) The Servicer In the event that a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than the Balloon Payment) or any portion of a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than any Balloon Payment) on the Trust Loan has not been received by the close of the Business Day immediately prior to the Remittance Date, the Servicer, subject to its determination that such amounts are not Nonrecoverable Advances, shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant advance on such Remittance Date to the definition thereof. If the Servicer determines it is required to make an AdvanceDistribution Account, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account in an amount equal to the Advance Monthly Payment (or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make Assumed Monthly Payment, as applicable), or any such Advance. Any funds so applied shall be replaced by portion of the Servicer by deposit in Monthly Payment (or an Assumed Monthly Payment, as applicable) on the Certificate Account no later than Trust Loan that was delinquent as of the close of business on the next Business Day immediately prior to such Remittance Date, in each case, net of the Servicing Fee (which will not be paid to the Servicer Advance Date. The until the funds in the Collection Account are available for payment of such fee); provided that neither the Servicer nor any other party shall be entitled to be reimbursed from interest accrued on the Certificate Account for all Advances amount of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances any Monthly Payment Advance with respect to any Mortgage the Trust Loan shall continue if such Mortgage Loan has been foreclosed the related Monthly Payment (or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee an Assumed Monthly Payment, as applicable) in respect of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If Trust Loan is received by the Servicer determines that it will be unable to comply with its obligation to make or the Advances Certificate Administrator, as and when described in the second sentence of Section 4.01(a)applicable, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M.2:00 p.m., New York time, on such Remittance Date. For the Business Day immediately preceding the related Servicer Advance Dateavoidance of doubt, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer event that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day Trust Loan is reduced as a result of any modification to the Trust Loan, any future Monthly Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required as a result of such reimbursement published in reduction. The Wall Street Journal) on such amount, Servicer shall maintain a record of each Monthly Payment Advance it has made by the Trustee pursuant to this Section 4.01(b3.23(a) not later than on the second day following Trust Loan and the amount allocated to the related Servicer Advance DateNote on a Note-by-Note Basis and shall notify the Certificate Administrator thereof in the appropriate CREFC® Reports in order to permit allocation thereof pursuant to Sections 3.4 and 3.5. In the event that the Servicer does not reimburse remit any amounts required to be remitted to the Trustee Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Payment Advance) to the Certificate Administrator for deposit in accordance with the requirements of Distribution Account on the preceding sentenceRemittance Date, the Trustee Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject pay to the limitations set forth in Section 3.05Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, assume all of if earlier, the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver actual remittance date. Notwithstanding anything herein to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans contrary, Monthly Payment Advances with respect to which the Servicer has determined Trust Loan shall be reimbursed solely out of amounts allocated to the Trust Loan pursuant to the Co-Lender Agreement and will not be reimbursed out of amounts allocated to the Companion Loans, and Companion Loan Advances with respect to any Companion Loan shall be reimbursed solely out of amounts allocated to such Companion Loan pursuant to the Co- Lender Agreement and will not be reimbursed out of amounts allocated to the Trust Loan or the other Companion Loan. At any time that an Appraisal Reduction Amount exists, the related Scheduled Payments should amount that would otherwise be required to be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to in respect of delinquent payments of principal and interest on the Trust Loan shall be reduced by multiplying such amount by a Nonrecoverable Advancefraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the applicable Appraisal Reduction Amount and the denominator of which is the then outstanding principal balance of the Trust Loan.
Appears in 3 contracts
Sources: Trust and Servicing Agreement (CSAIL 2016-C7 Commercial Mortgage Trust), Trust and Servicing Agreement (CSAIL 2016-C6 Commercial Mortgage Trust), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Ubs9)
Advances. (a) The If any Monthly Payment on a Mortgage Loan that was due on the immediately preceding Due Date or due during the related Collection Period and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer will deposit in the Collection Account not later than the third Business Day immediately preceding the related Payment Date an amount equal to such Monthly Payment net of the related Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. Subject to the foregoing and in the absence of such a determination, the Master Servicer shall determine on or before continue to make such advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. No later than the fourth Business Day preceding each Payment Date, the Master Servicer Advance Date whether it is required shall present an Officer's Certificate to the Indenture Trustee and the Bond Insurer with respect to the Mortgage Loans, (i) stating that the Master Servicer elects not to make an Advance pursuant in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Master Servicer will include in the definition thereof. If the Servicer determines Remittance Report a list of each Mortgage Loan for which it is required to does not make an Advance, it shall, Advance in accordance with this Section. Such Advances may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so used shall be replaced by the Master Servicer from its own funds by deposit in the Collection Account on or before the fourth Business Day preceding any Payment Date to the extent that funds in the Collection Account with respect to such Payment Date shall be less than payments to Securityholders required to be made on such date. In the event that the Master Servicer Advance determines that, with respect to any Payment Date, either (i) it will be unable to deposit into in the Certificate Collection Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating required to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no made not later than the close of business on third Business Day immediately preceding the next related Payment Date in the amount determined by the Master Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a)4.04, it shall use its best efforts to give written notice thereof to the Indenture Trustee of its inability to Advance (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M.4:00 PM, New York time, on the third Business Day immediately preceding the related Servicer Advance Payment Date, specifying the portion of such amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advancedeposit. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not Not later than 3:00 P.M.12:00 PM, New York time, on the related Distribution Payment Date, deposit in unless by such time the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee Master Servicer shall have received written notification from the Servicer that the Servicer has deposited directly or caused to be indirectly deposited in the Certificate Payment Account an the entire amount equal of the Advances required to such Advance Deficiency by 3:00 P.M. New York time on be made for the related Distribution Payment Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence4.04, the Indenture Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Servicing Agreement in accordance with Section 7.01 6.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Servicer shall, not later than including the close of business on obligation to deposit in the Business Day immediately preceding each Servicer Advance Date, deliver Payment Account an amount equal to the Trustee a report (in form and substance reasonably satisfactory to Advance for the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvancePayment Date.
Appears in 3 contracts
Sources: Servicing Agreement (IMPAC CMB Trust Series 2004-10), Servicing Agreement (Impac CMB Trust Series 2005-3, Collateralized Asset - Backed Bonds, Series 2005-3), Servicing Agreement (Imh Assets Corp Impac CMB Trust Series 2004-11)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it the Master Servicer shall use its best efforts to give written notice thereof to the Trustee (each such notice an "notice, a “Trustee Advance Notice"”; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will not be unable to deposit deposited by the Master Servicer (each such amount amount, an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (ai) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (bii) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates the (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (BellaVista Mortgage Trust 2004-2), Pooling and Servicing Agreement (BellaVista Funding CORP), Pooling and Servicing Agreement (BellaVista Mortgage Trust 2005-1)
Advances. (a) The Servicer Company shall determine on or before each Servicer Advance Date whether it is required to make an Advance with respect to any EMC Mortgage Loan and deposit such Advance in the Master Servicer Collection Account no later than 1:00 p.m. Eastern time on the Remittance Date in immediately available funds. The Servicer shall make an Advance with respect to any Mortgage Loans serviced by it pursuant to the definition thereofGMACM Servicing Agreement. The Company or the Servicer, as applicable, shall be obligated to make any such Advance only to the extent that such advance would not be a Nonrecoverable Advance. If the Company or the Servicer determines shall have determined that it is required to make an has made a Nonrecoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Nonrecoverable Advance, it shallthe Company or the Servicer, on or before as the Servicer Advance Datecase may be, either shall deliver (i) deposit into the Certificate Account an amount equal to the Securities Administrator for the benefit of the Certificateholders funds constituting the portion of such Advance or that is not deemed Nonrecoverable, if applicable, and (ii) make to the Depositor, the Master Servicer, each Rating Agency, and the Trustee an Officer’s Certificate setting forth the basis for such determination. The Company or the Servicer shall discontinue making advances with respect to any Mortgage Loan that becomes 60 days Delinquent without delivering an Officer’s Certificate. In addition, subject to Section 4.08 of the Agreement, the Company or the Servicer must charge off a Mortgage Loan at the time such Mortgage Loan, as applicable, becomes 180 days Delinquent unless the Company or the Servicer reasonably believes that it may be able to obtain a net recovery through foreclosure proceedings or other conversion of the related Mortgage Loan. Once a Mortgage Loan is charged off, the Company or the Servicer shall not be entitled to any additional Servicing Fee for such Mortgage Loan, except to the extent of any unpaid Servicing Fees and expenses which shall be reimbursable from any recoveries on such Mortgage Loan, and the Mortgage Loan shall be treated as a Liquidated Loan giving rise to a Realized Loss. If the Company or the Servicer determines that a significant net recovery is possible through foreclosure proceedings or other disposition of the related Mortgage Loan that becomes 60 days Delinquent, the Company or the Servicer may continue making advances on such Mortgage Loan. To the extent the Company or the Servicer, as applicable, determines that a proposed Advance would not be a Nonrecoverable Advance and in its sole discretion reinstates and subsequently makes additional Advances for such Mortgage Loan, such Advances shall be reimbursable from any Subsequent Recoveries or as otherwise provided for in this Agreement. Unless specific Subsequent Recoveries are anticipated, as applicable, on a particular Mortgage Loan that is charged off as described in the preceding paragraph or the GMACM Servicing Agreement, such charged off Mortgage Loan will be released from the Trust Fund, and will be transferred to the Class X Certificateholders. If any Subsequent Recoveries are anticipated on such charged off Mortgage Loans, the release of such Mortgage Loan from the Trust Fund will be delayed until the Distribution Date after receipt of such Subsequent Recoveries. After the release of any charged off Mortgage Loan, the Class X Certificateholders will be entitled to any amounts subsequently received in respect of any such released Mortgage Loans, subject to any fees or expenses owed to the Master Servicer. Such Class X Certificateholder may designate any servicer to service any such released mortgage loan and the Class X Certificateholder may sell any such released Mortgage Loan to a third party. To the extent the servicing of such released Mortgage Loan is not transferred from the Company or the Servicer, the servicing of such released Mortgage Loan and the fees therefor shall be governed by this Agreement or the GMACM Servicing Agreement, as applicable. In lieu of making all or a portion of such Advance from its own funds, the Company may (i) cause to be made an appropriate entry in its records relating to the Certificate Protected Account that any Amount Amounts Held for Future Distribution has been used by the Servicer Company in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Protected Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Servicer Company by deposit depositing such amount in the Certificate Distribution Account no later than the close of business on the next Servicer Advance DateRemittance Date immediately preceding the Distribution Account Deposit Date on which such funds are required to be distributed pursuant to this Agreement. The Servicer Company shall be entitled to be reimbursed from the Certificate Protected Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.095.02. The obligation to make Advances with respect to any EMC Mortgage Loan shall continue if until such EMC Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Dateprovided in this Section 6.01.
(b) If the Scheduled 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 Company or the Servicer determines that it will be unable to comply with its obligation was required to make an Advance pursuant to this Agreement or the Advances as and when described GMACM Servicing Agreement exceeds the amount deposited in the second sentence of Section 4.01(a)Master Servicer Collection Account which shall be used for an Advance with respect to such Mortgage Loan, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), Master Servicer will deposit in the Master Servicer Collection Account not later than 3:00 P.M., New York time, on the Business Day Distribution Account Deposit Date immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such deficiency, net of the Master Servicing Fee and the Servicing Fee for such Mortgage Loan except to the extent the Master Servicer determines any such Advance Deficiency by 3:00 P.M. New York time to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the related Distribution DateMortgage 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 Company or the Servicer is required to do so under this Agreement or the GMACM Servicing Agreement, as applicable. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer’s Certificate to the Trustee has (i) stating that the Master Servicer elects not terminated to make an Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable. The Master Servicer may rely on any non-recoverability determination of the Company or the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant . Subject to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee and in accordance with the requirements provisions of Article IX hereof, in the preceding sentenceevent the Master Servicer fails to make such Advance, then the Trustee Trustee, as Successor Master Servicer, shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) be obligated to make such Advance, subject to the limitations set forth in provisions of this Section 3.05, assume all of the rights and obligations of the Servicer hereunder6.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (SACO I Trust 2007-2), Pooling and Servicing Agreement, Pooling and Servicing Agreement
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Remittance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Payment Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the Servicer Remittance Date prior to any Payment Date funds in the Collection Account are less than the amount required to be paid to the Noteholders on such Payment Date, then the Servicer shall deposit its own funds into the Payment Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer’s own corporate funds or any subservicer’s funds. If applicable, on the Servicer Remittance Date preceding each Payment Date, the Servicer shall present an Officer’s Certificate to the Indenture Trustee (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 3 contracts
Sources: Sale and Servicing Agreement (NovaStar Certificates Financing CORP), Sale and Servicing Agreement (NovaStar Certificates Financing CORP), Sale and Servicing Agreement (NovaStar Mortgage Funding Trust, Series 2006-1)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it the Master Servicer shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will not be unable to deposit deposited by the Master Servicer (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall have the right, but not the obligation, to immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.. 77
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Alternative Loan Trust 2006-Oa1), Pooling and Servicing Agreement (Cwalt Inc), Pooling and Servicing Agreement (Alternative Loan Trust 2005-58)
Advances. (a) The Servicer Subject to the conditions of this Article IV, the Subservicer, as required below, shall determine make an Advance and deposit such Advance in the Collection Account. Each such Advance shall be remitted to the Collection Account no later than 1:00 p.m. California time on or before each the Servicer Advance Date whether in immediately available funds. The Subservicer shall be obligated to make any such Advance only to the extent that such advance would not be a Non-Recoverable Advance. If the Subservicer shall have determined that it is required has made a Non-Recoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Non-Recoverable Advance, the Subservicer shall deliver (i) to the Trustee for the benefit of the Certificateholders funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, the Master Servicer, each Rating Agency and the Trustee an Officer's Certificate setting forth the basis for such determination. The Subservicer may, in its sole discretion, make an Advance pursuant with respect to the definition thereofprincipal portion of the final Scheduled Payment on a Balloon Loan, but the Subservicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect the Subservicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the Servicer Subservicer shall Advance (unless it determines it in its good faith judgment that such amounts would constitute a Non-Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is required reduced to make an Advancezero. In lieu of making all or a portion of such Advance from its own funds, it shall, on or before the Servicer Advance Date, either Subservicer may (i) deposit into the Certificate Account an amount equal cause to the Advance or (ii) make be made an appropriate entry in its records relating to the Certificate Collection Account that any Amount Held for Future Distribution Distributions has been used by the Servicer Subservicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Collection Account to the Certificate Account. Any funds so applied and transferred shall be replaced by the Servicer Subservicer by deposit in the Certificate Collection Account no later than the close of business on the next Servicer Advance DateDate on which such funds are required to be distributed pursuant to this Agreement. The Servicer Subservicer shall be entitled to be reimbursed from the Certificate Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until such Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or otherwise terminated and until the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
purchase or repurchase thereof (bor substitution therefor) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder4.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Chase Funding Inc)
Advances. (a) The In the event a Servicer fails to make any Advance required to be made by it under the related Servicing Agreement and such failure is not remedied within the applicable cure period under the related Servicing Agreement, then the Master Servicer shall determine on behalf of the Trustee immediately terminate such Servicer, and the Master Servicer (in its capacity as successor Servicer) or before each another successor Servicer shall be required to make such Advance on the Distribution Date whether it with respect to which the related Servicer was required to make such Advance, subject to the Master Servicer's (or other successor Servicer's) determination of recoverability. The Master Servicer (or other successor Servicer) shall not be required to make any Advance to cover any Relief Act Interest Shortfall on any Mortgage Loan. If the Master Servicer (or other successor Servicer) is required to make an Advance pursuant any Advances, such advances may be made by it (i) from its own funds or (ii) from the related Custodial Account or Distribution Account, to the definition thereof. If the Servicer determines it is required to make an Advanceextent of funds held therein for future distribution (in which case, it shallwill cause to be made an appropriate entry in the records of the related Custodial Account or the Distribution Account, as applicable, that amounts held for future distribution have been, as permitted by this Section 4.03, used by the Master Servicer (or other successor Servicer) in discharge of any such Advance) or (iii) in the form of any combination of (i) and (ii) aggregating the total amount of Advances to be made by the Master Servicer (or other successor Servicer) with respect to the Mortgage Loans and REO Properties. Any amounts held for future distribution and so used shall be appropriately reflected in the Master Servicer's (or other successor Servicer's) records and replaced by the Master Servicer (or other successor Servicer) by deposit in the related Custodial Account or the Distribution Account, as applicable, on or before the any future Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal Remittance Date to the Advance or extent that the Available Funds for the related Distribution Date (iidetermined without regard to Advances to be made on such Servicer Remittance Date) make an appropriate entry in its records relating shall be less than the total amount that would be distributed to the Certificate Account that any Amount Held Classes of Certificateholders pursuant to Section 4.01 on such Distribution Date if such amounts held for Future Distribution has future distributions had not been so used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. Advances.
