Collections and Remittances. (a) Subservicer shall segregate on its records the various funds held in trust for Participant. (b) All moneys collected by Subservicer pertaining to the Mortgage Loans shall be held in trust for the Participant and initially be deposited into the Collection Account and, within one (1) Business Day following receipt, shall be deposited in the Separate Account. Funds on deposit in the Separate Account may be invested at Subservicer's direction in Permitted Investments. Subservicer shall be entitled to retain all income and gain from investment of funds. The Subservicer shall deposit from its own funds the amount of any losses incurred on any investments of funds held in trust for the Participant into the Separate Account, promptly after such losses are incurred. The foregoing notwithstanding, upon sixty (60) Business Days written notice from the Corporation or Participant, the Subservicer will deposit all collections on account of Mortgage Loans directly to the Separate Account. The Corporation shall reimburse Subservicer promptly for all reasonable expenses incurred by it in arranging for such direct deposit. (c) On each Remittance Date, Subservicer shall withdraw from the Separate Account and remit from funds collected in respect of Mortgage Loans during the Due Period to an account designated by Participant (1) all payments of principal and (2) out of the interest portion, an amount equal to the interest due Participant on the applicable Outstanding Participation Purchase Price for such Due Period calculated as set forth in Section 2.1(i)(iv) of the Participation Agreement. The Subservicer shall then withdraw from the Separate Account the remaining interest portion of such funds and shall remit to an account designated by the Corporation, any such interest portion remaining after retention by the Subservicer for its own account of (1) amounts necessary to pay itself the Servicing Fee and any applicable related fees for such month attributable to the related Mortgage Loans and (2) amounts necessary to reimburse itself or a predecessor Subservicer for NonRecoverable Advances made in respect of the Mortgage Loans in accordance with Section 4.04(b) below and any Loan Setup Fees and other service fees earned pursuant to Section 4.14 below, Expenses and Advances not to be reimbursed from Escrow Payments. The Corporation shall pay to the Subservicer within five (5) Business Days following its receipt of the Subservicer's invoice, a copy of which shall be sent to the Participant at the same time as it is sent to the Corporation, the full amount of any Servicing Fee, any Non- Recoverable Advances made in respect of the Mortgage Loans in accordance with Section 4.04(b) below, any Loan Setup Fees and other service fees earned pursuant to Section 4.14 below, any other fees earned by Subservicer hereunder and not satisfied pursuant to the preceding sentence and any previously unreimbursed Expenses and Advances. (d) Subservicer shall remit to the Participant all Principal Prepayments in full, Insurance Proceeds received in connection with liquidation of the related Mortgage Loan (to the extent not required by the related Mortgage to be applied to the repair of the related Mortgaged Property) and Liquidation Proceeds. In the case of any such Principal Prepayment, Insurance Proceeds and Liquidation Proceeds described above, the Corporation shall pay to the Subservicer within five (5) Business Days following its receipt of Subservicer's invoice all previously unreimbursed Advances made by Subservicer in respect of such Mortgage Loan. (e) The Subservicer shall be entitled to retain for its own account all Supplemental Fees with respect to a Mortgage Loan. (f) All remittances of funds by Subservicer pursuant to this Agreement shall be made by wire transfer of immediately available funds on or before 2:00 p.m. Charleston, West Virginia time on the applicable Remittance Date (or other required date of remittance in the case of remittances required under Section 4.02(d) above); provided, however, that if any remittance is specified herein to be made on a day which is not a Business Day, such remittance shall be made on the Business Day immediately preceding such day.
