Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 131 contracts
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2004-D), Pooling and Servicing Agreement (Bank of America Mortgage Sec Inc Mort Ps THR CRT Ser 2002-10), Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pass THR Certs Ser 2003 10)
Advances. (a) The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make a Periodic an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make a Periodic an Advance, it shall, on or before the Master Servicer Advance Date, either (ai) deposit into the Servicer Custodial Certificate Account an amount equal to the Advance and/or or (bii) make an appropriate entry in its records relating to the Servicer Custodial Certificate Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Master Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Servicer Custodial Certificate Account no later than the close of business on the Business Day preceding the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Servicer Custodial Certificate Account for all Advances of its own funds made pursuant to this Section 3.20 4.01 as provided in Section 3.11(a)3.09. The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until if such Mortgage Loan has been foreclosed or otherwise terminated and the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loanhas not been liquidated. The Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Master Servicer Advance Date no later than the second Business Day before the related Remittance 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 Periodic Advance determined by the Master Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 74 contracts
Sources: Pooling and Servicing Agreement (IndyMac MBS, Inc. Residential Asset Securitization Trust 2005-A3), Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2005-Ar7), Pooling and Servicing Agreement (IndyMac RAST 2004-A8)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 39 contracts
Sources: Pooling and Servicing Agreement (Bank of America Mortgage Sec Inc Mor Ps THR Cer Ser 2001-A), Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2002-5), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2000-3)
Advances. The Servicer shall determine on or before each Servicer Advance Determination Date whether it is required to make a Periodic Monthly Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Monthly Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer BANA Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer BANA Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer BANA Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupMonthly Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer BANA Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer BANA Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 2.19 as provided in Section 3.11(a)2.10. The obligation to make Periodic Monthly Advances with respect to any BANA Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such BANA Mortgage Loan. The Servicer shall inform the Trustee Master Servicer and the Securities Administrator of the amount of the Periodic Monthly Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date it no later than the related Remittance Date. The Servicer shall deliver to the Trustee Master Servicer and the Securities Administrator on the related Servicer Advance Determination Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Monthly Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Monthly Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 23 contracts
Sources: Servicing Agreement (Banc of America Funding Corp), Servicing Agreement (Banc of America Funding 2006-3 Trust), Servicing Agreement (Banc of America Funding 2006-2 Trust)
Advances. The Master Servicer shall, or shall cause the related subservicer pursuant to the Subservicing Agreement to, make an Advance and deposit such Advance in the Protected Account. Each such Advance shall be remitted to the Distribution Account no later than 10:00 a.m. Eastern time on the Distribution Account Deposit Date in immediately available funds. The Master Servicer shall determine on be obligated to make any such Advance only to the extent that such advance would not be a Nonrecoverable Advance. If the Master Servicer shall have determined that it has made a Nonrecoverable Advance or before that a proposed Advance or a lesser portion of such Advance would constitute a Nonrecoverable Advance, the Master Servicer 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, each Servicer Advance Date whether it is required 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 subservicer fails to make a Periodic required Advance, the Master Servicer shall be required to remit the amount of such Advance pursuant to the definition thereofDistribution Account. If In lieu of making all or a portion of such Advance from its own funds, the Master Servicer determines it is required may (i) cause to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make be made an appropriate entry in its records relating to the Servicer Custodial Protected Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account Distributions has been used by the Master Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in and (ii) transfer such Loan Groupfunds from the Protected Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Master Servicer by deposit in the Servicer Custodial Account Distribution Account, no later than the close of business on the Business Day immediately preceding the next Servicer Advance DateDistribution 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 Servicer Custodial Protected Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a)4.02. The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until such Mortgage Loan is paid in full or the ultimate disposition of the related Mortgaged Property or related REO Property has been liquidated or Mortgaged Property relating until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section 5.01. Subject to and in accordance with the provisions of Article VIII hereof, in the event the Master Servicer fails to make such Mortgage Loan. The Servicer Advance, then the Trustee, as Successor Master Servicer, shall inform the Trustee of the amount of the Periodic Advance be obligated to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver make such Advance, subject to the Trustee on the related Servicer Advance Date an Officer's Certificate provisions of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancethis Section 5.01.