(b) The obligation of the Master Servicer (or other successor Servicer) to make such Advances is mandatory, notwithstanding any other provision of this Agreement but subject to Section 4.03(a) above and Section 4.03(c) below, and, with respect to any Mortgage Loan or REO Property, shall continue if such Mortgage Loan has been foreclosed until a Final Recovery Determination in connection therewith or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice removal thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee REMIC I pursuant to any applicable provision of this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee Agreement, except as otherwise provided in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunderSection.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver Notwithstanding anything herein to the Trustee a report (in form and substance reasonably satisfactory contrary, no Advance shall be required to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined made hereunder by the Master Servicer (or other successor Servicer) if such Advance would, if made, be deemed by the Master Servicer (or other successor Servicer) to be a Nonrecoverable Advance. The determination by the Master Servicer (or other successor Servicer) that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officers' Certificate of the Master Servicer (or other successor Servicer) delivered to the Depositor, the NIMS Insurer, the Credit Risk Manager and the Trustee.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2004-He1), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1)
Advances. (a) Subject to the conditions of this Article IV, the Servicer, as required below, shall make an Advance and deposit such Advance in the Collection Account. The Servicer shall determine use commercially reasonable efforts to remit each such Advance no later than 2:30 p.m. EST, but in any case no later than 4:00 p.m. EST, on or before each the Servicer Advance Date whether it is required in immediately available funds. The Servicer shall be obligated to make an any such Advance pursuant only to the definition thereofextent that such advance would not be a Non-Recoverable Advance. If the Servicer determines shall have determined that it is required to make an has made a Non-Recoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Non-Recoverable Advance, it shall, on or before the Servicer Advance Date, either shall deliver (i) deposit into the Certificate Account an amount equal to the Advance or Trustee for the benefit of the Certificateholders, funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, each Rating Agency, the NIMs Insurer and the Trustee an Officer's Certificate setting forth the basis for such determination. The Servicer may, in its sole discretion, make an Advance with respect to the principal portion of the final Scheduled Payment on a Balloon Loan, but the Servicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect the Servicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the Servicer shall Advance (unless it determines in its good faith judgment that such amounts would constitute a Non-Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is reduced to zero. In lieu of making all or a portion of such Advance from its own funds, the Servicer may (i) cause to be made an appropriate entry in its records relating to the Certificate Collection Account that any Amount Held amount held for Future Distribution future distribution has been used by the Servicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Collection Account to the Certificate Account. In addition, the Servicer shall have the right to reimburse itself for any such Advance from amounts held from time to time in the Collection Account to the extent such amounts are not then required to be distributed. Any funds so applied and transferred pursuant to the previous two sentences shall be replaced by the Servicer by deposit in the Certificate Collection Account no later than the close of business on the next Servicer Advance DateDate on which such funds are required to be distributed pursuant to this Agreement. The Servicer shall be entitled to be reimbursed from the Certificate Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until the earlier of (i) such Mortgage Loan is paid in full, (ii) the related Mortgaged Property or related REO Property has been foreclosed liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Issuing Entity pursuant to any applicable provision of this Agreement, except as otherwise terminated and provided in this Section 4.01, (iii) the Mortgaged Property has not been liquidated. The Servicer shall inform determines in its good faith judgment that such amounts would constitute a Non-Recoverable Advance as provided in the Trustee of preceding paragraph or (iv) the amount of the Advance to be made date on each Servicer Advance Date no later than the second Business Day before the related Distribution Datewhich such Mortgage Loan becomes 150 days delinquent as set forth below.
(b) If Notwithstanding anything in this Agreement to the contrary (including, but not limited to, Sections 3.01 and 4.01(a) hereof), no Advance or Servicing Advance shall be required to be made hereunder by the Servicer determines that it will be unable to comply with its obligation to make (including for the Advances as and when described in the second sentence avoidance of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Datedoubt, the Trustee is entitled to immediately terminate as successor servicer) if such Advance or Servicing Advance would, if made, constitute a Non-Recoverable Advance or a Non-Recoverable Servicing Advance. The determination by the Servicer under Section 7.01that it has made a Non-Recoverable Advance or a Non-Recoverable Servicing Advance or that any proposed Advance or Servicing Advance, and shallif made, not later than 3:00 P.M.would constitute a Non-Recoverable Advance or a Non-Recoverable Servicing Advance, New York timerespectively, on shall be evidenced by an Officer's Certificate of the related Distribution Date, deposit in the Distribution Account an amount equal Servicer delivered to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable lawDepositor and the Trustee. In addition, the Servicer shall not be required to advance any Relief Act Shortfalls.
(c) Notwithstanding the foregoing, the Trustee Servicer shall not be required to make any Advances for any Mortgage Loan after such deposit if the Trustee Mortgage Loan becomes 150 days delinquent. The Servicer shall have received written notification from identify such delinquent Mortgage Loans in the Servicer that the Servicer has deposited or caused to be deposited Statement referenced in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution DateSection 3.24. If the Trustee has not terminated the ServicerIn addition, the Servicer shall reimburse provide the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advancelisting such delinquent Mortgage Loans and certifying that such loans are 150 days or more delinquent.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-He6), Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He4), Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He4)
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Remittance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the Servicer Remittance Date prior to any Distribution Date funds in the Collection Account are less than the amount required to be paid to the Certificateholders on such Distribution Date, then the Servicer shall deposit its own funds into the Distribution Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer's own corporate funds or any subservicer's funds. If applicable, on the Servicer Remittance Date preceding each Distribution Date, the Servicer shall present an Officer's Certificate to the Certificate Administrator, and the Trustee (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Trust Series 2002-3), Pooling and Servicing Agreement (Novastar Mortgage Funding Corp Series 2002-2)
Advances. (a) The Servicer maximum outstanding principal amount of the Loan is Seventy-Five Million and no/100 Dollars ($75,000,000.00) (the “Maximum Advance Amount”). Advances of the Loan shall determine on or before each Servicer Advance Date whether it is required be available from the date hereof to make and including the first (1st) anniversary of the date hereof (the “Final Draw Date”). Subject to the conditions set forth in Section 9 below, the Borrower may request an Advance pursuant from time to time during the definition thereof. If period from the Servicer determines it is required to make an Advance, it shall, on or before date hereof until the Servicer Advance Final Draw Date, either (i) deposit into the Certificate Account an form of which request is attached hereto and incorporated herein as Exhibit A, provided, however, that under no circumstances shall the cumulative outstanding amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds the Loan made pursuant to this Section 4.01 as provided in Section 3.09hereunder exceed the Maximum Advance Amount. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee timing of the amount disbursements of any Advance shall be contingent upon the receipt by the Lender of the Advance to be made on each Servicer Advance Date no later than proceeds of the second Business Day before the related Distribution DateBonds.
(b) If The Loan availability under this Section shall be evidenced by this Agreement, the Servicer determines that it will Notes (defined below) and by the Loan Documents (defined below). At the option of the Borrower, a request for an Advance may either be unable to comply with its obligation to make (i) on a current pay basis whereby the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof Borrower makes monthly payments to the Trustee Lender of interest only (each such notice “Current Pay Advance”) or (ii) on an "Advance Notice"; accrual pay basis whereby interest will compound monthly and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it Borrower will be unable to deposit (each such amount an "Advance Deficiency") pay all accrued and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including unpaid interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately maturity (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder“Accrual Pay Advance”).
(c) The Servicer shallEach Advance may have a different term of maturity and interest rates. In general, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect maturity date, payment terms and interest rate applicable to which each Current Pay Advance shall be as set forth in Schedule 1 to the Servicer has determined that Subordinate Master Revolving Line of Credit Note (Current Pay) (the related Scheduled Payments should be advanced “Current Pay Note”) and (ii) the amount maturity date, payment terms and interest rate applicable to each Accrual Pay Advance shall be as set forth in Schedule 1 to the Subordinate Master Revolving Line of Credit Note (Accrual Pay) (the “Accrual Pay Note” and together with the Current Pay Note, the “Notes”), each from the Borrower to the Lender dated as of the related Scheduled Paymentsdate hereof and evidencing the Loan.
(d) Regardless of the Maximum Advance Amount, no Advance may cause the Loan to exceed the borrowing limits set forth in Section 1.4 below. The Servicer Lender will evaluate each Advance request independently from any other Advances, which evaluation and funding shall deliver be subject to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advanceterms and conditions herein.
Appears in 2 contracts
Sources: Revolving Line of Credit Loan Agreement (Phoenix Capital Group Holdings, LLC), Revolving Line of Credit Loan Agreement (Phoenix Capital Group Holdings I LLC)
Advances. If any Monthly Payment on a Mortgage Loan (aother than Balloon Payments) The that was due on the immediately preceding Due Date and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the third Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Payment Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on Monthly Payment net of the related Distribution DateServicing Fee and Radian PMI Policy Fec for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the absence of such a determination, the Master Servicer shall continue to make such advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not been completely liquidated. No later than the second day following the related Servicer Advance fourth Business Day preceding each Payment Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee Master Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject present an Officer's Certificate to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver Indenture Trustee with respect to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates Mortgage Loans, (i) the Mortgage Loans with respect to which the Servicer has determined stating that the related Scheduled Payments should be advanced Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advance. The Master Servicer will include in the Remittance Report a list of each Mortgage Loan for which it does not make an Advance in accordance with this Section. Such Advances may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so used shall be replaced by the Master Servicer from its own funds by deposit in the Collection Account on or before the fourth Business Day preceding any Payment Date to the extent that funds in the Collection Account with respect to such Payment Date shall be less than payments to Securityholders required to be made on such date.
Appears in 2 contracts
Sources: Servicing Agreement (Imh Assets Corp Impac CMB Trust Series 2002 9f), Servicing Agreement (Imh Assets Corp Impac CMB Trust Series 2002 9f)
Advances. (a) The Master Servicer shall determine on or before by each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereofof Advance. If the Master Servicer determines it is required to make an Advance, it shall, on or before by the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such the Advance. Any The Master Servicer shall replace any funds so applied shall be replaced by the Servicer by making a deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 4.01, as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such the Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Master Servicer shall inform the Trustee of the amount of the Advance to be made on each Master Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice notice, an "Advance NoticeADVANCE NOTICE"; and such notice may be given by telecopy), not later than 3:00 P.M.p.m., (New York time), on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount amount, an "Advance DeficiencyADVANCE DEFICIENCY") and certifying that such Advance Deficiency constitutes the amount of an Advance hereunder and is that such Advance would not be a Nonrecoverable Advance. If the Trustee receives a Trustee an Advance Notice on or before 3:00 P.M.p.m., (New York time time) on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Master Servicer under Section 7.01, and shall, not later than 3:00 P.M.p.m., (New York time), on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. p.m. (New York time time) on the related Distribution Date. If the Trustee has not terminated the Master Servicer, the Master Servicer shall reimburse the Trustee for the amount of any such Advance Deficiency (including interest at the Prime Rate published in THE WALL STREET JOURNAL on the day of such reimbursement published in The Wall Street Journal) on such amount), made by the Trustee pursuant to this Section 4.01(b) ), not later than the second day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the Business Day immediately preceding each Master Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2005-C), Pooling and Servicing Agreement (Indymac Home Equity Mortgage Loan Asset-Backed Trust, Series Inabs 2005-B)
Advances. If any Monthly Payment on a Mortgage Loan (aother than Balloon Payments) The that was due on the immediately preceding Due Date (with respect to a Non-High CLTV Loan) or due during the related Collection Period (with respect to a High CLTV Loan) and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the third Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Payment Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on Monthly Payment (with respect to a Non-High CLTV Loan) or the interest portion of such Monthly Payment (with respect to a High CLTV Loan) net of the related Distribution DateServicing Fee and Radian PMI Policy Fee for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the absence of such a determination, the Master Servicer shall continue to make such advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not been completely liquidated. No later than the second day following the related Servicer Advance fourth Business Day preceding each Payment Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee Master Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject present an Officer's Certificate to the limitations set forth in Section 3.05, assume all of Indenture Trustee and the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver Bond Insurer with respect to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates Mortgage Loans, (i) the Mortgage Loans with respect to which the Servicer has determined stating that the related Scheduled Payments should be advanced Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advance. The Master Servicer will include in the Remittance Report a list of each Non-High CLTV Loan or High CLTV Loan for which it does not make an Advance in accordance with this Section. Such Advances may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so used shall be replaced by the Master Servicer from its own funds by deposit in the Collection Account on or before the fourth Business Day preceding any Payment Date to the extent that funds in the Collection Account with respect to such Payment Date shall be less than payments to Securityholders required to be made on such date.
Appears in 2 contracts
Sources: Servicing Agreement (Imh Assets Corp), Servicing Agreement (Imh Assets Corp)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant On the terms and conditions hereinafter set forth, the Borrower may, by delivery of a written notice in the form set forth in Exhibit A hereto (each, a “Borrowing Notice”) to the definition thereofAdministrative Agent from time to time request that the Lenders make advances to the Borrower in U.S. Dollars (each, an “Advance”) on the Closing Date and from time to time on any Business Day thereafter during the Revolving Period (each, a “Borrowing Date”) in an amount which, after giving effect thereto, shall not cause the Outstanding Borrowings to exceed the Maximum Advance Amount in effect on such Borrowing Date. If The Advances requested on the Servicer determines it is required to make an Advance, it shall, on Closing Date or before the Servicer Advance Date, either (i) deposit into the Certificate Account any Borrowing Date thereafter shall be in an amount equal to the Advance $5,000,000 or (ii) make an appropriate entry integral multiple of $100,000 in excess thereof. The Administrative Agent, upon receipt of a Borrowing Notice, shall promptly forward a copy thereof to each Facility Agent which, upon its receipt thereof, shall promptly forward a copy thereof to each Lender in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution DateLender Group.
(b) If the Servicer determines that it will A Borrowing Notice shall be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof delivered to the Trustee Administrative Agent, together with a Compliance Certificate with respect to the date on which such Advance is requested to be made (each such notice an "Advance Notice"; and such notice may be given by telecopyif not previously delivered to the Administrative Agent), not later than 3:00 P.M., 10:00 a.m. (New York City time) on the second Business Day prior to the Borrowing Date on which an Advance is requested, provided that a Borrowing Notice may be delivered on the Business Day immediately preceding prior to the related Servicer Closing Date with respect to Advances requested on the Closing Date. Notwithstanding anything contained in this Section 2.01 or elsewhere in this Agreement to the contrary, no Committed Lender shall be obligated to make a share of any Advance Date, specifying the in an amount that it will be unable to deposit (each would result in the aggregate Advances then funded by such amount an "Advance Deficiency") Committed Lender exceeding its Adjusted Commitment then in effect, and certifying that such Advance Deficiency constitutes an Advance hereunder and no Conduit Lender which is not a Nonrecoverable Advance. If the Trustee receives Committed Lender shall be obligated to make a Trustee share of any Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in an amount that would result in the Distribution Account aggregate Advances then funded by such Conduit Lender exceeding its Maximum Conduit Lender Advance Amount then in effect.
(c) Each Borrowing Notice shall contain the information specified in the form of Borrowing Notice contained in Exhibit A hereto and each Compliance Certificate shall contain the information specified in the form of Compliance Certificate contained in Exhibit B hereto. Except as set forth in Section 2.01(g) hereof, a Borrowing Notice shall be irrevocable when delivered.
(d) On the Borrowing Date with respect to an Advance following (and subject to) prompt notice from the Administrative Agent to each Facility Agent and each Lender concerning the satisfaction of the applicable conditions set forth in Article III, (i) each Conduit Lender which is not a Committed Lender may make a portion of such Advance to the Borrower in an amount equal to the Advance Deficiency identified in its Funding Percentage of such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoingAdvance, the Trustee shall not be required and (ii) each Committed Lender, severally, agrees to make a portion of such deposit if Advance to the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited Borrower in the Certificate Account an amount equal to its Funding Percentage of such Advance, to the extent such Funding Percentage is not funded by the Conduit Lender in its Lender Group. Subject to Section 2.01(f) hereof, such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, be made by the Trustee applicable Lenders by wire transfer of same day funds to the account specified in the relevant Borrowing Notice in accordance with Section 2.01(c) hereof no later than 2:30 p.m. (New York City time) on the applicable Borrowing Date.
(e) Each Conduit Lender which is not a Committed Lender shall notify the Facility Agent for its Lender Group by 1:30 p.m. (New York City time) on the second Business Day (or in the case of Advances requested on the Closing Date, the first Business Day) preceding the applicable Borrowing Date, whether it has elected to make its full pro rata share of an Advance pursuant to this Section 4.01(b2.01(d) not later than the second day following the related Servicer Advance Datehereof. In the event that a Conduit Lender shall fail to timely provide such notice, such Conduit Lender shall be deemed to have elected not to make any portion of such Advance. Such Facility Agent shall notify each Committed Lender in its Lender Group and the Servicer does Borrower on or prior to 2:00 p.m. (New York City time) on the second Business Day preceding the applicable Borrowing Date (or in the case of Advances requested on the Closing Date, the first Business Day), if such Conduit Lender has elected not reimburse the Trustee in accordance with the requirements to make its share of an Advance equal to its Funding Percentage of the preceding sentencerequested Advance, which notice shall specify (i) the Trustee shall immediately identity of such Conduit Lender, (aii) terminate all the portion of the rights Advance which such Conduit Lender has elected not to make, and obligations (iii) the respective Liquidity Percentages of such Committed Lenders on such date (as determined by such Facility Agent in good faith; for purposes of such determination, such Facility Agent shall be entitled to rely conclusively on the most recent information provided by such Conduit Lender or its agent). Subject to receiving such notice and to the satisfaction of the Servicer under this Agreement applicable conditions set forth in Article III, each of the Committed Lenders in such Lender Group shall make an Advance in an amount equal to its Liquidity Percentage multiplied by the amount of each Advance which any Conduit Lender in such Lender Group has elected not to make at or before 2:30 p.m. (New York City time), on the applicable Borrowing Date, and otherwise in accordance with Section 7.01 and 2.01(d) hereof.
(bf) subject to In the limitations event that notwithstanding the fulfillment of the applicable conditions set forth in Article III with respect to an Advance, a Conduit Lender which is not a Committed Lender elects to make a share of an Advance on the applicable Borrowing Date, by providing the notice required pursuant to Section 3.052.01(e) hereof, assume all but fails to make the proceeds of such Advance available to the rights Borrower by 2:15 p.m. (New York City time) on such date pursuant to Section 2.01(d) hereof, such Conduit Lender shall be deemed to have rescinded its election to make such share of such Advance, and obligations neither the Borrower nor any other party shall have any claim against such Conduit Lender by reason of its failure to timely make such Advance. In any such case, the Servicer hereunder.
(c) The Servicer shallFacility Agent for such Conduit Lender’s Lender Group shall give notice of such failure to each Committed Lender in such Lender Group, to the Administrative Agent, the Facility Agent and the Borrower not later than the close of business 2:30 p.m. (New York City time), on the Business Day immediately preceding each Servicer Advance Datesuch date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates which notice shall specify (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and identity of such Conduit Lender, (ii) the amount of such Advance which it elected, but failed, to make, and (iii) the respective Liquidity Percentages of each of such Committed Lenders on such date (as determined by such Facility Agent in good faith; for purposes of such determination, such Facility Agent shall be entitled to rely conclusively on the most recent information provided by such Conduit Lender or its agent). Subject to receiving such notice, each Committed Lender in such Lender Group shall make an Advance in an amount equal to its Liquidity Percentage multiplied by each Advance which any Conduit Lender in such Lender Group has been deemed to have rescinded its election to fund at or before 3:00 p.m. (New York City time) on the applicable Borrowing Date and otherwise in accordance with Section 2.01(d) hereof.