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Collections and Remittances. Whenever Chase receives any payment, interest, reimbursement, collection, or recovery on account of a Letter of Credit or Letter of Indemnity whether from the Borrower, any collateral, or otherwise, it shall allocate such receipts as follows:
(a) Subservicer First, to the payment of taxes, assessments, insurance premiums, or for similar purposes as required by the Letter of Credit or Letter of Indemnity, as the case may be, or any other Loan Document, and, if previously paid by Chase, such sums shall segregate on its records the various funds held in trust for Participant.be retained by Chase; and
(b) All moneys collected by Subservicer pertaining In the event any Borrower fails to reimburse Chase for any draw under a Letter of Credit or Letter of Indemnity, as the Mortgage Loans shall be held in trust for the Participant case may be, when due and initially be deposited into the Collection Account and, within one (1) Business Day following receipt, shall be deposited in the Separate Account. Funds Chase receives a payment of or on deposit in the Separate Account may be invested at Subservicer's direction in Permitted Investments. Subservicer shall be entitled account of such defaulted amount as to retain all income and gain from investment of funds. The Subservicer shall deposit from its own funds which a Lender has paid Chase the amount of any losses incurred its Pro Rata Share pursuant to Section 5.04, that portion of the amount received shall be allocated between each such Lender and Chase pro rata, with each such Lender's percentage of the principal amount based on any investments its Pro Rata Share and with each such Lender's portion of funds held in trust for the Participant into interest and fees on its Pro Rata Share based upon the Separate Account, promptly after such losses are incurredamounts set forth above. The foregoing notwithstanding, upon sixty (60) Business Days written notice from the Corporation or Participant, the Subservicer will deposit all collections After Chase receives a payment on account of Mortgage Loans directly to a Letter of Credit or Letter of Indemnity, as the Separate Account. The Corporation shall reimburse Subservicer promptly for all reasonable expenses incurred by it in arranging for such direct deposit.
(c) On each Remittance Datecase may be, Subservicer shall withdraw from and makes the Separate Account and remit from funds collected in respect of Mortgage Loans during the Due Period to an account designated by Participant (1) all payments of principal and (2) out of the interest portion, an amount equal to the interest due Participant on the applicable Outstanding Participation Purchase Price for such Due Period calculated as set forth in Section 2.1(i)(iv) of the Participation Agreement. The Subservicer shall then withdraw from the Separate Account the remaining interest portion of such funds and shall remit to an account designated by the Corporation, any such interest portion remaining after retention by the Subservicer for its own account of (1) amounts necessary to pay itself the Servicing Fee and any applicable related fees for such month attributable to the related Mortgage Loans and (2) amounts necessary to reimburse itself or a predecessor Subservicer for NonRecoverable Advances made in respect of the Mortgage Loans in accordance with Section 4.04(b) below and any Loan Setup Fees and other service fees earned pursuant to Section 4.14 below, Expenses and Advances not to be reimbursed from Escrow Payments. The Corporation shall pay to the Subservicer within five (5) Business Days following its receipt of the Subservicer's invoice, a copy of which shall be sent to the Participant at the same time as it is sent to the Corporation, the full amount of any Servicing Fee, any Non- Recoverable Advances made in respect of the Mortgage Loans in accordance with Section 4.04(b) below, any Loan Setup Fees and other service fees earned pursuant to Section 4.14 below, any other fees earned by Subservicer hereunder and not satisfied pursuant to the preceding sentence and any previously unreimbursed Expenses and Advances.
(d) Subservicer shall remit to the Participant all Principal Prepayments in full, Insurance Proceeds received in connection with liquidation of the related Mortgage Loan (to the extent not allocations required by the related Mortgage preceding paragraph, it shall give notice to be applied each Lender not later than 11:30 a.m., New York time, by telephone and promptly remit to each Lender (or credit to the repair of Lender's account with Chase, if any) the related Mortgaged Property) amount to which each such Lender is entitled; PROVIDED, HOWEVER, that Chase may retain and Liquidation Proceeds. In the case of deduct from such payment to any such Principal Prepayment, Insurance Proceeds and Liquidation Proceeds described above, the Corporation shall pay to the Subservicer within five (5) Business Days following its receipt of Subservicer's invoice all previously unreimbursed Advances made Lender any amount owed Chase by Subservicer in respect of such Mortgage Loan.
(e) The Subservicer shall be entitled to retain for its own account all Supplemental Fees with respect to a Mortgage Loan.
(f) All remittances of funds by Subservicer Lender pursuant to this Agreement Article 5. If any payment received by Chase and distributed or credited to a Lender is later rescinded or is otherwise returned by Chase for whatever reason (including, without limitation, settlement of an alleged claim), each such Lender, upon demand by Chase, shall be made by wire transfer immediately pay to Chase such Lender's Pro Rata Share of immediately available funds on or before 2:00 p.m. Charleston, West Virginia time on the applicable Remittance Date (or other required date amount so returned. The covenants contained in this paragraph shall survive the termination of remittance in the case of remittances required under Section 4.02(d) above); provided, however, that if any remittance is specified herein to be made on a day which is not a Business Day, such remittance shall be made on the Business Day immediately preceding such daythis Agreement.