Appears in 14 contracts
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Tc1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He8)
Advances. The With respect to any Non-Designated Mortgage Loan, each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Non-Designated Mortgage Loans during the applicable Collection Period; provided however, that with respect to any 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 that Mortgage Loan (with interest at the 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 Non-Designated Mortgage 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. 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 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 cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Non-Designated Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to any Non-Designated Mortgage Loan, if an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to a Loan Group make such Advance or (iii) make Advances in the Servicer Custodial Account has been used by form of any combination of clauses (i) and (ii) aggregating the Servicer in discharge amount of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the related Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance DateDistribution Date in which such funds would be due or from other funds in the Collection Account being held for future distribution, if available. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with With respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Designated Mortgage Loan. The , the Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required cause WFBNA to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceAdvances as required by Section 3.23(a) of this Agreement.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-4), Pooling and Servicing Agreement (Home Equity Asset Trust 2005-3), Pooling and Servicing Agreement (Home Equity Asset Trust 2005-5)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupLoan. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 5 contracts
Sources: Pooling and Servicing Agreement (Banc of America Mortgage 2006-1 Trust), Pooling and Servicing Agreement (Banc of America Mortgage 2006-2 Trust), Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2005-8 Trust)
Advances. The Servicer shall determine If any Monthly Payment on a Mortgage Loan that was due on the immediately preceding Due Date or before each Servicer Advance due during the related Due Period and delinquent on a Determination Date whether it is required to make delinquent other than as a Periodic Advance pursuant to result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make a Periodic Advance, it shall, on or before will deposit in the Protected Account not later than the related Servicer Advance Date, either (a) deposit into the Servicer Custodial Account Remittance Date an amount equal to such Monthly Payment net of the Advance and/or (b) make an appropriate entry in its records relating related Servicing Fee for such Mortgage Loan, except to the extent the Servicer Custodial Account 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 Servicer shall continue to make such advances through the date that any portion the related Mortgaged Property or REO Property has, in the judgment of the Amount Held for Future Distribution Servicer, been completely liquidated. No later than the fourth Business Day preceding each Payment Date, the Servicer shall present an Officer’s Certificate to the Master Servicer with respect to the Mortgage Loans, (i) stating that the Servicer elects not to make a Loan Group Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Servicer will include in the Servicer Custodial Account has been used by the Servicer in discharge Remittance Report a list of its obligation to make any such Periodic Advance on a each Mortgage Loan for which it does not make a Monthly Advance in such Loan Groupaccordance with this Section. Such Monthly Advances may be made in whole or in part from funds in the Protected 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 applied used shall be replaced by the Servicer from its own funds by deposit in the Protected Account prior to the related Servicer Custodial Remittance Date to the extent that funds in the Protected Account no later with respect to the related Payment Date shall be less than the close of business payments to Securityholders required to be made on the Business Day preceding the next Servicer Advance Datesuch date. Any Advances made on any Mortgage Loan will be reduced to reflect any related servicing modifications previously made. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 Mortgage Rate and Net Mortgage Rate as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until will be deemed not reduced by any servicing modification, so that the ultimate disposition calculation of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to any Available Funds Rate will not be made affected by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advanceservicing modification.