(g) In the event that any Conduit Lender has elected, or is deemed pursuant to Section 2.01(e) to have elected, not to make its full pro rata share of an Advance, the Borrower may cancel the related Scheduled PaymentsBorrowing Notice as to all Lenders by written notice to the Administrative Agent no later than 4:00 p.m. (New York City time) on the second Business Day preceding the applicable Borrowing Date, and in such event no Lender shall be obligated to make any portion of such Advance. The Servicer Administrative Agent, upon receipt of any such notice of cancellation, shall deliver promptly forward a copy thereof to each Facility Agent which, upon its receipt thereof, shall promptly forward a copy thereof to each Lender in its Lender Group.
(h) The obligation of each Committed Lender to remit its share (if any) of Advances hereunder shall be several from that of each other Lender, and the failure of any Lender to so make any such amount available to the Trustee on the related Servicer Advance Date an Officer's Certificate Borrower shall not relieve any other Lender which is a Committed Lender of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advanceits obligations hereunder.
Appears in 2 contracts
Sources: Receivables Loan and Security Agreement, Receivables Loan and Security Agreement (Reynolds Group Holdings LTD)
Advances. (ai) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before A copy of the Servicer Advance DateData Tape has been delivered to Purchaser. All the information included in the Servicer Advance Data Tape is true and correct in all material respects as of January 31, either 2012, except for the P&I Advances (ias defined in the applicable Servicing Agreement, Subservicing Agreement, Master Servicing Agreement or Servicing Rights Agreement or any other similar term therein) deposit into data presented in the Certificate Account an amount equal to Servicer Advance Data Tape, which will be current for each Servicing Agreement, Subservicing Agreement, Master Servicing Agreement and Servicing Rights Agreement as of the Advance or most recent investor reporting monthly cut-off date for each such Servicing Agreement, Subservicing Agreement, Master Servicing Agreement and Servicing Rights Agreement.
(ii) make an Each Servicer Advance is a valid and subsisting amount owing to a Seller and was made in accordance with Applicable Servicing Requirements in all material respects, and is not subject to any set-off or claim arising from acts or omissions of the Sellers that could be asserted against Purchaser. Except as set forth in Section 4.18(f)(ii) of the Seller Disclosure Schedules, the Sellers have not received any notice from any Investor, Insurer or other appropriate entry party in its records relating which the Investor, Insurer or other party disputes or denies a material claim by the Sellers for reimbursement in connection with a Servicer Advance. All Servicer Advances required to be made by a Seller in accordance with the Applicable Servicing Requirements prior to the Certificate Account that Applicable Closing Date will have been made by such Seller. For the avoidance of doubt, and notwithstanding the foregoing or any Amount Held for Future Distribution other provision of this Agreement, no representation or warranty is being made as to whether such Servicer Advances are ultimately collectible.
(iii) No Servicer Advance Receivable has been used sold, transferred, assigned or pledged by the Servicer in discharge of its obligation related Seller to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later Person other than the close of business on the next Servicer Advance DatePurchaser. The Servicer shall be entitled Sellers have not taken any action that, or failed to be reimbursed from take any action the Certificate Account for all Advances omission of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances which, would materially impair the rights of Purchaser with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution DateReceivable.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Asset Purchase Agreement, Residential Servicing Asset Purchase Agreement (Nationstar Mortgage Holdings Inc.)
Advances. (a) The Master Servicer shall determine on or before by each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereofof Advance. If the Master Servicer determines it is required to make an Advance, it shall, on or before by the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such the Advance. Any The Master Servicer shall replace any funds so applied shall be replaced by the Servicer by making a deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such the Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Master Servicer shall inform the Trustee of the amount of the Advance to be made on each Master Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Master Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Master Servicer, the Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the Business Day immediately preceding each Master Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (IndyMac ABS Inc. Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2004-A), Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2004-A)
Advances. (a) The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make an a Monthly Advance pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer, as successor to such Servicer determines it is required or any of the successor servicer appointed pursuant to make an Advancethis Agreement, it shallshall deposit in the Distribution Account, from its own funds or from amounts on or before deposit in the Servicer Advance DateDistribution Account that are held for future distribution, either (i) deposit into not later than the Certificate Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such delinquency, net of the Advance or (ii) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the Certificate Account that any Amount Held for Future Distribution has been used by extent the Master Servicer in discharge of its obligation to make determines any such Advance to be a Nonrecoverable Advance. Any funds amounts held for future distribution and so applied used shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Certificate Distribution Account no later on or before any future Distribution Account Deposit Date to the extent that the Available Distribution Amount for the related Distribution Date (determined without regard to Advances to be made on the Distribution Account Deposit Date) shall be less than the close total amount that would be distributed to the Classes of business Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the next Servicer Advance Date. The foregoing, the Master Servicer shall be entitled continue to make such Advances through the date that the related Servicer is required to do so under its Servicing Agreement. In the event the Master Servicer elects not to make an Advance because the Master Servicer deems such Advance to be reimbursed from the Certificate Account for all Advances of its own funds made a Nonrecoverable Advance pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and 4.4, on the Mortgaged Property has not been liquidated. The Distribution Account Deposit Date, the Master Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof present an Officer’s Certificate to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), i) stating that the Master Servicer elects not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes make an Advance hereunder and is not in a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an stated amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa1), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2)
Advances. If any Monthly Payment (atogether with any advances from the Subservicers) The Servicer shall determine on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make an Advance pursuant to delinquent other than as a result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the fourth Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Payment Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on deficiency net of the related Distribution DateServicing Fee for such Mortgage Loan, except to the extent the Servicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on such Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the Servicerabsence of such a determination, the Servicer shall reimburse continue to make such advances through the Trustee date that the related Mortgaged Property has, in the judgment of the Servicer, been completely liquidated. The Servicer may fund an Advance from its own corporate funds, advances made by any subservicer or funds held in the Collection Account for future payment or withdrawal. Advances made from funds held in the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, Collection Account may be made by the Trustee pursuant Servicer from subsequent collections of principal and interest received on other Mortgage Loans and deposited into the Collection Account. Advances made from the Collection Account are not limited to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements subsequent collections of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights principal and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business interest received on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the delinquent Mortgage Loans Loan with respect to which an Advance is made. If on the fourth Business Day prior to any Payment Date funds in the Collection Account are less than the amount required to be paid to the Bondholders on such Payment Date, then the Servicer shall deposit its own funds into the Payment Account in the amount of the lesser of (i) any unreimbursed Advances previously made by the Servicer with funds held in the Collection Account or (ii) the shortfall in the Collection Account, provided, however, that in no event shall the Servicer deposit into the Collection Account an amount that is less than any shortfall in the Collection Account attributable to delinquent payments on Mortgage Loans which the Servicer deems to be recoverable and which has determined not been covered by an Advance from the Servicer's own corporate funds or any subservicer's funds. If applicable, on the fourth Business Day preceding each Payment Date, the Servicer shall present an Officer's Certificate to the Bond Administrator, the Indenture Trustee and the Bond Insurer (i) stating that the related Scheduled Payments should be advanced Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Paymentsadvance to be nonrecoverable. The Servicer Bond Administrator shall deliver to the Trustee on the related Servicer Advance Date an forward a copy of such Officer's Certificate of a Servicing Officer indicating to the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvanceBond Insurer.
Appears in 2 contracts
Sources: Servicing Agreement (Residential Asset Funding Corp), Servicing Agreement (Novastar Mortgage Funding Corp)
Advances. (a) The Servicer Subject to the conditions of this Article IV, the Subservicer, as required below, shall determine make an Advance and deposit such Advance in the Collection Account. Each such Advance shall be remitted to the Collection Account no later than 1:00 p.m. California time on or before each the Servicer Advance Date whether in immediately available funds. The Subservicer shall be obligated to make any such Advance only to the extent that such advance would not be a Non-Recoverable Advance. If the Subservicer shall have determined that it is required has made a Non-Recoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a NonRecoverable Advance, the Subservicer shall deliver (i) to the Trustee for the benefit of the Certificateholders funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, the Master Servicer, each Rating Agency and the Trustee an Officer's Certificate setting forth the basis for such determination. The Subservicer may, in its sole discretion, make an Advance pursuant with respect to the definition thereofprincipal portion of the final Scheduled Payment on a Balloon Loan, but the Subservicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect the Subservicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the Servicer Subservicer shall Advance (unless it determines it in its good faith judgment that such amounts would constitute a Non-Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is required reduced to make an Advancezero. In lieu of making all or a portion of such Advance from its own funds, it shall, on or before the Servicer Advance Date, either Subservicer may (i) deposit into the Certificate Account an amount equal cause to the Advance or (ii) make be made an appropriate entry in its records relating to the Certificate Collection Account that any Amount Held for Future Distribution Distributions has been used by the Servicer Subservicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Collection Account to the Certificate Account. Any funds so applied and transferred shall be replaced by the Servicer Subservicer by deposit in the Certificate Collection Account no later than the close of business on the next Servicer Advance DateBusiness Day immediately preceding the Distribution Date on which such funds are required to be distributed pursuant to this Agreement. The Servicer Subservicer shall be entitled to be reimbursed from the Certificate Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until such Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or otherwise terminated and until the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
purchase or repurchase thereof (bor substitution therefor) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder4.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Chase Mortgage Finance Corp), Pooling and Servicing Agreement (Morserv Inc)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "a “Trustee Advance Notice"; ” and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than 6:00 P.M., New York time on the second day Business Day following the related Servicer Advance Distribution Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Servicer shallMaster Servicer, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, shall deliver to the Trustee a report (in the form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Cwabs Asset-Backed Certificates Trust 2005-Im3), Pooling and Servicing Agreement (Cwabs Inc. Asset-Backed Certificates Trust 2005-Im2)
Advances. (a) The Servicer maximum outstanding principal amount of the Loan is Two Hundred Million and no/I 00 Dollars ($200,000,000.00) (the “Maximum Advance Amount”). Advances of the Loan shall determine on or before each Servicer Advance Date whether it is required be available from the date hereof to make and including the third (3rd) anniversary of the date hereof (the “Final Draw Date”). Subject to the conditions set forth in Section 9 below, the Borrower may request an Advance pursuant from time to time during the definition thereof. If period from the Servicer determines it is required to make an Advance, it shall, on or before date hereof until the Servicer Advance Final Draw Date, either (i) deposit into the Certificate Account an form of which request is attached hereto and incorporated herein as Exhibit A, provided, however, that under no circumstances shall the cumulative outstanding amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds the Loan made pursuant to this Section 4.01 as provided in Section 3.09hereunder exceed the Maximum Advance Amount. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee timing of the amount disbursements of any Advance shall be contingent upon the receipt by the Lender of the Advance to be made on each Servicer Advance Date no later than proceeds of the second Business Day before the related Distribution DateNotes.
(b) If The Loan availability under this Section shall be evidenced by this Agreement, the Servicer determines that it will Notes (defined below) and by the Loan Documents (defined below). At the option of the Lender, an Advance may be unable to comply with its obligation to make made either be (i) on a current pay basis whereby the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof Borrower makes monthly payments to the Trustee Lender of interest only (each such notice “Current Pay Advance”) or (ii) on an "Advance Notice"; accrual pay basis whereby interest will compound monthly and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it Borrower will be unable to deposit (each such amount an "Advance Deficiency") pay all accrued and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including unpaid interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately maturity (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder“Accrual Pay Advance”).
(c) The Servicer shallEach Advance may have a different term of maturity and interest rates. In general, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect maturity date, payment terms and interest rate applicable to which each Current Pay Advance shall be as set forth in Schedule 1 to the Servicer has determined that Subordinate Master Credit Note (Current Pay) (the related Scheduled Payments should be advanced “Current Pay Note”) and (ii) the amount maturity date, payment terms and interest rate applicable to each Accrual Pay Advance shall be as set forth in Schedule 1 to the Subordinate Master Credit Note (Accrual Pay) (the “Accrual Pay Note” and together with the Current Pay Note, the “Notes”), each from the Borrower to the Lender dated as of the related Scheduled Paymentsdate hereof and evidencing the Loan.
(d) Regardless of the Maximum Advance Amount, no Advance may cause the Loan to exceed the borrowing limits set forth in Section 1.4 below. The Servicer Lender will evaluate each Advance request independently from any other Advances, which evaluation and funding shall deliver be subject to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advanceterms and conditions herein.
Appears in 2 contracts
Sources: Loan Agreement (Phoenix Capital Group Holdings, LLC), Loan Agreement (Phoenix Capital Group Holdings, LLC)
Advances. (a) The Servicer shall determine on or before by each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereofof Advance. If the Servicer determines it is required to make an Advance, it shall, on or before by the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such the Advance. Any The Servicer shall replace any funds so applied shall be replaced by the Servicer by making a deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 4.01, as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such the Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice notice, an "“Advance Notice"; ” and such notice may be given by telecopy), not later than 3:00 P.M.p.m., (New York time), on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount amount, an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes the amount of an Advance hereunder and is that such Advance would not be a Nonrecoverable Advance. If the Trustee receives a Trustee an Advance Notice on or before 3:00 P.M.p.m., (New York time time) on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M.p.m., (New York time), on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. p.m. (New York time time) on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any such Advance Deficiency (including interest at the Prime Rate published in The Wall Street Journal on the day of such reimbursement published in The Wall Street Journal) on such amount), made by the Trustee pursuant to this Section 4.01(b) ), not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (IndyMac INDB Mortgage Loan Trust 2006-1), Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-A)
Advances. (a) Subject to the conditions of this Article IV, the Servicer, as required below, shall make an Advance and deposit such Advance in the Collection Account. The Servicer shall determine use commercially reasonable efforts to remit each such Advance no later than 2:30 p.m. EST, but in any case no later than 4:00 p.m. EST, on or before each the Servicer Advance Date whether it is required in immediately available funds. The Servicer shall be obligated to make an any such Advance pursuant only to the definition thereofextent that such advance would not be a Non-Recoverable Advance. If the Servicer determines shall have determined that it is required to make an has made a Non-Recoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Non-Recoverable Advance, it shall, on or before the Servicer Advance Date, either shall deliver (i) deposit into the Certificate Account an amount equal to the Advance or Trustee for the benefit of the Certificateholders, funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, each Rating Agency, the NIMs Insurer and the Trustee an Officer's Certificate setting forth the basis for such determination. The Servicer may, in its sole discretion, make an Advance with respect to the principal portion of the final Scheduled Payment on a Balloon Loan, but the Servicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect the Servicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the Servicer shall Advance (unless it determines in its good faith judgment that such amounts would constitute a Non-Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is reduced to zero. In lieu of making all or a portion of such Advance from its own funds, the Servicer may (i) cause to be made an appropriate entry in its records relating to the Certificate Collection Account that any Amount Held amount held for Future Distribution future distribution has been used by the Servicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Collection Account to the Certificate Account. In addition, the Servicer shall have the right to reimburse itself for any such Advance from amounts held from time to time in the Collection Account to the extent such amounts are not then required to be distributed. Any funds so applied and transferred pursuant to the previous two sentences shall be replaced by the Servicer by deposit in the Certificate Collection Account no later than the close of business on the next Servicer Advance DateDate on which such funds are required to be distributed pursuant to this Agreement. The Servicer shall be entitled to be reimbursed from the Certificate Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until the earlier of (i) such Mortgage Loan is paid in full, (ii) the related Mortgaged Property or related REO Property has been foreclosed liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise terminated and provided in this Section 4.01, (iii) the Mortgaged Property has not been liquidated. The Servicer shall inform determines in its good faith judgment that such amounts would constitute a Non-Recoverable Advance as provided in the Trustee of preceding paragraph or (iv) the amount of the Advance to be made date on each Servicer Advance Date no later than the second Business Day before the related Distribution Datewhich such Mortgage Loan becomes 150 days delinquent as set forth below.
(b) If Notwithstanding anything in this Agreement to the contrary (including, but not limited to, Sections 3.01 and 4.01(a) hereof), no Advance or Servicing Advance shall be required to be made hereunder by the Servicer determines that it will be unable to comply with its obligation to make (including for the Advances as and when described in the second sentence avoidance of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Datedoubt, the Trustee is entitled to immediately terminate as successor servicer) if such Advance or Servicing Advance would, if made, constitute a Non-Recoverable Advance or a Non-Recoverable Servicing Advance. The determination by the Servicer under Section 7.01that it has made a Non-Recoverable Advance or a Non-Recoverable Servicing Advance or that any proposed Advance or Servicing Advance, and shallif made, not later than 3:00 P.M.would constitute a Non-Recoverable Advance or a Non-Recoverable Servicing Advance, New York timerespectively, on shall be evidenced by an Officer's Certificate of the related Distribution Date, deposit in the Distribution Account an amount equal Servicer delivered to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable lawDepositor and the Trustee. In addition, the Servicer shall not be required to advance any Relief Act Shortfalls.