Appears in 2 contracts
Sources: Servicing Agreement (American Home Mortgage Investment Trust 2007-1), Servicing Agreement (American Home Mortgage Investment Trust 2007-1)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2004-F), Pooling and Servicing Agreement (Banc of America Mortgage Securities Inc)
Advances. The Servicer shall determine on or before each Servicer Advance Remittance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Remittance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Remittance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-E Trust), Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-G Trust)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Cashflow Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in contributing to such Loan Cashflow Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Cashflow Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Mortgage 2007-3 Trust), Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2007-2)
Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the a Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the such Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee Master Servicer on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the no Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date is delinquent, other than as a result of application of the Relief Act, and the amount of the Periodic Advance which the related Servicer was required to make pursuant to this Section 3.20 exceeds the amount delivered by such Servicer to the Master Servicer for deposit in the Collection Account, then an Event of Default shall have occurred with respect to such Servicer. The Master Servicer, in its capacity as successor Servicer, or another successor Servicer appointed by the Master Servicer hereunder will deposit in the Collection Account not later than the Business Day immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer or other successor Servicer, as the case may be, determines that any such advance, if made, would be a Nonrecoverable Advance. Subject to the foregoing, the Master Servicer or other successor Servicer, as the case may be, shall continue to make such advances through the date that the related Servicer is required to do so under this Agreement. If the Master Servicer or other successor Servicer, as the case may be, deems an advance to be a Nonrecoverable Advance, on the second Business Day prior to the related Distribution Date, the Master Servicer or such other successor Servicer shall present an Officer's Certificate to the Certificate Administrator (i) stating that the Master Servicer or such other successor Servicer elects not to make a Periodic Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2007-A), Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2007-A)
Advances. The Servicer shall determine If any Monthly Payment on a Mortgage Loan that was due on the immediately preceding Due Date or before each Servicer Advance due during the related Due Period and delinquent on a Determination Date whether it is required to make delinquent other than as a Periodic Advance pursuant to result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make a Periodic Advance, it shall, on or before will deposit in the Protected Account not later than the related Servicer Advance Date, either (a) deposit into the Servicer Custodial Account Remittance Date an amount equal to such Monthly Payment net of the Advance and/or (b) make an appropriate entry in its records relating related Servicing Fee for such Mortgage Loan, except to the extent the Servicer Custodial Account 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 Servicer shall continue to make such advances through the date that any portion the related Mortgaged Property or REO Property has, in the judgment of the Amount Held for Future Servicer, been completely liquidated. No later than the fourth Business Day preceding each Distribution Date, the Servicer shall present an Officer’s Certificate to the Master Servicer with respect to the Mortgage Loans, (i) stating that the Servicer elects not to make a Loan Group Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Servicer will include in the Servicer Custodial Account has been used by the Servicer in discharge Remittance Report a list of its obligation to make any such Periodic Advance on a each Mortgage Loan for which it does not make a Monthly Advance in such Loan Groupaccordance with this Section. Such Monthly Advances may be made in whole or in part from funds in the Protected Account being held for future distribution or withdrawal on or in connection with Distribution Dates in subsequent months. Any funds being held for future distribution to Certificateholders and so applied used shall be replaced by the Servicer from its own funds by deposit in the Protected Account prior to the related Servicer Custodial Remittance Date to the extent that funds in the Protected Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan the related Distribution Date shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating be less than payments to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance Certificateholders required to be made on such date. Any Advances made on any mortgage loan will be reduced to reflect any related servicing modifications previously made. The mortgage rate and Net Mortgage Rate as to any mortgage loan will be deemed not reduced by any servicing modification, so that the calculation of accrued note interest (as defined in the prospectus supplement) payable on the Offered Certificates will not be affected by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advanceservicing modification.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-5), Pooling and Servicing Agreement (American Home Mortgage Assets Trust 2007-4)
Advances. The Servicer shall determine on or before each the Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group the Mortgage Loans in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. If the Servicer fails to make any required Periodic Advance, the Trustee shall make such Periodic Advance not later than the Business Day preceding each related Distribution Date for the period prior to the appointment of a successor Servicer. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account and the Trustee shall be entitled to be reimbursed from the Distribution Account, for all Periodic Advances of its own funds made pursuant to this Section 3.20 3.21 as provided in Section 3.11(a3.12(a) or (b). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each the Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, neither the Servicer nor the Trustee shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-C Trust)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 3.18 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wachovia Asset Funding Trust, LLC)
Advances. The If any Monthly Payment on a Mortgage Loan (other than Balloon Payments) 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 shall determine on or before each Servicer Advance will deposit in the Collection Account not later than the third Business Day immediately preceding the related Payment Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to such Monthly Payment net of the Advance and/or (b) make an appropriate entry in its records relating related Servicing Fee and Radian PMI Policy Fee for such Mortgage Loan, except to the extent the Master Servicer Custodial Account 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 any portion the related Mortgaged Property has, in the judgment of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has Master Servicer, been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Groupcompletely liquidated. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no No later than the close of business on the fourth Business Day preceding each Payment Date, the next Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date present an Officer's Certificate of 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 in a Servicing Officer indicating stated amount and (ii) detailing the amount of any proposed Periodic Advance determined by reason it deems the Servicer advance to be a Nonrecoverable Advance. Notwithstanding anything 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 contrary, extent that funds in the Servicer Collection Account with respect to such Payment Date shall not be less than payments to Securityholders required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancemade on such date.
Appears in 1 contract
Sources: Servicing Agreement (Imh Assets Corp Impac CMB Trust Series 2002-5)
Advances. The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make a Periodic an Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make a Periodic an Advance, it shall, on or before the Master Servicer Advance Date, either (ai) deposit into the Servicer Custodial Bond Account an amount equal to the Advance and/or or (bii) make an appropriate entry in its records relating to the Servicer Custodial Bond Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Master Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Servicer Custodial Bond Account no later than the close of business on the Business Day preceding the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Servicer Custodial Bond Account for all Advances of its own funds made pursuant to this Section 3.20 4 as provided in Section 3.11(a3(k). The obligation to make Periodic Advances with respect to any Pledged Mortgage Loan shall continue until if such Pledged Mortgage has been foreclosed or otherwise terminated and the ultimate disposition of the REO Property or related Mortgaged Property relating to such Mortgage Loanhas not been liquidated. The Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Master Servicer Advance Date no later than the Second Business Day before the related Remittance Payment Date. 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 Periodic Advance determined by the Master Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Master Servicing Agreement (Sequoia Mortgage Funding Corp)
Advances. The With respect to any Mortgage Loan, the Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to (i) with respect to the Mortgage Loans other than the Simple Interest 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 and (ii) with respect to any Simple Interest Mortgage Loans, interest due on such Mortgage Loan on the Due Date during the applicable Collection Period, less the Servicing Fee; provided however, that with respect to any 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 accordance with this Section 4.01 (of interest only if such Balloon Loan is a Simple Interest Mortgage Loan) 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 Mortgage 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. The Servicer shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. The Servicer shall be obligated to make Advances with respect to the Mortgage Loans in accordance with the provisions of this Agreement; provided however, that such obligation shall cease if the Servicer determines, in its sole discretion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that the Servicer determines that any such Advances are Nonrecoverable Advances, the Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to any Mortgage Loan, if an Advance and/or is required to be made hereunder, the Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been future distribution or withdrawal have been, as permitted by this Section 4.01, used by the Servicer in discharge of its obligation to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own Distribution Date in which such funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancedue or from other funds in the Collection Account being held for future distribution, if available.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2005-Age1)
Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the a Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the such Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Certificate Administrator and the Trustee of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee Master Servicer on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the no Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date is delinquent, other than as a result of application of the Relief Act, and the amount of the Periodic Advance which the related Servicer was required to make pursuant to this Section 3.20 exceeds the amount deposited in the Collection Account by such Servicer, then an Event of Default shall have occurred with respect to such Servicer. The Master Servicer, in its capacity as successor Servicer, or another successor Servicer appointed by the Master Servicer hereunder will deposit in the Collection Account not later than the [second] Business Day immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee (and, in the case of the Master Servicer, the Master Servicing Fee) for such Mortgage Loan, except to the extent the Master Servicer or other successor Servicer, as the case may be, determines that any such advance, if made, would be a Nonrecoverable Advance. Subject to the foregoing, the Master Servicer or other successor Servicer, as the case may be, shall continue to make such advances through the date that the related Servicer is required to do so under this Agreement. If the Master Servicer or other successor Servicer, as the case may be, deems an advance to be a Nonrecoverable Advance, on the second Business Day prior to the related Distribution Date, the Master Servicer or such other successor Servicer shall present an Officer’s Certificate to the Certificate Administrator (i) stating that the Master Servicer or such other successor Servicer elects not to make a Periodic Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2006-A)
Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the either Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the related Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The If a Servicer fails to make any required Advance, the Securities Administrator shall make such Advance not later than the Business Day preceding each related Distribution Date for the period prior to the appointment of a successor Servicer; provided that if the Servicer that fails to make such Advance is Wells Fargo Bank, the Trustee shall have such obligation to make such A▇▇▇▇▇e. Each Servicer shall be entitled to be reimbursed from the related Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the related Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Advances. The Servicer shall determine on or before each Servicer Advance Determination Date whether it is required to make a Periodic Monthly Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Monthly Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer BANA Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer BANA Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer BANA Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupMonthly Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer BANA Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer BANA Custodial Account for all Advances (including all Capitalization Reimbursement Amounts) of its own funds made pursuant to this Section 3.20 2.19 as provided in Section 3.11(a)2.10. The obligation to make Periodic Monthly Advances with respect to any BANA Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such BANA Mortgage Loan. The Servicer shall inform the Trustee Master Servicer and the Securities Administrator of the amount of the Periodic Monthly Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date it no later than the related Remittance Date. The Servicer shall deliver to the Trustee Master Servicer and the Securities Administrator on the related Servicer Advance Determination Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Periodic