(c) Notwithstanding the foregoing, the Trustee Servicer shall not be required to make any Advances for any Mortgage Loan after such deposit if the Trustee Mortgage Loan becomes 150 days delinquent. The Servicer shall have received written notification from identify such delinquent Mortgage Loans in the Servicer that the Servicer has deposited or caused to be deposited Statement referenced in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution DateSection 3.24. If the Trustee has not terminated the ServicerIn addition, the Servicer shall reimburse provide the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advancelisting such delinquent Mortgage Loans and certifying that such loans are 150 days or more delinquent.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Rm3), Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Rm3)
Advances. (a) The Servicer maximum outstanding principal amount of the Loan is Seventy-Five Million and no/100 Dollars ($75,000,000.00) (the “Maximum Advance Amount”). Advances of the Loan shall determine on or before each Servicer Advance Date whether it is required be available from the date hereof to make and including the second (2nd) anniversary of the date hereof (the “Final Draw Date”). Subject to the conditions set forth in Section 9 below, the Borrower may request an Advance pursuant from time to time during the definition thereof. If period from the Servicer determines it is required to make an Advance, it shall, on or before date hereof until the Servicer Advance Final Draw Date, either (i) deposit into the Certificate Account an form of which request is attached hereto and incorporated herein as Exhibit A, provided, however, that under no circumstances shall the cumulative outstanding amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds the Loan made pursuant to this Section 4.01 as provided in Section 3.09hereunder exceed the Maximum Advance Amount. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee timing of the amount disbursements of any Advance shall be contingent upon the receipt by the Lender of the Advance to be made on each Servicer Advance Date no later than proceeds of the second Business Day before the related Distribution DateBonds.
(b) If The Loan availability under this Section shall be evidenced by this Agreement, the Servicer determines that it will Notes (defined below) and by the Loan Documents (defined below). At the option of the Lender, an Advance may be unable to comply with its obligation to make made either be (i) on a current pay basis whereby the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof Borrower makes monthly payments to the Trustee Lender of interest only (each such notice “Current Pay Advance”) or (ii) on an "Advance Notice"; accrual pay basis whereby interest will compound monthly and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it Borrower will be unable to deposit (each such amount an "Advance Deficiency") pay all accrued and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including unpaid interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately maturity (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder“Accrual Pay Advance”).
(c) The Servicer shallEach Advance may have a different term of maturity and interest rates. In general, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect maturity date, payment terms and interest rate applicable to which each Current Pay Advance shall be as set forth in Schedule 1 to the Servicer has determined that Subordinate Master Credit Note (Current Pay) (the related Scheduled Payments should be advanced “Current Pay Note”) and (ii) the amount maturity date, payment terms and interest rate applicable to each Accrual Pay Advance shall be as set forth in Schedule 1 to the Subordinate Master Credit Note (Accrual Pay) (the “Accrual Pay Note” and together with the Current Pay Note, the “Notes”), each from the Borrower to the Lender dated as of the related Scheduled Paymentsdate hereof and evidencing the Loan.
(d) Regardless of the Maximum Advance Amount, no Advance may cause the Loan to exceed the borrowing limits set forth in Section 1.4 below. The Servicer Lender will evaluate each Advance request independently from any other Advances, which evaluation and funding shall deliver be subject to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advanceterms and conditions herein.
Appears in 2 contracts
Sources: Loan Agreement (Phoenix Capital Group Holdings, LLC), Loan Agreement (Phoenix Capital Group Holdings I LLC)
Advances. (a) The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make an Advance advance of the delinquent amount pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer determines it is required to make an Advanceshall deposit in the related Distribution Account, it shallfrom its own funds or from amounts on deposit in the related Distribution Account that are held for future distribution, on or before not later than the Servicer Advance Date, either (i) deposit into related Distribution Account Deposit Date immediately preceding the Certificate Account related Distribution Date an amount equal to such delinquency, net of the Advance or (ii) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the Certificate Account that any Amount Held for Future Distribution has been used by extent the Master Servicer in discharge of its obligation to make determines any such Advanceadvance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds, or future payments on the Loan for which such Advance was made. Any funds amounts held for future distribution and so applied used shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Certificate related Distribution Account no later than on or before any future Distribution Account Deposit Date to the close of business on extent that the next Servicer Advance Date. The Servicer shall be entitled Group I Available Distribution Amount, Group II Available Distribution Amount or Group III Available Distribution Amount for the related Distribution Date (determined without regard to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Account Deposit Date.
(b) If shall be less than the Servicer determines total amount that it will would be unable distributed to comply with its obligation the related Classes of Certificateholders pursuant to Section 4.1 and 4.3 on such Distribution Date if such amounts held for future distributions had not been so used to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof Advances. Subject to the Trustee (each foregoing, the Master Servicer shall continue to make such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on Advances through the Business Day immediately preceding date that the related Servicer Advance Date, specifying the amount that it will be unable is required to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advancedo so under its Servicing Agreement. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York timeapplicable, on the related Distribution Account Deposit Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver present an Officer's Certificate to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined stating that the related Scheduled Payments should be advanced Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advancenonrecoverable.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1), Pooling and Servicing Agreement (Deutsche Mortgage Sec Inc Mort Loan Tr Ser 2004-1)
Advances. (a) On each Deposit Date, the Servicer shall make a payment with respect to each Receivable serviced by it (other than a Defaulted Receivable) equal to the excess, if any, of (i) the product of the Principal Balance of such Receivable as of the first day of the related Collection Period and one twelfth of its Contract Rate (calculated on the basis of a 360-day year comprised of twelve 30-day months) over (ii) Interest Collections actually received by the Servicer as of the last day of such Collection Period with respect to such Receivable (each such payment, an "ADVANCE"). With respect to each Receivable, the Advance shall increase Outstanding Advances. If such calculation results in a negative number, an amount equal to such amount shall be paid to the Servicer. The Servicer may elect not to make any Advance of due and unpaid interest with respect to a Receivable to the extent that the Servicer, in its sole discretion, determines that such Advance is not recoverable from subsequent payments on such Receivable or from funds in the Reserve Account. The Servicer shall not make any advance with respect to principal of Receivables.
(b) The Servicer shall determine deposit in the Certificate Account the aggregate Advances on or before each Receivables serviced by the Servicer Advance Date whether it is required pursuant to Section 4.3(a). To the extent that the Servicer fails to make an Advance pursuant to Section 4.3(a) on the definition thereof. If date required, the Servicer determines it is required to make an Advanceshall so notify the Trustee, it shalland the Trustee shall withdraw such amount (or, on or before if determinable, such portion of such amount as does not represent advances for delinquent interest) from the Servicer Advance Date, either (i) Reserve Account and deposit into the Certificate Account an such amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance DateAccount. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer Seller shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused cause to be deposited in the Certificate Account an amount equal the aggregate Purchase Amount with respect to Purchased Receivables. All such Advance Deficiency by 3:00 P.M. New York time deposits shall be made in immediately available funds on the related Distribution Date. If The Trustee shall deposit in the Trustee has not terminated Certificate Account the Servicer, the Servicer shall reimburse the Trustee for the amount aggregate of any Advance (including interest at amounts received pursuant to the Prime Rate Yield Supplement Agreement on the day date of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunderreceipt thereof.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding On each Servicer Advance Distribution Date, deliver prior to making any of the Trustee a report (distributions set forth in form and substance reasonably satisfactory to Section 4.5, the Trustee) that indicates (i) the Mortgage Loans Servicer shall be reimbursed for all Outstanding Advances with respect to which prior Distribution Dates to the extent of the Interest Collections for such Distribution Date and, to the extent such Interest Collections are insufficient, to the extent of the funds in the Reserve Account. If it is acceptable to each Rating Agency without reduction in the rating of the Certificates, the Outstanding Advances at the option the Servicer has determined that may be paid at or as soon as possible after the related Scheduled Payments should be advanced and (ii) the amount beginning of the related Scheduled Payments. The Servicer shall deliver to Collection Period out of the Trustee first collections of interest received on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvanceReceivables for such Collection Period.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First Security Bank Na), Pooling and Servicing Agreement (First Security Corp /Ut/)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "a “Trustee Advance Notice"; ” and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately have the right but not the obligation to (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Countrywide Home Loans 2005-J8), Pooling and Servicing Agreement (Alternative Loan Trust 2005-J10)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make an Advance, it shall, on or before the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an a "Trustee Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 3:30 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01Trustee, and shall, shall not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Deficiency. All Advances made by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has pursuant to this Section 4.01(b) shall accrue interest on behalf of the Trustee at the Trustee Advance Rate from and including the date such Advances are made to but excluding the date of repayment, with such interest being an obligation of the Master Servicer and not terminated the Servicer, the Trust Fund. The Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) together with accrued interest, not later than the second fifth day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.053.04, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the second Business Day immediately preceding each Servicer Advance Distribution Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Advances. (a) The With respect to any Mortgage Loan, the Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account time described below an amount equal to the Advance or (ii) make an appropriate entry in its records relating with respect to the Certificate Account Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Amount Held for Future Distribution has been used by Balloon Loan that is delinquent on its maturity date, the Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in discharge of its accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). The Servicer’s obligation to make such Advances as to any Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such AdvanceMortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. Any funds so applied The Servicer shall not be replaced by required to advance shortfalls of principal or interest resulting from the Servicer by deposit in application of the Certificate Account no later than the close of business on the next Servicer Advance DateRelief Act. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation obligated to make Advances with respect to any the Mortgage Loan Loans in accordance with the provisions of this Agreement; provided however, that such obligation shall continue cease if the Servicer determines, in its sole discretion, that Advances with respect to such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a are Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance DateAdvances. In the event that the Servicer does not reimburse determines that any such Advances are Nonrecoverable Advances, the Servicer shall provide the Trustee in accordance with the requirements of the preceding sentencea certificate signed by a Servicing Officer evidencing such determination. With respect to any Mortgage Loan, if an Advance is required to be made hereunder, the Trustee Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day applicable Servicer Remittance Date immediately preceding each Servicer Advance Date, deliver to following the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates Determination Date either (i) deposit in the Mortgage Loans with respect related Collection Account from its own funds an amount equal to which such Advance, (ii) cause to be made an appropriate entry in the records of such Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.01, used by the Servicer has determined that to make such Advance or (iii) make Advances in the related Scheduled Payments should be advanced form of any combination of clauses (i) and (ii) aggregating the amount of the related Scheduled Paymentssuch Advance. The Servicer Any such funds being held in a Collection Account for future distribution and so used shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined be replaced by the Servicer to from its own funds by deposit in such Collection Account on or before the next Distribution Date in which such funds would be a Nonrecoverable Advancedue.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2005-Fix1), Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2005-Fix1)
Advances. (a) The WF Master Servicer shall determine on or before enforce the obligations of each WF Servicer Advance Date whether it is required to make an a WF Servicer Periodic Advance pursuant to in accordance with the definition thereofapplicable Servicing Agreement. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The A WF Servicer shall be entitled to be reimbursed from the Certificate WF Master Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 4.01 as provided the related Servicing Agreement. Based upon information set forth in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The servicer reports, the WF Master Servicer shall inform the Trustee Securities Administrator of the amount of the WF Servicer Periodic Advance to be made by a WF Servicer with respect to each Loan Group on each Servicer applicable Advance Date no later than the second related Remittance Date. If a WF Servicer fails to make any required Advance pursuant to the related Servicing Agreement, the WF Master Servicer shall (i) unless the WF Master Servicer determines that such Advance would not be recoverable in its good faith business judgment, make such Advance not later than the Business Day before preceding the related Distribution Date and (ii) to the extent such failure leads to the termination of the WF Servicer and until such time as a successor WF Servicer is appointed, continue to make Advances required pursuant to the related Servicing Agreement for any Distribution Date, within the same time frame set forth in (i) above, unless the WF Master Servicer determines (to the extent provided in the related Servicing Agreement) that such Advance would not be recoverable; provided that if the WF Servicer that fails to make such Advance is Wells Fargo Bank, the Trustee shall have such obligation to make such A▇▇▇▇▇e set forth in this paragraph.
(b) If To the extent described below, the WMMSC Master Servicer determines that it will is obligated to advance its own funds and remit such Advance to the Certificate Account to cover any shortfall between (i) payments scheduled to be unable received in respect of WMMSC Master Serviced Loans (without giving effect to comply with its any Debt Service Reduction being contested by the WMMSC Master Servicer or a WMMSC Servicer), and (ii) the amounts actually deposited in the Certificate Account on account of such payments. The WMMSC Master Servicer's obligation to make the Advances as and when any advance or advances described in this Section 3.21 is effective only to the extent that such advance is, in the good faith judgment of the WMMSC Master Servicer made on or before the second sentence Business Day prior to each Distribution Date, reimbursable from Insurance Proceeds or Liquidation Proceeds of Section 4.01(a), it shall use its best efforts to give written notice thereof the related WMMSC Master Serviced Loans or recoverable as late Monthly Payments with respect to the Trustee (related WMMSC Master Serviced Loans or otherwise. The WMMSC Master Servicer's obligation to make an Advance with respect to any WMMSC Master Serviced Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such WMMSC Master Serviced Loan. Prior to the close of business on the second Business Day prior to each such notice Distribution Date, the WMMSC Master Servicer shall determine whether or not it will make an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding prior to such Distribution Date (in the related event that the applicable WMMSC Servicer Advance Date, specifying the amount that it will be unable fails to deposit (each make such amount an "Advance Deficiency"advances) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not shall furnish a Nonrecoverable Advance. If written statement to the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance DateSecurities Administrator, the Trustee is entitled to immediately terminate the Servicer under Section 7.01Paying Agent, if any, and shallto any Certificateholder requesting the same, not later than 3:00 P.M.setting forth the aggregate amount to be advanced on account of principal and interest in respect of the WMMSC Master Serviced Loans, New York time, on stated separately. In the related Distribution Date, deposit in event that the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee WMMSC Master Servicer shall not be required to make such an Advance, it shall on the applicable Advance Date relating to each Distribution Date either (i) remit to the Securities Administrator for deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency Advance, (ii) make an appropriate entry in the records of the WMMSC Master Servicer Custodial Account that funds in such account that are Amounts Held for Future Distribution have been, as permitted by 3:00 P.M. New York time on this Section 3.21, used by the related Distribution Date. If WMMSC Master Servicer to make such Advance, or (iii) make advances in the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for form of any combination of (i) and (ii) aggregating the amount of any Advance (including interest at such Advance. Any Amounts Held for Future Distribution shall be replaced by the Prime Rate WMMSC Master Servicer by deposit in the WMMSC Master Servicer Custodial Account on the day of such reimbursement published applicable Remittance Date relating to any future Distribution Date to the extent that funds in The Wall Street Journal) the WMMSC Master Servicer Custodial Account on such amountDistribution Date with respect to the Mortgage Loans shall be less than the amounts required to be remitted to the Certificate Account on such Remittance Date. Under each Servicing Contract, made the WMMSC Master Servicer is entitled to receive from the Servicer Custodial Accounts established by the Trustee pursuant WMMSC Servicers amounts received by the applicable WMMSC Servicers on particular WMMSC Master Serviced Loans as late payments of principal and interest or as Liquidation Proceeds or Insurance Proceeds and respecting which the WMMSC Master Servicer has made an unreimbursed advance of principal and interest. The WMMSC Master Servicer is also entitled to this Section 4.01(b) not later than the second day following receive other amounts from the related Servicer Advance DateCustodial Accounts established by the WMMSC Servicers to reimburse itself for prior Nonrecoverable Advances respecting WMMSC Master Serviced Loans serviced by such WMMSC Servicers. The WMMSC Master Servicer shall deposit these amounts in the WMMSC Master Servicer Custodial Account prior to withdrawal pursuant to Section 3.11. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject 3.11, Advances are reimbursable to the limitations set forth WMMSC Master Servicer from cash in the WMMSC Master Servicer Custodial Account or the Certificate Account to the extent that the WMMSC Master Servicer shall determine that any such Advances previously made are Nonrecoverable Advances pursuant to Section 3.05, assume all of the rights and obligations of the Servicer hereunder3.21(c).
(c) Any advance previously made by the WMMSC Master Servicer or by a WMMSC Servicer pursuant to its Servicing Contract with respect to a WMMSC Master Serviced Loan that the WMMSC Master Servicer shall determine in its good faith judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation Proceeds or otherwise with respect to such WMMSC Master Servicer Mortgage Loan or recoverable as late Monthly Payments with respect to such Mortgage Loan shall be a "Nonrecoverable Advance". The determination by the WMMSC Master Servicer shallthat it or the applicable WMMSC Servicer has made a Nonrecoverable Advance or that any advance would constitute a Nonrecoverable Advance, not later than shall be evidenced by an Officer's Certificate of the close of business WMMSC Master Servicer delivered to the Securities Administrator on the Business Day immediately preceding each Servicer Advance DateDetermination Date and detailing the reasons for such determination. Notwithstanding any other provision of this Agreement, deliver any insurance policy relating to the Trustee a report (in form and substance reasonably satisfactory WMMSC Master Serviced Loans, or any other agreement relating to the Trustee) that indicates WMMSC Master Serviced Loans to which the Depositor or the WMMSC Master Servicer is a party, (i) the Mortgage Loans with respect to which WMMSC Master Servicer and each WMMSC Servicer shall not be obligated to, and shall not, make any advance that, after reasonable inquiry and in its sole discretion, the WMMSC Master Servicer has determined that the related Scheduled Payments should or such WMMSC Servicer shall determine would be advanced a Nonrecoverable Advance, and (ii) the amount of the related Scheduled Payments. The WMMSC Master Servicer and each WMMSC Servicer shall deliver be entitled to the Trustee on the related Servicer Advance Date an Officer's Certificate reimbursement for any advance as provided in Section 3.11(a)(i), (ii) and (iv) of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advancethis Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. Mortgage Pass-Through Certificates Series 2004-4), Pooling and Servicing Agreement (Banc of America Funding Corp. Mortgage Pass-Through Certificates Series 2004-D)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into No Bank shall be responsible for the Certificate Account an amount equal to the Advance failure or (ii) make an appropriate entry delay by any other Bank in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close its ratable share of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account a borrowing hereunder, except for all Advances of its own funds made pursuant to this Section 4.01 as adjustments provided in Section 3.093.18(a)(iv) to the Revolving Commitment Percentage of each Bank that is not a Defaulting Bank; provided, however, that the failure of any Bank to fulfill its obligations hereunder shall not relieve any other Bank of its obligations hereunder.