Monthly Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Monthly Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Monthly Advance pursuant to the definition thereof. If the either Servicer determines it is required to make a Periodic Monthly Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial related Collection Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial related Collection Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial such Collection Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupMonthly Advance. Any funds so applied shall be replaced by the such Servicer by deposit in the Servicer Custodial related Collection Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the Servicer Custodial related Collection Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Monthly Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Trustee of the amount of the Periodic Monthly Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Distribution Account Deposit Date. The Each 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 Periodic Monthly Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the related Servicer shall not be required to make any Periodic Monthly Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)
Advances. The With respect to the Non-Designated Mortgage Loans, the related Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Non-Designated Mortgage Loans during the applicable Collection Period; provided however, that with respect to any 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 that Mortgage Loan (with interest at the 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 Non-Designated Mortgage 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. 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 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 cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Non-Designated Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to the Non-Designated Mortgage Loans, if an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been future distribution or withdrawal have been, as permitted by this Section 4.01, used by the Servicer in discharge of its obligation to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance DateDistribution Date in which such funds would be due. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with With respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Designated Mortgage Loan. The , the Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required cause WFBNA to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceAdvances as required by Section 3.23(a) of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Home Equity Pass-Through 2004-Aa1)
Advances. The Servicer shall determine on or before each Servicer Advance Remittance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in contributing to such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 3.19 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Remittance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Remittance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding 2007-5 Trust)
Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the a Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the related Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The If a Servicer fails to make any required Periodic Advance, the Trustee shall make such Periodic Advance not later than the Business Day preceding each related Distribution Date for the period prior to the appointment of a successor Servicer. Each Servicer and the Trustee shall be entitled to be reimbursed from the related Servicer Custodial Account and, in the case of the Trustee, from the Distribution Account, for all Periodic Advances of its own funds made pursuant to this Section 3.20 3.21 as provided in Section 3.11(a3.12(a) or (b). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each 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 Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, neither the related Servicer nor the Trustee shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the a Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the such Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Certificate Administrator and the Trustee of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee Certificate Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the no Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such a Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2002 G)
Advances. The With respect to the Non-Designated Mortgage Loans, the Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Non-Designated Mortgage Loans during the applicable Collection Period; provided however, that with respect to any 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 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 Non-Designated Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Non-Designated Mortgage 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. The Servicer shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. The Servicer shall be 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 cease if the Servicer determines, in its sole discretion, that Advances with respect to such Non-Designated Mortgage Loan are Nonrecoverable Advances. In the event that the Servicer determines that any such Advances are Nonrecoverable Advances, the Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to the Non-Designated Mortgage Loans, if an Advance and/or is required to be made hereunder, the Servicer shall on the Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been future distribution or withdrawal have been, as permitted by this Section 4.01, used by the Servicer in discharge of its obligation to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance DateDistribution Date in which such funds would be due. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with With respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Designated Mortgage Loan. The , the Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required cause WFBNA to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceAdvances as required by Section 3.23(a) of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Advances. (a) The Master Servicer shall determine on or before each cause the Servicer to remit any such Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion terms of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance DateServicing Agreement. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation obligated to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver only to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to extent that such advance would not be a Nonrecoverable Advance. Notwithstanding anything Pursuant to the contraryServicing Agreement, if the 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 Servicer shall not deliver (i) to the Securities Administrator for the benefit of the Certificateholders 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. Subject to the Master Servicer’s recoverability determination, in the event that a Servicer fails to make a required Advance, the Master Servicer, as successor servicer, shall be required to remit the amount of such Advance to the Distribution Account. Subject to the Securities Administrator’s recoverability determination, in the event that the Master Servicer fails to make a required Advance, the Securities Administrator shall be required to remit the amount of such Advance to the Distribution Account.