(ii) Unless any Borrower or any Bank has notified the Applicable Agent prior to the date any payment is required to be made by it to the Applicable Agent hereunder, that such Borrower or such Bank, as the case may be, will not make such payment, the Applicable Agent may assume that such Borrower or such Bank, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. The If and to the extent that such payment was not in fact made to the Applicable Agent in Same Day Funds, then:
(A) if the Borrowers failed to make such payment, each Bank shall forthwith on demand repay to the Applicable Agent the portion of such assumed payment that was made available to such Bank in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Applicable Agent to such Bank to the date such amount is repaid to the Applicable Agent in Same Day Funds, at the Overnight Rate from time to time in effect; and
(B) if any Bank failed to make such payment, such Bank shall forthwith on demand pay to the Applicable Agent the amount thereof in Same Day Funds, together with interest thereon for the period from the date such amount was made available by the Applicable Agent to the Borrowers to the date such amount is recovered by the Applicable Agent (the “Compensation Period”) at a rate per annum equal to the Overnight Rate from time to time in effect. If such Bank does not pay such amount forthwith upon the Applicable Agent’s demand therefor, the Applicable Agent may make a demand therefor upon the Borrower Representative, and the Borrowers shall pay such amount to the Applicable Agent, together with interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Bank from its obligation to make Advances fulfill its Commitments or to prejudice any rights that the Administrative Agent, the Term B Facility Agent or the Borrowers may have against any Bank as a result of any default by such Bank hereunder. A notice of the Applicable Agent to any Bank with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
owing under this subsection (b) If the Servicer determines that it will shall be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a)conclusive, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunderabsent manifest error.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Credit Agreement (Owens & Minor Inc/Va/), Credit Agreement (Owens & Minor Inc/Va/)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into An Authorized Representative shall give the Certificate Account an amount equal to the Advance or Agent (ii1) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second at least three (3) Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give Days' irrevocable written notice thereof of each Eurodollar Rate Loan (whether representing an additional borrowing hereunder or the conversion of borrowing hereunder from Base Rate Loans to Eurodollar Rate Loans) prior to 10:30 A.M., Birmingham, Alabama time and (2) irrevocable written notice of each Base Rate Loan (whether representing an additional borrowing hereunder or the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy)conversion of borrowing hereunder from Eurodollar Rate Loans to Base Rate Loans) prior to 10:30 A.M. Birmingham, not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York Alabama time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on proposed Revolving Loan. Each such amountwritten notice, made which shall be effective upon receipt by the Trustee pursuant Agent, may be delivered by telefacsimile and shall be in the form of the Request For Advance/Interest Rate Election and shall specify the amount of the borrowing, the type of Revolving Loan (Base Rate or Eurodollar Rate), the date of borrowing and, if a Eurodollar Rate Loan, the Interest Period to this Section 4.01(b) be used in the computation of interest. Notice of receipt of such Request For Advance/Interest Rate Election shall be provided by the Agent to each Lender by telefacsimile with reasonable promptness, but not later than 1:00 P.M., Birmingham, Alabama time on the second same day following as Agent's receipt of such notice.
(ii) Not later than 1:00 P.M., Birmingham, Alabama time on the related Servicer date specified for each Advance Dateunder this Section 2.1, each Lender shall, pursuant to the terms and subject to the conditions of this Agreement, initiate a wire transfer to the Agent in the amount of its pro rata share, determined according to such Lender's Applicable Commitment Percentage, of the Revolving Loan or Revolving Loans to be made on such day. Such wire transfer shall be directed to the Agent at the Principal Office and shall be in the form of immediately available funds. The amount so received by the Agent shall, subject to the terms and conditions of this Agreement, be made available to the Borrowers by delivery of the proceeds thereof to the Borrowers' Account or otherwise as shall be directed in the applicable Borrowing Notice by the Authorized Representative.
(iii) The duration of the initial Interest Period for each Revolving Loan that is a Eurodollar Rate Loan shall be as specified in the initial Request For Advance/Interest Rate Election delivered in accordance with clause (i) above. The Borrowers shall have the option to convert the Eurodollar Rate Loans in accordance with Section 2.7 hereof. In the event the Agent fails to receive a properly completed Request for Advance/Interest Rate Selection by such time as required by Section 2.7 hereof to convert a Eurodollar Rate Loan, the duration of each subsequent Interest Period for such Eurodollar Rate Loan after the initial Interest Period therefor shall be determined automatically by the Agent on the date three (3) Business Days' prior to the end of such preceding Interest Period and shall be that available Interest Period on such date (30, 60 or 90 days) which has the Servicer does not reimburse lowest corresponding Eurodollar Rate and, if more than one available Interest Period has the Trustee same lowest Eurodollar Rate, the shortest such Interest Period shall be the applicable subsequent Interest Period for such Eurodollar Rate Loan.
(iv) Notwithstanding the foregoing, if a drawing is made under any Letter of Credit prior to the Revolving Credit Termination Date, notice of such drawing and resulting Reimbursement Obligation shall be provided promptly by Issuing Bank to the Agent and the Agent shall provide notice to each Lender and the Borrowers by telephone. If such notice to the Lenders of a drawing under any Letter of Credit is given by the Agent at or before 1:00 p.m. on any Business Day, the Borrowers shall be deemed to have requested, and each Lender shall, pursuant to the conditions of this Agreement, make an Advance as a Base Rate Loan under the Revolving Credit Facility in the amount of such Lender's Applicable Commitment Percentage of such Reimbursement Obligation and shall pay such amount to the Agent for the account of Issuing Bank at the Principal Office in Dollars and in immediately available funds before 2:30 P.M. on the same Business Day. If notice to the Lenders is given by the Agent after 1:00 P.M. on any Business Day, the Borrowers shall be deemed to have requested, and each Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make an Advance as a Base Rate Loan under the Revolving Credit Facility in the amount of such Lender's Applicable Commitment Percentage of such Reimbursement Obligation and shall pay such amount to the Agent for the account of Issuing Bank at the Principal Office in Dollars and in immediately available funds before 12:00 noon on the next following Business Day. Such Base Rate Loan shall continue unless and until the Borrowers convert such Base Rate Loan in accordance with the requirements terms of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder2.7 hereof.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Credit Agreement (Giant Cement Holding Inc), Credit Agreement (Giant Cement Holding Inc)
Advances. (a) The Servicer shall determine on or before Not later than two Business Days prior to each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance -------- Payment Date, either (i) deposit into the Certificate Account Master Servicer will advance an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account all monthly payments of interest that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than were due on a Home Equity Loan and delinquent at the close of business on the next Servicer Advance Date. The Servicer shall last day of the preceding calendar month (an "Advance") to the extent that the Master Servicer, in its sole discretion, believes that the amount so advanced will be entitled recoverable from subsequent payments and collections in respect of any such delinquent Home Equity Loans or from other sources of cash held or to be reimbursed from held by the Certificate Trust in the Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to such delinquent Home Equity Loans. Notwithstanding any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and other provision of this Agreement, the Mortgaged Property has not been liquidated. The Master Servicer shall inform the Trustee of the amount of the not make any Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with determines in its obligation to make the Advances as and when described in the second sentence of Section 4.01(a)reasonable judgment would be, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy)if made, not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If The Master Servicer shall, in connection with any Advance, prior to such Payment Date remit to the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, for deposit in the Distribution Certificate Account from its own funds an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable lawAdvance. Notwithstanding The Master Servicer may reduce the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused total amount of Advances to be deposited in the Certificate Account an as required by the foregoing sentence by the amount equal to of funds in the Collection Account which represent Scheduled Payments paid by Obligors but not yet due. The Master Servicer shall replace any such funds by the applicable due date. Any such Advance Deficiency by 3:00 P.M. New York time shall be included with the distribution to the Certificateholders on the related Distribution Payment Date. If the Trustee has not terminated the Servicer, the The Master Servicer shall reimburse the Trustee for will be entitled to recover the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans subsequent Payment Dates from funds received with respect to such delinquent Home Equity Loans. The Master Servicer shall be entitled to reimbursement for Nonrecoverable Advances from the Collection Account at any time. On each Payment Date following any Remittance Period in which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer reimbursed itself for a Nonrecoverable Advance, it shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating stating the amount of any proposed such Nonrecoverable Advances reimbursed. If the Master Servicer determines not to make an Advance determined by because such Advance is not required hereunder, it shall on the Servicer related Payment Date furnish to be a Nonrecoverable Advancethe Trustee notice of such determination.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Transamerica Consumer Mortgage Receivables Corp), Pooling and Servicing Agreement (Transamerica Consumer Mortgage Receivables Corp)
Advances. (a) The With respect to the Non-Designated Mortgage Loans, each Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account time described below an amount equal to the Advance or (ii) make an appropriate entry in its records relating with respect to the Certificate Account Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Amount Held Balloon Loan that is delinquent on its maturity date, a Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for Future Distribution has been used by that Mortgage Loan (with interest at the Servicer in discharge of its Mortgage Rate less the Servicing Fee Rate). Each Servicer’s obligation to make such Advances as to any related Non-Designated Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Advance. Any funds so applied shall be replaced by Non-Designated Mortgage Loan, or the Servicer by deposit in related Mortgaged Property or related REO Property has been liquidated or until the Certificate Account no later than purchase or repurchase thereof (or substitution therefor) from the close Trust Fund pursuant to the terms of business on the next Servicer Advance Datethis Agreement. The Servicers shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. Each Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation obligated to make Advances with respect to those Non-Designated Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Non-Designated Mortgage Loan shall continue cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a are Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance DateAdvances. In the event that the related Servicer does not reimburse determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee in accordance with a certificate signed by a Servicing Officer evidencing such determination. With respect to the requirements of the preceding sentenceNon-Designated Mortgage Loans, if an Advance is required to be made hereunder, the Trustee related Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day applicable Servicer Remittance Date immediately preceding each Servicer Advance Date, deliver to following the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates Determination Date either (i) the Mortgage Loans with respect to which the Servicer has determined that deposit in the related Scheduled Payments should Collection Account from its own funds an amount equal to such Advance, (ii) cause to be advanced made an appropriate entry in the records of such Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of the related Scheduled Paymentssuch Advance. The Servicer Any such funds being held in a Collection Account for future distribution and so used shall deliver to the Trustee on be replaced by the related Servicer Advance from its own funds by deposit in such Collection Account on or before the next Distribution Date an Officer's Certificate in which such funds would be due. With respect to any Designated Mortgage Loan, the Master Servicer shall, or shall cause WFHMI to, make Advances as required by Section 3.23(a) of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advancethis Agreement.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Home Equity Pass-Through Certificates Series 2003-8), Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Hm Eq Pass THR Certs Ser 2003-7)
Advances. (a) The If any Monthly Payment on a Mortgage Loan that was due on the immediately preceding Due Date or due during the related Due Period and delinquent on a Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer shall determine on or before each will deposit in the Collection Account not later than the related Master Servicer Advance Remittance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to such Monthly Payment net of the related Master Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. Subject to the foregoing and in the absence of such a determination, the Master Servicer shall continue to make such advances through the date that the related Mortgaged Property or REO Property has, in the judgment of the Master Servicer, been completely liquidated. No later than the fourth Business Day preceding each Payment Date, the Master Servicer shall present an Officer's Certificate to the Indenture Trustee with respect to the Mortgage Loans, (i) stating that the Master Servicer elects not to make a Monthly Advance or in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Master Servicer will include in the Remittance Report a list of each Mortgage Loan for which it does not make an appropriate entry a Monthly Advance in its records relating to accordance with this Section. Such Monthly Advances may be made in whole or in part from funds in the Certificate Collection Account that any Amount Held being held for Future Distribution has been used by the Servicer future distribution or withdrawal on or in discharge of its obligation to make any such Advanceconnection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so applied used shall be replaced by the Master Servicer from its own funds by deposit in the Certificate Collection Account no later than on or before the close of business on fourth Business Day preceding any Payment Date to the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from extent that funds in the Certificate Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan such Payment Date shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance be less than payments to Securityholders required to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Datesuch date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Servicing Agreement (American Home Mortgage Investment Trust 2004-3), Servicing Agreement (American Home Mortgage Investment Trust 2004-2)
Advances. (a) The If during a Collection Period a Lessee makes a Lessee Partial Monthly Payment, the Servicer shall determine make, by deposit into the 2004-A SUBI Collection Account on the related Deposit Date, a Monthly Payment Advance, unless such Advance is not required to be made pursuant to Section 8.06(c).
(b) On each Deposit Date, the Servicer shall make, by deposit into the 2004-A SUBI Collection Account, Sales Proceeds Advances, unless such Advance is not required to be made pursuant to Section 8.06(c). After the Servicer has made a Sales Proceeds Advance with respect to a Matured Vehicle, the Trust shall have no claim against or before each interest in such Matured Vehicle or any Net Auction Proceeds resulting from the sale or other disposition thereof, except with respect to any related Residual Value Surplus. If the Servicer shall sell or otherwise dispose of a Matured Vehicle after having made a Sales Proceeds Advance, the Trust may retain all of such Sales Proceeds Advance, and the Servicer shall retain the related Net Auction Proceeds up to the Securitization Value of the related 2004-A Lease, and shall deposit the Residual Value Surplus, if any, into the 2004-A SUBI Collection Account. If the Net Auction Proceeds are less than the Securitization Value of the related 2004-A Lease, the Servicer may deduct the difference from SUBI Collections in respect of one or more future Collection Periods. If the Servicer has not sold a Matured Vehicle within 90 days after it has made a Sales Proceeds Advance, it shall be reimbursed for such Sales Proceeds Advance Date whether it is from the 2004-A SUBI Collection Account. Within six months of receiving such reimbursement, if the related 2004-A Vehicle has not been sold, the Servicer shall, if permitted by applicable law, cause such 2004-A Vehicle to be sold at auction and shall remit the proceeds associated with such auction sale to the 2004-A SUBI Collection Account.
(c) Notwithstanding anything to the contrary in the Servicing Agreement, the Servicer shall be required to make an Advance pursuant only to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines extent that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying determines that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice will be recoverable from future payments on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance2004-A Lease or 2004-A Vehicle.
Appears in 2 contracts
Sources: Servicing Supplement (Nissan Auto Lease Trust 2004-A), Servicing Supplement (Nissan Auto Lease Trust 2004-A)
Advances. (a) The Servicer Company shall determine on or before each Servicer Advance Date whether it is required to make an Advance with respect to any EMC Mortgage Loan and deposit such Advance in the Master Servicer Collection Account no later than 1:00 p.m. Eastern time on the Remittance Date in immediately available funds. The Servicer shall make an Advance with respect to any Mortgage Loans serviced by it pursuant to the definition thereofGMACM Servicing Agreement. The Company or the Servicer, as applicable, shall be obligated to make any such Advance only to the extent that such advance would not be a Nonrecoverable Advance. If the Company or the Servicer determines shall have determined that it is required to make an has made a Nonrecoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Nonrecoverable Advance, it shallthe Company or the Servicer, on or before as the Servicer Advance Datecase may be, either shall deliver (i) deposit into the Certificate Account an amount equal to the Securities Administrator for the benefit of the Certificateholders funds constituting the portion of such Advance or that is not deemed Nonrecoverable, if applicable, and (ii) make to the Depositor, the Master Servicer, each Rating Agency, and the Trustee an Officer’s Certificate setting forth the basis for such determination. The Company or the Servicer shall discontinue making advances with respect to any Mortgage Loan that becomes 60 days Delinquent. In addition, subject to Section 4.08 of the Agreement, the Company or the Servicer must charge off a Mortgage Loan at the time such Mortgage Loan, as applicable, becomes 180 days Delinquent unless the Company or the Servicer reasonably believes that it may be able to obtain a net recovery through foreclosure proceedings or other conversion of the related Mortgage Loan. Once a Mortgage Loan is charged off, the Company or the Servicer shall not be entitled to any additional Servicing Fee for such Mortgage Loan, except to the extent of any unpaid Servicing Fees and expenses which shall be reimbursable from any recoveries on such Mortgage Loan, and the Mortgage Loan shall be treated as a Liquidated Loan giving rise to a Realized Loss. If the Company or the Servicer determines that a significant net recovery is possible through foreclosure proceedings or other disposition of the related Mortgage Loan that becomes 60 days Delinquent, the Company or the Servicer may continue making advances on such Mortgage Loan. To the extent the Company or the Servicer, as applicable, determines that a proposed Advance would not be a Nonrecoverable Advance and in its sole discretion reinstates and subsequently makes additional Advances for such Mortgage Loan, such Advances shall be reimbursable from any Subsequent Recoveries or as otherwise provided for in this Agreement. Unless specific Subsequent Recoveries are anticipated, as applicable, on a particular Mortgage Loan that is charged off as described in the preceding paragraph or the GMACM Servicing Agreement, such charged off Mortgage Loan will be released from the Trust Fund, and will be transferred to the Class X Certificateholders. If any Subsequent Recoveries are anticipated on such charged off Mortgage Loans, the release of such Mortgage Loan from the Trust Fund will be delayed until the Distribution Date after receipt of such Subsequent Recoveries. After the release of any charged off Mortgage Loan, the Class X Certificateholders will be entitled to any amounts subsequently received in respect of any such released Mortgage Loans, subject to any fees or expenses owed to the Master Servicer. Such Class X Certificateholder may designate any servicer to service any such released mortgage loan and the Class X Certificateholder may sell any such released Mortgage Loan to a third party. To the extent the servicing of such released Mortgage Loan is not transferred from the Company or the Servicer, the servicing of such released Mortgage Loan and the fees therefor shall be governed by this Agreement or the GMACM Servicing Agreement, as applicable. In lieu of making all or a portion of such Advance from its own funds, the Company may (i) cause to be made an appropriate entry in its records relating to the Certificate Protected Account that any Amount Amounts Held for Future Distribution has been used by the Servicer Company in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Protected Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Servicer Company by deposit depositing such amount in the Certificate Distribution Account no later than the close of business on the next Servicer Advance DateRemittance Date immediately preceding the Distribution Account Deposit Date on which such funds are required to be distributed pursuant to this Agreement. The Servicer Company shall be entitled to be reimbursed from the Certificate Protected Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.095.02. The obligation to make Advances with respect to any EMC Mortgage Loan shall continue if until such EMC Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Dateprovided in this Section 6.01.
(b) If the Scheduled 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 Company or the Servicer determines that it will be unable to comply with its obligation was required to make an Advance pursuant to this Agreement or the Advances as and when described GMACM Servicing Agreement exceeds the amount deposited in the second sentence of Section 4.01(a)Master Servicer Collection Account which shall be used for an Advance with respect to such Mortgage Loan, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), Master Servicer will deposit in the Master Servicer Collection Account not later than 3:00 P.M., New York time, on the Business Day Distribution Account Deposit Date immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such deficiency, net of the Master Servicing Fee and the Servicing Fee for such Mortgage Loan except to the extent the Master Servicer determines any such Advance Deficiency by 3:00 P.M. New York time to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the related Distribution DateMortgage 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 Company or the Servicer is required to do so under this Agreement or the GMACM Servicing Agreement, as applicable. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer’s Certificate to the Trustee has (i) stating that the Master Servicer elects not terminated to make an Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable. The Master Servicer may rely on any non-recoverability determination of the Company or the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant . Subject to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee and in accordance with the requirements provisions of Article IX hereof, in the preceding sentenceevent the Master Servicer fails to make such Advance, then the Trustee Trustee, as Successor Master Servicer, shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) be obligated to make such Advance, subject to the limitations set forth in provisions of this Section 3.05, assume all of the rights and obligations of the Servicer hereunder6.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (SACO I Trust 2006-10), Pooling and Servicing Agreement (SACO I Trust 2006-10)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account time described below an amount equal to the Advance or (ii) make an appropriate entry in its records relating with respect to the Certificate Account Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Amount Held for Future Distribution has been used by Balloon Loan that is delinquent on its maturity date, the Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in discharge of its accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). The Servicer’s obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such AdvanceMortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. Any funds so applied The Servicer shall not be replaced by required to advance shortfalls of principal or interest resulting from the Servicer by deposit in application of the Certificate Account no later than the close of business on the next Servicer Advance DateRelief Act. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation obligated to make Advances with respect to those Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Mortgage Loan shall continue cease if the Servicer determines, in its sole discretion, that Advances with respect to such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a are Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance DateAdvances. In the event that the Servicer does not reimburse determines that any such Advances are Nonrecoverable Advances, the Servicer shall provide the Trustee in accordance with the requirements of the preceding sentencea certificate signed by a Servicing Officer evidencing such determination. If an Advance is required to be made hereunder, the Trustee Servicer shall immediately (a) terminate all of the rights and obligations of on the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to Remittance Date immediately following the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates Determination Date either (i) deposit in the Mortgage Loans with respect related Collection Account from its own funds an amount equal to which such Advance, (ii) cause to be made an appropriate entry in the records of such Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 4.01, used by the Servicer has determined that to make such Advance or (iii) make Advances in the related Scheduled Payments should be advanced form of any combination of clauses (i) and (ii) aggregating the amount of the related Scheduled Paymentssuch Advance. The Servicer Any such funds being held in a Collection Account for future distribution and so used shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined be replaced by the Servicer to from its own funds by deposit in such Collection Account on or before the next Distribution Date in which such funds would be a Nonrecoverable Advancedue or from other funds in the Collection Account being held for future distribution, if available.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Home Equity Asset Trust 2007-2)
Advances. (a) Subject to the conditions of this Article IV, the Servicer, as required below, shall make an Advance and deposit such Advance in the Collection Account. Each such Advance shall be remitted to the Collection Account no later than 2:00 p.m. New York City time on the Servicer Remittance Date in immediately available funds. The Servicer shall determine on or before each Servicer Advance Date whether it is required be obligated to make an any such Advance pursuant only to the definition thereofextent that such advance would not be a Non-Recoverable Advance. If the Servicer determines shall have determined that it is required to make an has made a Non-Recoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Non-Recoverable Advance, it shall, on or before the Servicer Advance Date, either shall deliver (i) deposit into the Certificate Account an amount equal to the Advance or Trustee for the benefit of the Certificateholders funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor each Rating Agency and the Trustee an Officer's Certificate setting forth the basis for such determination. The Servicer may, in its sole discretion, make an Advance with respect to the principal portion of the final Scheduled Payment on a Balloon Loan, but the Servicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect the Servicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan for a first lien Mortgage when due, the Servicer shall Advance (unless it determines in its good faith judgment that such amounts would constitute a Non Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is reduced to zero. In lieu of making all or a portion of such Advance from its own funds, the Servicer may (i) cause to be made an appropriate entry in its records relating to the Certificate Collection Account that any Amount Held amount held for Future Distribution future distribution has been used by the Servicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Collection Account to the Certificate Account. In addition, the Servicer shall have the right to reimburse itself for any such Advance from amounts held from time to time in the Collection Account to the extent such amounts are not then required to be distributed. Any funds so applied and transferred pursuant to the previous two sentences shall be replaced by the Servicer by deposit in the Certificate Collection Account no later than the close of business on the next Servicer Advance DateRemittance Date on which such funds are required to be distributed pursuant to this Agreement. The Servicer shall be entitled to be reimbursed from the Certificate Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until such Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or otherwise terminated and until the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
purchase or repurchase thereof (bor substitution therefor) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder4.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Speciality Underwriting & Residential Finance Trust, Series 2005-Ab2), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2005-Ab3)
Advances. If any Monthly Payment on a Mortgage Loan (aother than Balloon Payments) The that was due on the immediately preceding Due Date (with respect to an ARM Loan) or due during the related Collection Period (with respect to a High LTV Loan) and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by will deposit in the Certificate Collection Account no not later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the third Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Payment Date an amount equal to such Advance Deficiency by 3:00 P.M. New York time on Monthly Payment (with respect to an ARM Loan) or the interest portion of such Monthly Payment (with respect to a High LTV Loan) net of the related Distribution DateServicing Fee and CMAC PMI Policy Fee for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. If Subject to the Trustee has not terminated foregoing and in the absence of such a determination, the Master Servicer shall continue to make such advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not been completely liquidated. No later than the second day following the related Servicer Advance fourth Business Day preceding each Payment Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee Master Servicer shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject present an Officer's Certificate to the limitations set forth in Section 3.05, assume all of Indenture Trustee and the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver Bond Insurer with respect to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates ARM Loans, (i) the Mortgage Loans with respect to which the Servicer has determined stating that the related Scheduled Payments should be advanced Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer advance to be a Nonrecoverable Advance. Such an Officer's Certificate is not required with respect to to the Master Servicer's determination not to make an Advance in connection with a High LTV Loan. The Master Servicer will include in the Determination Date Report a list of each ARM Loan or High LTV Loan for which it does not make an Advance in accordance with this Section. Such Advances may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so used shall be replaced by the Master Servicer from its own funds by deposit in the Collection Account on or before the fourth Business Day preceding any Payment Date to the extent that funds in the Collection Account with respect to such Payment Date shall be less than payments to Securityholders required to be made on such date.
Appears in 2 contracts
Sources: Servicing Agreement (Imh Assets Corp Impac CMB Trust Series 1999-1), Servicing Agreement (Imh Assets Corp Collateralized Asset-Backed BDS Ser 1999-2)
Advances. (a) The Master Servicer shall determine on or before by each Master Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereofof Advance. If the Master Servicer determines it is required to make an Advance, it shall, on or before by the Master Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Master Servicer in discharge of its obligation to make any such the Advance. Any The Master Servicer shall replace any funds so applied shall be replaced by the Servicer by making a deposit in the Certificate Account no later than the close of business on the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such the Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Master Servicer shall inform the Trustee of the amount of the Advance to be made on each Master Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Master Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance NoticeADVANCE NOTICE"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Master Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance DeficiencyADVANCE DEFICIENCY") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Master Servicer Advance Date, the Trustee is entitled to immediately terminate the Master Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Master Servicer that the Master Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Master Servicer, the Master Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street JournalTHE WALL STREET JOURNAL) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Master Servicer Advance Date. In the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Master Servicer hereunder.
(c) The Master Servicer shall, not later than the close of business on the Business Day immediately preceding each Master Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Master Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Master Servicer to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset Backed Trust, SPMD 2004-C), Pooling and Servicing Agreement (IndyMac ABS, Inc., Home Equity Mortgage Loan Asset Backed Trust, SPMD 2004-B)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge As of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer last day of each Collection Period, if the payments by or on behalf of the Obligor on a Precomputed Receivable (other than an Administrative Receivable or a Warranty Receivable) after application under Section 5.03(a) shall be entitled less than the Scheduled Payment (determined as of the Closing Date), whether as a result of any modification or extension granted to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances Obligor or otherwise, then the Deferred Prepayment, if any, with respect to any Mortgage Loan such Precomputed Receivable shall continue if be applied by the Servicer to the extent of the shortfall, and such Mortgage Loan has been foreclosed or otherwise terminated and Deferred Prepayment shall be reduced accordingly. Subject to the Mortgaged Property has not been liquidated. The provisions of the last sentence of this paragraph, the Servicer shall inform the Trustee of the deposit an amount of the Advance equal to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
such shortfall (beach, a "Precomputed Advance") If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, Collection Account on the Business Day immediately preceding the related Servicer Advance Payment Date. In addition, specifying as of the last day of a Collection Period, if the payments during such Collection Period by or on behalf of the Obligor on or in respect of a Simple Interest Receivable (other than an Administrative Receivable or a Warranty Receivable) after application under Section 5.03(a) shall be less than the Scheduled Payment (determined as of the Closing Date), whether as a result of any modification or extension granted to the Obligor or otherwise, then an amount equal to the product of the principal balance of such Receivable as of the first day of the related Collection Period and one-twelfth of its Annual Percentage Rate minus the amount of interest actually received on such Receivable during the Collection Period (each, a "Simple Interest Advance") shall be deposited by the Servicer into the Collection Account on the Business Day immediately preceding the related Payment Date. If such a calculation in respect of a Simple Interest Receivable results in a negative number, an amount equal to such negative amount shall be paid to the Servicer in reimbursement of any outstanding Simple Interest Advances made with respect to such Receivable. In addition, in the event that it a Simple Interest Receivable becomes a Liquidated Receivable, the amount of accrued and unpaid interest thereon (but not including interest for the current Collection Period) shall, up to the amount of any outstanding Simple Interest Advances made with respect to such Receivable, be withdrawn from the Collection Account and paid to the Servicer in reimbursement of such outstanding Simple Interest Advances. No Advances will be unable made with respect to deposit the Principal Balance of Simple Interest Receivables. The Servicer shall not be required to make an Advance (each such amount other than a Simple Interest Advance in respect of an "Advance Deficiency"interest shortfall arising from the Prepayment of a Simple Interest Receivable) and certifying to the extent that the Servicer, in its sole discretion, shall determine that such Advance Deficiency constitutes an is unlikely to be recovered from subsequent payments made by or on behalf of the related Obligor, Liquidation Proceeds, by the Administrative Purchase Payment or by the Warranty Purchase Payment with respect to such Receivable or otherwise.
(b) The Servicer shall be entitled to reimbursement for Outstanding Advances, without interest, with respect to a Receivable from the following sources with respect to such Receivable: (i) subsequent payments made by or on behalf of the related Obligor, (ii) Liquidation Proceeds and (iii) the Warranty Purchase Payment; PROVIDED, HOWEVER, that in the case of Advances made pursuant to Section 4.02, the Servicer shall be entitled to reimbursement only from amounts received in respect of such Receivable that are in excess of the amount of the Scheduled Payment in the related Collection Period.
(c) To the extent that the Servicer has determined that any Outstanding Advance hereunder and is not a Nonrecoverable Advance. If , the Trustee receives a Trustee Advance Notice Servicer may, in the relevant Servicer's Certificate, set forth the amount of such Nonrecoverable Advance, and on or before 3:00 P.M., New York time on a Servicer Advance the related Payment Date, the Relevant Trustee is entitled shall promptly remit to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, from Actual Payments on the related Distribution Date, deposit in the Distribution Collection Account an amount equal to the Advance Deficiency identified amount of such Nonrecoverable Advance. The Servicer's determination of Available Collections for any Collection Period shall take into account the amount of Nonrecoverable Advances specified in any such Trustee Advance Notice unless it is prohibited from Officer's Certificate.
(d) For so doing by applicable law. Notwithstanding long as the foregoingMonthly Remittance Conditions are satisfied, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from in lieu of causing the Servicer that first to deposit and then the Relevant Trustee to remit to the Servicer has deposited the amounts described in clauses (i) through (iv) in Section 5.04(b) reimbursable in respect on Outstanding Advances, or caused to be deposited the amounts described in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the ServicerSection 5.04(c) applicable in respect of Nonrecoverable Advances, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of may deduct such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer amounts from deposits otherwise to be a Nonrecoverable Advancemade into the Collection Account.
Appears in 2 contracts
Sources: Sale and Servicing Agreement (Toyota Motor Credit Receivables Corp), Sale and Servicing Agreement (Toyota Motor Credit Receivables Corp)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required Subject to the terms and conditions hereof and the Policies and Procedures, which are hereby incorporated herein by this reference, Provident may elect, in its sole discretion, to make an Advance pursuant Advances to the definition thereofBorrower from time to time in such amounts as Borrower may request. If the Servicer determines it is required to make an Advance, it shall, on Nothing herein shall be deemed or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used construed as a commitment by the Servicer in discharge of its obligation Provident to make any such Advance. Any funds so applied Advance hereunder and it is expressly acknowledged and agreed by Borrower that the decision to make any Advance hereunder is, and shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business at all times be, wholly discretionary on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances part of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution DateProvident.
(b) If the Servicer determines that it will be unable In order to obtain Advances, Borrower shall comply with the requirements set forth in this Agreement and the Policies and Procedures and shall furnish Provident with such requests and all other documents Provident may request or require at any time in connection with any Advance. In addition, the following conditions precedent, unless waived in whole or in part by Provident, shall be satisfied before Provident makes any Advance hereunder: (i) Provident, in its obligation sole discretion, shall have approved the underwriting of the Mortgage Loans to make be funded with any Advance; (ii) Borrower shall have provided Provident with an insured closing letter, evidence of a current errors and omissions insurance policy with limits of at least $1,000,000, an executed closing agent agreement and wiring instructions for each closing agent used by Borrower to close the Advances as and when described Mortgage Loans funded with any Advance, each of which shall be acceptable to Provident in its sole discretion; (iii) Borrower shall have furnished Provident with an executed, recordable Power of Attorney covering the second sentence of items set forth in Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (5(e) hereof for each such notice an "Advance Notice"state in which Borrower does business; and such notice may be given by telecopy)(iv) Provident, not later than 3:00 P.M.or its agent, New York timebailee or designee, on shall have received the Business Day immediately preceding Initial Collateral Package for each of the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes Mortgage Loans funded with any Advance. Each request for an Advance hereunder by Borrower shall constitute a certification that each of the representations and is not a Nonrecoverable Advance. If warranties made by Borrower to Provident in this Agreement or the Trustee receives a Trustee Advance Notice other Loan Document shall be true and correct in all material respects on or before 3:00 P.M., New York time on a Servicer Advance Date, and as of the Trustee is entitled to immediately terminate the Servicer under Section 7.01, date when made and shall, for all purposes of this Agreement, be deemed to be repeated on and as of each date an Advance is made by Provident to Borrower hereunder and shall be true and correct in all material respects on and as of each of such date, except as affected by the consummation of the transactions contemplated by this Agreement and the other Loan Documents, and Borrower shall have performed, complied with and observed all of its covenants and agreements contained in this Agreement and the other Loan Documents on and as of each date an Advance is made by Provident to Borrower hereunder.
(c) Advances hereunder will be made by Provident on behalf of Borrower to third parties in connection with the funding of the Mortgage Loans originated by Borrower. All matters relating to the funding of any Mortgage Loan hereunder shall be acceptable to Provident in its sole discretion.
(d) Borrower represents, warrants and covenants to Provident that all proceeds of all Advances shall be used by it solely to fund Mortgage Loans originated by Borrower in the ordinary course of its business and for no other use or purpose.
(e) Advances for the funding of any Mortgage Loan originated by Borrower shall not later than 3:00 P.M.exceed one hundred percent (100%) of the original principal amount of such Mortgage Loan.
(f) In connection with each Advance, New York time, Borrower agrees to pay Provident the transaction fees charged by Provident with respect to the Mortgage Loans funded and originated with such Advance ("Fees"). The amounts of Fees payable by Borrower in connection with any Advance shall be determined by reference to the Cost and Fee Schedule in effect on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to Funding Date of such Advance Deficiency by 3:00 P.M. New York time (the "Cost and Fee Schedule"). The Cost and Fee Schedule in effect on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer date of this Agreement is attached hereto as Schedule A. Any Cost and Fee Schedule shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published remain in The Wall Street Journal) on such amount, made by the Trustee pursuant effect until a new Cost and Fee Schedule is delivered to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee Borrower in accordance with the requirements of the preceding sentence, the Trustee shall immediately Section 11 (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunderf).