(b) If the Servicer was required to make an Advance pursuant to this Agreement or the Servicing Agreement and fails to make any Periodic required Advance, in whole or in part, the Master Servicer, as successor servicer, or an other successor servicer appointed by it, will remit to the Securities Administrator, who in turn will deposit in the Distribution Account not later than the Business Day prior to the Distribution Date an amount equal to such required Advance to the extent not otherwise paid by the Servicer, net 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 Servicer is required to do so under the Servicing Agreement. If applicable, on the Business Day prior to the related Distribution Date, the Master Servicer shall present an Officer’s Certificate to the Trustee (i) stating that the Master Servicer elects not to make an Advance that would in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable nonrecoverable. Subject to and in accordance with the provisions of Article VIII hereof, in the event the Master Servicer fails to make such Advance, then the Trustee, as Successor Master Servicer, shall be obligated to make such Advance, subject to the provisions of this Section 5.01, in accordance with and subject to the terms of this Agreement (including its rights of reimbursement hereunder).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-St1)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 3.18 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.. Section
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp Mort Pas THR Certs Ser 2003 1)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Advances. The With respect to any Mortgage Loan, each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the 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 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 that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). Each 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 Mortgage 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. 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 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 cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to any Mortgage Loan, if an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to a Loan Group make such Advance or (iii) make Advances in the Servicer Custodial Account has been used by form of any combination of clauses (i) and (ii) aggregating the Servicer in discharge amount of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the related Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own Distribution Date in which such funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancedue or from other funds in the Collection Account being held for future distribution, if available.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-6)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances (including Capitalized Advance Amounts) of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage 2008-a Trust)
Advances. The With respect to any Non-Designated Mortgage Loan, each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Non-Designated Mortgage Loans during the applicable Collection Period; provided however, that with respect to any 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 that Mortgage Loan (with interest at the 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 Non-Designated Mortgage 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. 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 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 cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Non-Designated Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to any Non-Designated Mortgage Loan, if an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to a Loan Group make such Advance or (iii) make Advances in the Servicer Custodial Account has been used by form of any combination of clauses (i) and (ii) aggregating the Servicer in discharge amount of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the related Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance DateDistribution Date in which such funds would be due. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with With respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Designated Mortgage Loan. The , the Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required cause WFBNA to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceAdvances as required by Section 3.23(a) of this Agreement.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Home Equity Asset Trust 2004-8)
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances (including Capitalized Advance Amounts) of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Mortgage 2007-4 Trust)
Advances. The Servicer shall determine If any Monthly Payment 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 delinquent other than as a Periodic Advance pursuant to result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make a Periodic Advance, it shall, on or before such Determination Date will deposit in the Servicer Advance Date, either (a) deposit into the Servicer Custodial Collection Account an amount equal to the interest portion (net of the Servicing Fee) of the scheduled Monthly Payment for such Mortgage Loan, except to the extent the Servicer determines any such advance to be a Nonrecoverable Advance. Subject to the foregoing and in the absence of such a determination, the Servicer shall continue to make such advances through the date that the related Mortgage Loan has, in the judgment of the Servicer, become a Liquidated Mortgage Loan. If applicable, prior to each Determination Date, the Servicer shall deliver an Officer's Certificate to the Indenture Trustee stating that the Servicer elects not to make an Advance and/or in a stated amount or that an Advance previously made has become a Nonrecoverable Advance. The Indenture Trustee shall forward a copy of such Officer's Certificate to the Note Insurer. In lieu of making all or a portion of such Advance from its own funds, the Servicer may (bi) make cause to be made an appropriate entry in its records relating to the Servicer Custodial Collection Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group amount held in the Servicer Custodial Collection Account and not required for distribution on the immediately succeeding Payment Date has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in and (ii) transfer such Loan Groupfunds from the Collection Account to the Payment Account. Any funds so applied and transferred shall be replaced by the Servicer by deposit in the Servicer Custodial Collection Account no later than the close of business on the Business Day Determination Date immediately preceding the next Servicer Advance Date. The Servicer shall be entitled Payment Date on which such funds are required to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made distributed pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceIndenture.
Appears in 1 contract
Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. 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 Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)
Advances. The Servicer shall determine on or before each Servicer Advance Remittance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Remittance Date no later than the related such Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Remittance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)