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Warehouse Loan and Security Agreement (Milestone Capital Inc)
Advances. Advances will be made in the Bank’s reasonable discretion and so long as the Borrower is not in Default. The Revolving Loan will be due and payable on December 31, 2014 despite the enumeration of an Event of Default, set forth herein and despite the use of any express or implied term. The obligation of the Bank to make initial advances to the Borrower is subject to the conditions precedent in Section 4 below. The obligation of the Bank to make any subsequent advances is subject to the conditions precedent that: (a) The Servicer shall determine no event has occurred and is continuing which would constitute an Event of Default; (b) no event would constitute an Event of Default; (c) the Bank has, upon request, received a certificate signed by a duly authorized officer of the Borrower stating that all representations and warranties contained in this Loan Agreement are correct as though made on and as of the date of such certificate; (d) the Bank has received such other approvals, opinions, or before each Servicer Advance Date whether it is required to make an Advance pursuant documents as the Bank may reasonably request; and (e) there has been no material adverse change in the financial condition of the Borrower since the date of the latest financial statement delivered to the definition thereofBank. If The Borrower agrees that the Servicer determines it is required to make an AdvanceBank may, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to reasonable discretion and provided that the Certificate Account that any Amount Held for Future Distribution has been used by Borrower is not in Default, and only through the Servicer in discharge undersigned officer of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit Bank (or in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee undersigned officer's absence another officer of the Bank), make loan advances of the principal amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a)Committed, it shall use its best efforts to give written notice thereof Revolving Note to the Trustee (each Borrower upon written authority only of any officer executing the Borrower’s Banking Resolutions on behalf of the Borrower. The Bank may deliver the Revolving Loan proceeds by direct deposit to any demand deposit account of the Borrower with the Bank or otherwise, as so authorized, and all such notice an "Advance Notice"; Revolving Loan advances as evidenced by the Committed, Revolving Note and such notice may any amendment thereto shall represent binding obligations of the Borrower and any endorser(s) thereunder. Interest shall be given by telecopy), not later than 3:00 P.M., New York time, calculated on the Business Day immediately preceding basis of a 360 day year over the related Servicer Advance Dateactual number of elapsed days. All payments made hereunder shall be applied first to the payment of fees and expenses, specifying second to late charges hereunder, third to the amount that it will payment of interest, and then the balance, if any, shall be unable applied to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advancethe payment of principal. If Notwithstanding the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance foregoing Maturity Date, the Trustee is entitled to immediately Borrower, at its election, may terminate the Servicer under Section 7.01, and shall, Revolving Loan at any time by providing the Bank with a written notice of not later less than 3:00 P.M., New York time, thirty (30) days prior to the date that the Revolving Loan is to be terminated (the “Effective Termination Date”). If any principal is outstanding on the related Distribution Effective Termination Date, deposit in the Distribution Account an amount equal Borrower shall pay to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoingBank all amounts then due, the Trustee shall not be required to make such deposit including principal, interest, prepayment penalty and late fees, if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunderany.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Loan Agreement (Omega Flex, Inc.)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with With respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given secured by telecopy)Pledged MBS, not later than 3:00 P.M., P.M. New York time, City time on the date that is five Business Day immediately preceding Days prior to the related Servicer Advance Date, specifying Borrower may request that Lender, by notice in the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes form of a Request for Advance, make an Advance hereunder and is not a Nonrecoverable Advanceto or for the account of Borrower. If the Trustee receives a Trustee With respect to any Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shallbe secured by Pledged Loans other than Type 2 (Wet) Loans, not later than 3:00 P.M., P.M. New York time, City time on the date that is one Business Day prior to the related Distribution Advance Date, deposit Borrower may request that Lender, by notice in the Distribution Account form of a Request for Advance, make an amount equal Advance to or for the Advance Deficiency identified in account of Borrower. In connection with any such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoingRequests for Advance, the Trustee shall not be required to make such deposit if the Trustee Lender shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 related Trust Receipt not later than 2:00 P.M. New York City time on the related Distribution Advance Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of .
(ii) With respect to any Advance to be secured by Type 2 (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street JournalWet) on such amountLoans, made by the Trustee pursuant to this Section 4.01(b) not later than 6:00 P.M. New York City time on the second day following date that is one Business Day prior to the related Servicer Advance Date, Borrower may request that Lender (by notice in the form of a Request for Advance which specifies the anticipated amount of Type 2 (Wet) Loans to be pledged by Borrower) make an Advance to or for the account of Borrower. In connection with any Advance Request Confirmation relating to Type 2 (Wet) Loans, not later than 10:00 A.M. New York City time on the event that related Advance Date, Lender shall have received (A) from Borrower, a final Request for Advance, and (B) from Custodian, the Servicer does related Wet Loan List.
(iii) Lender may, in its sole discretion, by confirmation in the form of an Advance Request Confirmation, agree to make Advances to or for the account of Borrower in amounts not reimburse to exceed in the Trustee in accordance with aggregate the requirements aggregate Collateral Value of the preceding sentence, the Trustee shall immediately (a) terminate related Eligible Assets. If all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations conditions set forth in Section 3.054.1 and 4.2 of this Agreement have been satisfied, assume all Lender may make an Advance to Borrower by causing an amount of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver available funds equal to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be paid in accordance with Borrower's wire instructions. Lender will send, via facsimile transmission, a Nonrecoverable copy of the Advance Request Confirmation updated to reflect any such Advance, the applicable Interest Rate, the Advance Date, the Interest Payment Date(s), the Interest Determination Date(s) and the Advance Maturity Date.
Appears in 1 contract
Sources: Loan and Security Agreement (Rac Financial Group Inc)
Advances. (a) The Servicer Borrower shall determine on or notify the Administrative Agent in writing pursuant to a Borrowing Request not later than 3:00 PM (Toronto time) three (3) Business Days before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an requested Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of specifying the amount of the Advance to be made on each Servicer made, provided that the minimum amount the Borrower may specify in such request for an Advance Date no later than is $250,000. Such Borrowing Request shall be certified by a senior officer of the second Business Day before General Partner (or such other authorized Person as Borrower directs from time to time) of the related Distribution DateBorrower.
(b) The Administrative Agent shall give to each applicable Lender prompt notice on the date of the Administrative Agent’s receipt of each Borrowing Request. On the date on which an Advance is requested to be made pursuant to the applicable Borrowing Request, each applicable Lender will make available to the Administrative Agent at the address of the Administrative Agent set forth in Section 8.01, in immediately available funds, its Applicable Percentage of such Advance requested to be made. Unless the Administrative Agent shall have been notified by any Lender prior to the date of Advance that such Lender does not intend to make available to the Administrative Agent its portion of the Advance to be made on such date, the Administrative Agent may assume that such Lender will make such amount available to the Administrative Agent as required above and the Administrative Agent may, in reliance upon such assumption, make available the amount of the Advance to be provided by such Lender. Upon fulfillment of the conditions set forth in Section 2.06(a) and Section 4.02 for such Advance, and as soon as practicable after receipt of funds from the Lenders, will make such funds as have been received from the Lenders available to the Borrower at the account specified by the Borrower in such Borrowing Request. In the event that any additional Lenders become party to this Agreement by way of an Assignment and Assumption, the Parties hereto will negotiate in good faith with a paying agent to become a party to this Agreement and be responsible for payment and remittance functions currently undertaken by the Administrative Agent and to make any necessary amendments as required to this Agreement.
(c) To administer the Loans in an efficient manner and to minimize the transfer of funds between the Administrative Agent and the Lenders, the Lenders hereby instruct the Administrative Agent, and the Administrative Agent may (in its sole discretion, without any obligation) (i) make available, on behalf of the Lenders, the full amount of all Advances requested by the Borrower, without giving each Lender prior notice of the proposed Advance, of such Lender’s Applicable Percentage thereof and the other matters covered by the Borrowing Request and (ii) if the Administrative Agent has made any such amounts available as provided in clause (i), upon repayment of the Loans by the Borrower, first apply such amounts repaid directly to the amounts made available by the Administrative Agent in accordance with clause (i) and not yet settled as described below. If the Servicer determines that it will be unable to comply with its obligation to make Administrative Agent makes an Advance on behalf of the Advances Lenders, as and when described provided in the second sentence immediately preceding sentence, the amount of Section 4.01(a), it outstanding Loans and each Lender’s Applicable Percentage thereof shall use its best efforts to give written notice thereof to be computed weekly rather than daily and shall be adjusted upward or downward on the Trustee basis of the amount of outstanding Loans as of 5:00 P.M. (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York Toronto time, ) on the Business Day immediately preceding the related Servicer Advance date of each computation; provided, however, that the Administrative Agent retains the absolute right at any time or from time to time to make the afore-described adjustments at intervals more frequent than weekly. On the Business Day prior to each Reporting Date, specifying the Administrative Agent shall deliver to each Lender and holder of any Note a summary statement of the type and amount that it will be unable of outstanding Loans for such period (such week or lesser period or periods being hereafter referred to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not as a Nonrecoverable Advance“Lender Reporting Period”). If the Trustee receives a Trustee Advance Notice summary statement is sent by the Administrative Agent and received by the Lenders prior to 1:00 P.M. (Toronto time) on or before 3:00 P.M., New York time on a Servicer Advance Date, any Business Day each Lender shall make the Trustee is entitled to immediately terminate transfers described in the Servicer under Section 7.01, and shall, not next succeeding sentence no later than 3:00 P.M.P.M. (Toronto time) on the day such summary statement was sent; and if such summary statement is sent by the Administrative Agent and received by the Lenders after 1:00 P.M. (Toronto time) on any Business Day, New York each Lender shall make such transfers no later than 3:00 P.M. (Toronto time) no later than the next succeeding Business Day after such summary statement was sent. If in any Lender Reporting Period, the amount of a Lender’s Applicable Percentage of the Loans is in excess of the amount of Loans actually funded by such Lender, such Lender shall forthwith (but in no event later than the time set forth in the next preceding sentence) transfer to the Administrative Agent by wire transfer in immediately available funds the amount of such excess; and, on the related Distribution Dateother hand, deposit if the amount of a Lender’s Applicable Percentage of the Loans in any Lender Reporting Period is less than the Distribution Account amount of Loans actually funded by such Lender, the Administrative Agent shall forthwith transfer to such Lender by wire transfer in immediately available funds the amount of such difference. The obligation of each Lender to transfer such funds shall be irrevocable and unconditional, without recourse to or warranty by the Administrative Agent and made without setoff or deduction of any kind. The Administrative Agent and each of the Lenders agree to ▇▇▇▇ their respective books and records at the end of each Collection Period to show at all times the dollar amount of their respective Applicable Percentages of the outstanding Loans. Because the Administrative Agent on behalf of the Lenders may be advancing and/or may be repaid Loans prior to the time when the Lenders will actually advance and/or be repaid Loans, interest with respect to Loans shall be allocated by the Administrative Agent to each Lender (including Administrative Agent) in accordance with the type and amount of Loans actually advanced by and repaid to each Lender (including the Administrative Agent) during each Collection Period and shall accrue from and including the date such Advance is made by the Administrative Agent to but excluding the date such Loans are repaid by the Borrower in accordance with Section 2.14 or actually settled by the applicable Lender as described in this Section 2.06(c). All such Advances made by the Administrative Agent on behalf of the Lenders hereunder shall bear interest at the applicable interest rate for such Advances.
(d) If the amounts described in subsection (b) or (c) of this Section 2.06 are not in fact made available to the Administrative Agent by a Lender (such Lender being hereinafter referred to as a “Defaulting Lender”) and the Administrative Agent has made such amount available to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Defaulting Lender. If such Defaulting Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from such Defaulting Lender and the Borrower, (i) interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to either (A) if paid by such Defaulting Lender, the overnight federal funds rate or (B) if paid by the Borrower, the Applicable Rate, calculated in accordance with Section 2.05, plus (ii) in each case, an amount equal to any costs (including reasonable legal expenses) and losses incurred as a result of the failure of such Defaulting Lender to provide such amount as provided in this Agreement. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder, including, without limitation, the right of the Borrower to seek reimbursement from any Defaulting Lender for any amounts paid by the Borrower under clause (ii) above on account of such Defaulting Lender’s default.
(e) The failure of any Lender to make its portion of the Advance Deficiency identified to be made by it as part of any Advance shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the date of any Advance. The amounts payable by each Lender shall be a separate and independent obligation.
(f) Each Lender shall be entitled to earn interest at the Applicable Rate, calculated in accordance with Section 2.05, on outstanding Loans which it has funded to the Administrative Agent from the date such Trustee Lender funded such Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoingto, but excluding, the Trustee date on which such Lender is repaid with respect to the Loan.
(g) The Administrative Agent shall not be required obligated to make such deposit if transfer to any Defaulting Lender any payments made by the Trustee Borrower to the Administrative Agent for the Defaulting Lender’s benefit; nor will a Defaulting Lender be entitled to the sharing of any payments hereunder. Amounts payable to a Defaulting Lender shall have received written notification from instead be paid to or retained by the Servicer that the Servicer has deposited or caused Administrative Agent. The Administrative Agent may hold and, in its discretion, re-lend to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for a Borrower the amount of any Advance (including all such payments received or retained by it for the account of such Defaulting Lender. Any amounts so re-lent to the Borrower shall earn interest at the Prime Applicable Rate on hereunder and for all other purposes of this Agreement shall be treated as if they were Advances; provided, however, that for purposes of voting or consenting to matters with respect to the day Loan Documents and determining Applicable Percentages, such Defaulting Lender shall be deemed not to be a “Lender”, and each of such reimbursement published Defaulting Lender’s Commitment and the unpaid principal balance of the Advances owing to such Defaulting Lender shall be deemed to be zero (-0-). Until a Defaulting Lender cures its failure to fund its pro rata share of any Advance, such Defaulting Lender shall not be entitled to any portion of the Financing Premium payable pursuant to Section 2.09(a). This Section 2.06(g) shall remain effective with respect to such Lender until such time as the Defaulting Lender shall no longer be in default of any of its obligations under this Agreement. The Wall Street Journalterms of this Section 2.06(g) on such amountshall not be construed to increase or otherwise affect the Commitment of any Lender, made or relieve or excuse the performance by Borrower of its duties and obligations hereunder or under any of the other Loan Documents. Nothing contained in this Section 2.06 or otherwise in this Agreement shall impair or limit any claim of the Borrower against a Defaulting Lender (including, without limitation, expenses incurred by the Trustee Borrower by reason of any such default) who breaches its commitment to fund Advances hereunder.
(h) Each request for an Advance pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee 2.06 shall immediately (a) terminate all of the rights be irrevocable and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business binding on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvanceBorrower.
Appears in 1 contract
Sources: Asset Backed Revolving Credit Agreement (CURO Group Holdings Corp.)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it To advance such monies and take such other action as is required to make an Advance pursuant authorized by Paragraphs 13 and 20 herein. Notwithstanding anything to the definition thereof. If contrary contained in this Mortgage or the Servicer determines it is required Security Documents, including without limitation the Note referred to make an Advancetherein, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines Mortgagee agrees that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence shall not exercise any right or remedy provided for therein because of Section 4.01(a), it a Default by Mortgagor unless Mortgagee shall use its best efforts to give first have given written notice thereof to Mortgagor and Mortgagor shall have failed, in the Trustee event of a monetary Default as described in Paragraph 16(a) and (each b), to pay the outstanding sums within a period of ten (10) calendar days after the giving of such notice an "Advance Notice"; and of Default, or in the event of a non-monetary Default as described in Paragraph 16(c), Mortgagor shall have failed within a period of thirty (30) days after the giving of such notice of Default to cure the non-monetary default; provided that if the non-monetary Default cannot be cured within thirty (30) days and Mortgagor proceeds diligently with efforts to cure such default until it shall be fully cured within no more than sixty (60) days after the giving of such notice or such longer period as Mortgagee may be given by telecopy)specify, Mortgagee shall not later than 3:00 P.M.exercise any right or remedy provided herein until such cure period shall expire; provided, New York timefurther, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee Mortgagee shall not be required to make give any such deposit notice or to allow any part of the cure period if the Trustee (i) Mortgagor or any Guarantor shall have received written notification from filed a petition in bankruptcy or for re-organization or a b▇▇▇ in equity or otherwise initiated proceedings for the Servicer appointment of a receiver of its or their assets and such appointment or such receivership is not terminated within thirty (30) days; or (ii) Mortgagee determines that the Servicer has deposited its security may be imminently and materially threatened or caused to be deposited impaired by reason of such Default. Furthermore, any notice and grace period requirements contained elsewhere in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on Mortgage and Security Documents including the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer Note secured thereby shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance run concurrently with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights contained in this Paragraph and obligations of the Servicer under this Agreement not in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunderaddition thereto.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Purchase Money Mortgage (Northeast Community Bancorp Inc)
Advances. (a) The On or before 1:00 P.M. New York City time on each Distribution Account Deposit Date, the Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into in the Certificate Distribution Account from its own funds, or funds received therefor from any subservicers, an amount equal to the Advances to be made by the Servicer in respect of the related Distribution Date, which shall be in an aggregate amount equal to the excess of (a) the amount of interest accrued during the related Due Period with respect to each Outstanding Mortgage Loan on the Stated Principal Balance of each Mortgage Loan immediately prior to such Distribution Date (adjusted to the Mortgage Rate less the Servicing Fee Rate) over (b) the amount of interest on each Outstanding Mortgage Loan received by the Servicer and included in Interest Funds for the related Distribution Date (adjusted to the Mortgage Rate less the Servicing Fee Rate), less the amount of any related Servicing Modifications, Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Relief Act; provided that no Advance shall be made if it would be a Nonrecoverable Advance, or (ii) make an appropriate entry withdraw from amounts on deposit in its records relating to the Certificate Protected Account that any and deposit in the Distribution Account all or a portion of the Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance, or (iii) make advances in the form of any combination of (i) and (ii) aggregating the amount of such Advance. Advances shall be calculated on a 30/360 basis for any Actuarial Loan and on a actual/365 day basis for any Simple Interest Loan. Any funds portion of the Amount Held for Future Distribution so applied used shall be replaced by the Servicer by deposit in the Certificate Distribution Account no later on or before 11:00 A.M. New York time on any future Distribution Account Deposit Date to the extent that funds attributable to the Mortgage Loans that are available in the Protected Account for deposit in the Distribution Account on such Distribution Account Deposit Date shall be less than the close of business payments to Certificateholders required to be made on the next Servicer Advance following Distribution Date. The Servicer shall be entitled to be reimbursed from use any Advance made by a subservicer as described in Section 5.01 that has been deposited in the Certificate Protected Account for all Advances on or before such Distribution Account Deposit Date as part of its own funds the Advance made by the Servicer pursuant to this Section 4.01 as provided in Section 3.095.01. The obligation amount of any reimbursement pursuant to make Section 4.02(a) in respect of outstanding Advances with respect on any Distribution Date shall be allocated to specific Scheduled Payments due but delinquent for previous Due Periods, which allocation shall be made, to the extent practicable, to Scheduled Payments which have been delinquent for the longest period of time. Such allocations shall be conclusive for purposes of reimbursement to the Servicer from recoveries on related Mortgage Loans pursuant to Section 4.02. The determination by the Servicer that it has made a Nonrecoverable Advance or that any Mortgage Loan proposed Advance, if made, would constitute a Nonrecoverable Advance, shall continue if such Mortgage Loan has been foreclosed or otherwise terminated be evidenced by an Officer's Certificate of the Servicer delivered to the Company and the Mortgaged Property has not been liquidatedTrustee. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines as of the Business Day preceding any Distribution Account Deposit Date that it will be unable to comply with its obligation to make the Advances as and when described deposit in the second sentence of Section 4.01(a)Distribution Account an amount equal to the Advance required to be made for the immediately succeeding Distribution Date, it shall use its best efforts to give written notice thereof to the Trustee of its inability to advance (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the such Business Day immediately preceding the related Servicer Advance DateDay, specifying the portion of such amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advancedeposit. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not Not later than 3:00 P.M., New York time, on the related Distribution DateAccount Deposit Date the Trustee shall, deposit unless by 12:00 Noon, New York time, on such day the Trustee shall have been notified in writing (by telecopy) that the Servicer shall have directly or indirectly deposited in the Distribution Account an such portion of the amount equal to of the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required as to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, which the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee have given notice pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately shall, pursuant to Section 8.01, (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 8.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than including the close of business on obligation to deposit in the Business Day immediately preceding each Servicer Advance Date, deliver Distribution Account an amount equal to the Trustee a report (in form and substance reasonably satisfactory to Advance for the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Paymentsimmediately succeeding Distribution Date. The Servicer Trustee shall deliver deposit all funds it receives pursuant to this Section 5.01 into the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable AdvanceDistribution Account.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Bo1)
Advances. P&I Advances and Servicing Advances shall be made as provided herein by the General Master Servicer (with respect to the Mortgage Loans other than NCB, FSB Loans) and the NCB Master Servicer (with respect to the NCB, FSB Loans) and, if the applicable Master Servicer does not make such Advances, by the Trustee, and, if the Trustee does not make such Advances, by the Fiscal Agent, except to the extent that the applicable Master Servicer, the Trustee or the Fiscal Agent, as applicable, determines in accordance with Section 4.4 below, that any such Advance would be a Nonrecoverable Advance.
Section 4.1 P&I Advances by the Master Servicers
(a) The On or prior to the Advance Report Date, the applicable Master Servicer shall determine notify the Trustee and the Paying Agent if the P&I Advance Amount for such Distribution Date is greater than zero, and such Master Servicer shall only make a P&I Advance in respect of each Mortgage Loan of such amount on the Master Servicer Remittance Date. It is understood that the obligation of each Master Servicer to make such P&I Advances is mandatory and shall apply through any court appointed stay period or before each similar payment delay resulting from any insolvency of the Mortgagor or related bankruptcy, notwithstanding any other provision of this Agreement. Notwithstanding the foregoing, the applicable Master Servicer shall not be required to make such P&I Advance, if such Master Servicer determines, in accordance with Section 4.4 below, that any such P&I Advance Date whether would be a Nonrecoverable Advance and shall not make such P&I Advance if such P&I Advance, if made, would be a Nonrecoverable Advance as determined by the applicable Special Servicer in accordance with the Servicing Standard and the Special Servicer has notified the Master Servicer of such determination not later than 24 hours (and on a Business Day) prior to the date on which the Master Servicer would be required to make such P&I Advance in the absence of a recoverability determination. Such determination shall be conclusive and binding on the Trustee, the Fiscal Agent and the Certificateholders. The Master Servicers, the Trustee, and the Fiscal Agent shall not advance default interest, Balloon Payments, Prepayment Premiums.
(b) No Special Servicer shall make P&I Advances under this Agreement. If a Master Servicer fails to make a P&I Advance that it is required to make an Advance pursuant to under this Section 4.1, it shall promptly notify the definition thereof. Trustee and the Paying Agent of such failure.
(c) If the a Master Servicer determines it that there is required a P&I Advance Amount with respect to make an Advance, it shall, on or before the Servicer Advance its applicable Mortgage Loans for a Distribution Date, such Master Servicer shall on the Master Servicer Remittance Date either (iA) deposit into in the applicable Certificate Account an amount equal to the P&I Advance Amount or (iiB) make an appropriate entry utilize funds in its records relating to the such Certificate Account that any Amount Held being held for Future Distribution has been used by the Servicer in discharge of its obligation future distributions or withdrawals to make any such Advance. Any funds being held in a Certificate Account for future distribution or withdrawal and so applied used shall be replaced by the applicable Master Servicer from its own funds by deposit in the such Certificate Account no later than on or before any future Master Servicer Remittance Date to the close of business extent that funds in such Certificate Account on the next such Master Servicer Advance Date. The Servicer Remittance Date shall be entitled less than payments to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed Paying Agent or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance other Persons required to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Datesuch date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ9)
Advances. (a) Subject to the conditions of this Article IV, the Servicers, as required below, shall make an Advance and deposit such Advance in the related Collection Account. The related Servicer shall determine use commercially reasonable efforts to remit each such Advance no later than 2:30 p.m. EST, but in any case no later than 4:00 p.m. EST, on or before each the Servicer Advance Date whether in immediately available funds. Each Servicer shall be obligated to make any such Advance only to the extent that such advance would not be a Non-Recoverable Advance. If the related Servicer shall have determined that it is required has made a Non-Recoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Non-Recoverable Advance, the related Servicer shall deliver (i) to the Master Servicer for the benefit of the Certificateholders, funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, each Rating Agency, the NIMs Insurer and the Master Servicer an Officer's Certificate setting forth the basis for such determination. Each Servicer may, in its sole discretion, make an Advance pursuant with respect to the definition thereofprincipal portion of the final Scheduled Payment on a Balloon Loan, but such Servicer is under no obligation to do so; provided, however, that nothing in this sentence shall affect such Servicer's obligation under this Section 4.01 to Advance the interest portion of the final Scheduled Payment with respect to a Balloon Loan as if such Balloon Loan were a fully amortizing Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the related Servicer shall Advance (unless it determines it in its good faith judgment that such amounts would constitute a Non-Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is required reduced to make an Advancezero. In lieu of making all or a portion of such Advance from its own funds, it shall, on or before the related Servicer Advance Date, either may (i) deposit into the Certificate Account an amount equal cause to the Advance or (ii) make be made an appropriate entry in its records relating to the Certificate related Collection Account that any Amount Held amount held for Future Distribution future distribution has been used by the such Servicer in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the related Collection Account to the Master Servicer Collection Account. In addition, each Servicer shall have the right to reimburse itself for any such Advance from amounts held from time to time in the related Collection Account to the extent such amounts are not then required to be distributed. Any funds so applied and transferred pursuant to the previous two sentences shall be replaced by the related Servicer by deposit in the Certificate related Collection Account no later than the close of business on the next Servicer Advance DateDate on which such funds are required to be distributed pursuant to this Agreement. The Each Servicer shall be entitled to be reimbursed from the Certificate related Collection Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.093.08. The obligation to make Advances with respect to any Mortgage Loan shall continue if until the earlier of (i) such Mortgage Loan is paid in full, (ii) the related Mortgaged Property or related REO Property has been foreclosed liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Issuing Entity pursuant to any applicable provision of this Agreement, except as otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before provided in this Section 4.01, (iii) the related Distribution DateServicer determines in its good faith judgment that such amounts would constitute a Non-Recoverable Advance as provided in the preceding paragraph or (iv) the date on which such Mortgage Loan becomes 150 days delinquent as set forth below.
(b) If Notwithstanding anything in this Agreement to the Servicer determines that it will be unable to comply with its obligation to make the Advances as contrary (including, but not limited to, Sections 3.01 and when described in the second sentence of Section 4.01(a) hereof), it no Advance or Servicing Advance shall use its best efforts be required to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given made hereunder by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer (including for the avoidance of doubt, the Master Servicer as successor servicer) if such Advance Dateor Servicing Advance would, specifying if made, constitute a Non-Recoverable Advance or a Non-Recoverable Servicing Advance. The determination by the amount related Servicer that it will has made a Non-Recoverable Advance or a Non-Recoverable Servicing Advance or that any proposed Advance or Servicing Advance, if made, would constitute a Non-Recoverable Advance or a Non-Recoverable Servicing Advance, respectively, shall be unable evidenced by an Officer's Certificate of such Servicer delivered to deposit (each such amount an "Advance Deficiency") the Depositor and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advancethe Master Servicer. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance DateIn addition, the Trustee is entitled related Servicer shall not be required to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. advance any Relief Act Shortfalls.
(c) Notwithstanding the foregoing, the Trustee each Servicer shall not be required to make any Advances for any Mortgage Loan after such deposit if the Trustee Mortgage Loan becomes 150 days delinquent. Each Servicer shall have received written notification from identify such delinquent Mortgage Loans in the Servicer that the Servicer has deposited or caused to be deposited Statement referenced in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution DateSection 3.24. If the Trustee has not terminated the ServicerIn addition, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In shall provide the event that the Master Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advancelisting such delinquent Mortgage Loans and certifying that such loans are 150 days or more delinquent.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-He5)
Advances. (a) The Servicer shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant to the definition thereof. If the Servicer determines it is required to make an Advance, it shall, on or before the Servicer Advance Date, either (i) deposit into the Certificate Account an amount equal to the Advance or (ii) make an appropriate entry in its records relating to the Certificate Account that any Amount Held for Future Distribution has been used by the Servicer in discharge of its obligation to make any such Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Certificate Account no later than the close of business on the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "“Advance Notice"”; and such notice may be given by telecopy), not later than 3:00 P.M., New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "“Advance Deficiency"”) and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to and, at the direction of the Certificate Insurer shall, immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (IndyMac IMSC Mortgage Loan Trust 2007-Hoa1)
Advances. (a) The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make an a Monthly Advance pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer, as successor to such Servicer determines it is required or any other successor servicer appointed pursuant to make an Advancethis Agreement, it shallshall deposit in the Distribution Account, from its own funds or from amounts on or before deposit in the Servicer Advance DateDistribution Account that are held for future distribution, either (i) deposit into not later than the Certificate Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such delinquency, net of the Advance or (ii) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the Certificate Account that any Amount Held for Future Distribution has been used by extent the Master Servicer in discharge of its obligation to make determines any such Advance to be a Nonrecoverable Advance. Any funds amounts held for future distribution and so applied used shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Certificate Distribution Account no later on or before any future Distribution Account Deposit Date to the extent that the Available Distribution Amount for the related Distribution Date (determined without regard to Advances to be made on the Distribution Account Deposit Date) shall be less than the close total amount that would be distributed to the Classes of business Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the next Servicer Advance Date. The foregoing, the Master Servicer shall be entitled continue to make such Advances through the date that the related Servicer is required to do so under its Servicing Agreement. In the event the Master Servicer elects not to make an Advance because the Master Servicer deems such Advance to be reimbursed from the Certificate Account for all Advances of its own funds made a Nonrecoverable Advance pursuant to this Section 4.01 as provided in Section 3.09. The obligation to make Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and 4.4, on the Mortgaged Property has not been liquidated. The Distribution Account Deposit Date, the Master Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Date.
(b) If the Servicer determines that it will be unable to comply with its obligation to make the Advances as and when described in the second sentence of Section 4.01(a), it shall use its best efforts to give written notice thereof present an Officer’s Certificate to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy)the NIMS Insurer, not later than 3:00 P.M.if any, New York time, on the Business Day immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account an amount equal to such Advance Deficiency by 3:00 P.M. New York time on the related Distribution Date. If the Trustee has not terminated the Servicer, the Servicer shall reimburse the Trustee for the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following the related Servicer Advance Date. In the event that the Servicer does not reimburse the Trustee in accordance with the requirements of the preceding sentence, the Trustee shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) subject to the limitations set forth in Section 3.05, assume all of the rights and obligations of the Servicer hereunder.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined stating that the related Scheduled Payments should be advanced Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the amount of reason it deems the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-3)
Advances. (a) The Servicer Company shall determine on or before each Servicer Advance Date whether it is required to make an Advance pursuant with respect to any EMC Mortgage Loan and deposit such Advance in the Master Servicer Collection Account no later than 1:00 p.m. Eastern time on the Remittance Date in immediately available funds. The Company or the related Servicer, as applicable, shall be obligated to make any such Advance only to the definition thereofextent that such advance would not be a Nonrecoverable Advance. If the Company or the related Servicer determines shall have determined that it is required to make an has made a Nonrecoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Nonrecoverable Advance, it shallthe Company or the related Servicer, on or before as the Servicer Advance Datecase may be, either shall deliver (i) deposit into the Certificate Account an amount equal to the Advance or Securities Administrator for the benefit of the Certificateholders and the Class I-A Insurer funds constituting the remaining portion of such Advance, if applicable, and (ii) make to the Depositor, the Master Servicer, each Rating Agency, the Class I-A Insurer and the Trustee an Officer’s Certificate setting forth the basis for such determination. In lieu of making all or a portion of such Advance from its own funds, the Company may (i) cause to be made an appropriate entry in its records relating to the Certificate Protected Account that any Amount Amounts Held for Future Distribution has been used by the Servicer Company in discharge of its obligation to make any such AdvanceAdvance and (ii) transfer such funds from the Protected Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Servicer Company by deposit in the Certificate Account Distribution Account, no later than the close of business on the next Remittance Date immediately preceding the Distribution Account Deposit Date on which such funds are required to be distributed pursuant to this Agreement. Each Servicer Advance Datewill discontinue such Advances with respect to any Mortgage Loan that becomes 90 days Delinquent; provided, however, if a Servicer reasonably determines that a significant net recovery is possible through foreclosure proceedings or other liquidation of the related Mortgaged Property on a Mortgage Loan that becomes 90 days delinquent, such Servicer may continue making advances on such Mortgage Loan. Subject to Section 3.12, a Servicer must effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan at such time that the Mortgage Loan becomes 180 days Delinquent. Once a Servicer has commenced such proceedings, such Servicer will not be entitled to any additional Servicing Fee for such Mortgage Loan, except to the extent of any unreimbursed Servicing Fees and expenses which will be reimbursable from any Liquidation Proceeds. The Servicer Company shall be entitled to be reimbursed from the Certificate Protected Account for all Advances of its own funds made pursuant to this Section 4.01 as provided in Section 3.095.02; provided, however, such reimbursement shall be limited to funds received from Mortgage Loans in the related Loan Group for which such Advance was made. The obligation to make Advances with respect to any EMC Mortgage Loan shall continue if until such EMC Mortgage Loan is paid in full or the related Mortgaged Property or related REO Property has been foreclosed liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise terminated and the Mortgaged Property has not been liquidated. The Servicer shall inform the Trustee of the amount of the Advance to be made on each Servicer Advance Date no later than the second Business Day before the related Distribution Dateprovided in this Section 6.01.
(b) If the Scheduled 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 Company or the related Servicer determines that it will be unable to comply with its obligation was required to make an Advance pursuant to this Agreement or the Advances as and when described related Servicing Agreement exceeds the amount deposited in the second sentence of Section 4.01(a)Master Servicer Collection Account which shall be used for an Advance with respect to such Mortgage Loan, it shall use its best efforts to give written notice thereof to the Trustee (each such notice an "Advance Notice"; and such notice may be given by telecopy), Master Servicer will deposit in the Master Servicer Collection Account not later than 3:00 P.M., New York time, on the Business Day Distribution Account Deposit Date immediately preceding the related Servicer Advance Date, specifying the amount that it will be unable to deposit (each such amount an "Advance Deficiency") and certifying that such Advance Deficiency constitutes an Advance hereunder and is not a Nonrecoverable Advance. If the Trustee receives a Trustee Advance Notice on or before 3:00 P.M., New York time on a Servicer Advance Date, the Trustee is entitled to immediately terminate the Servicer under Section 7.01, and shall, not later than 3:00 P.M., New York time, on the related Distribution Date, deposit in the Distribution Account an amount equal to the Advance Deficiency identified in such Trustee Advance Notice unless it is prohibited from so doing by applicable law. Notwithstanding the foregoing, the Trustee shall not be required to make such deposit if the Trustee shall have received written notification from the Servicer that the Servicer has deposited or caused to be deposited in the Certificate Account Date an amount equal to such deficiency, net of the Master Servicing Fee and the Servicing Fee for such Mortgage Loan except to the extent the Master Servicer determines any such Advance Deficiency by 3:00 P.M. New York time to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the related Distribution DateMortgage Loan for which such Advance was made. If Subject to the Trustee has not terminated the Servicerforegoing, the Master Servicer shall reimburse continue to make such Advances through the Trustee for date that the amount of any Advance (including interest at the Prime Rate on the day of such reimbursement published in The Wall Street Journal) on such amount, made by the Trustee pursuant to this Section 4.01(b) not later than the second day following Company or the related Servicer Advance is required to do so under this Agreement or the related Servicing Agreement, as applicable. If applicable, on the Distribution Account Deposit Date. In , the event Master Servicer shall present an Officer’s Certificate to the Trustee (i) stating that the Master Servicer does elects not reimburse to make an Advance in a stated amount and (ii) detailing the Trustee reason it deems the advance to be nonrecoverable. The Master Servicer may rely on any non-recoverability determination of the Company or any Servicer. Subject to and in accordance with the requirements provisions of Article IX hereof, in the preceding sentenceevent the Master Servicer fails to make such Advance, then the Trustee Trustee, as Successor Master Servicer, shall immediately (a) terminate all of the rights and obligations of the Servicer under this Agreement in accordance with Section 7.01 and (b) be obligated to make such Advance, subject to the limitations set forth in provisions of this Section 3.05, assume all of the rights and obligations of the Servicer hereunder6.01.
(c) The Servicer shall, not later than the close of business on the Business Day immediately preceding each Servicer Advance Date, deliver to the Trustee a report (in form and substance reasonably satisfactory to the Trustee) that indicates (i) the Mortgage Loans with respect to which the Servicer has determined that the related Scheduled Payments should be advanced and (ii) the amount of the related Scheduled Payments. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Advance determined by the Servicer to be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (SACO I Trust 2005-10)