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Collections and Remittances. (a) Subservicer Servicer shall segregate on its records the various funds held in trust for Participantpayable to Owners hereunder.
(b) All moneys collected by Subservicer Servicer pertaining to the Mortgage Loans Loans, net of any applicable servicing fees, shall be held in trust for the Participant and initially be deposited into the Collection Account and, within one (1) Business Day following receipt, shall be deposited in the Separate Account. Funds on deposit in the Separate Collection Account may be invested at SubservicerServicer's direction in Permitted Investments. Subservicer Servicer shall be entitled to retain all income and gain from investment of funds. The Subservicer Servicer shall deposit from its own funds the amount of any losses incurred on any investments of Permitted Investments in which any such funds held in trust for the Participant are invested into the Separate Accountrespective accounts to which such losses relate, promptly after such losses are incurred. The foregoing notwithstanding, upon sixty (60) Business Days written notice from the Corporation or Participant, the Subservicer will deposit all collections on account of Mortgage Loans directly to the Separate Account. The Corporation shall reimburse Subservicer promptly for all reasonable expenses incurred by it in arranging for such direct deposit.
(c) On each Remittance Date, Subservicer Servicer shall withdraw from the Separate Collection Account and remit from funds collected in respect of Mortgage Loans during the Due Period to an account designated by Participant (1) all payments of principal and (2) out of the interest portion, an amount equal to the interest due Participant on the applicable Outstanding Participation Purchase Price for such Due Period calculated as set forth in Section 2.1(i)(iv) of the Participation Agreement. The Subservicer shall then withdraw from the Separate Account the remaining interest portion of such funds and shall remit to an account designated by the Corporation, any such interest portion remaining after retention by the Subservicer for its own account of (1) amounts necessary to pay itself the Servicing Fee and any applicable related fees for such month attributable to the related Mortgage Loans out of collections in respect of interest on such Mortgage Loans (to the extent not otherwise retained by Servicer from such collections) and (2) amounts necessary to reimburse itself or a predecessor Subservicer Servicer for NonRecoverable Non-Recoverable Advances made in respect of the related Mortgage Loans in accordance with Section 4.04(b) below and any Loan Setup Fees and other service fees earned pursuant to Section 4.14 below, Expenses and Advances not to be reimbursed from Escrow Payments. The Corporation shall pay retain such amounts or remit such amounts to the Subservicer within five (5) Business Days following its receipt of Person entitled thereto, as the Subservicer's invoicecase may be. After making the withdrawals and remittances described above on any Remittance Date, a copy of which Servicer shall be sent to withdraw from the Participant at the same time as it is sent to the Corporation, the full amount of any Servicing Fee, any Non- Recoverable Advances made Collection Account all amounts collected in respect of the Monthly Payments due on the related Mortgage Loans during the Due Period ending in accordance with Section 4.04(b) belowthe month in which such Remittance Date occurs, any Loan Setup Fees and other service fees earned pursuant to Section 4.14 below, any other fees earned by Subservicer hereunder and not satisfied pursuant to net of the preceding sentence Servicing Fee and any previously unreimbursed Expenses applicable related fees, with respect to such Mortgage Loans withdrawn or retained by Servicer as described above (together with any late Monthly Payments collected by Servicer during such Due Period which were due in any prior Due Period), and Advancesshall remit such amounts at the related Owner's direction.
(d) Subservicer Servicer shall remit to the Participant related Owner all Principal Prepayments in full, Insurance Proceeds received in connection with liquidation of the related Mortgage Loan (to the extent not required by the related Mortgage to be applied to the repair of the related Mortgaged Property) and Liquidation Proceeds. In Proceeds (in the case of any such Principal Prepayment, Insurance Proceeds and Liquidation Proceeds described above, net of Expenses incurred by the Corporation shall pay Servicer, which are to be reimbursed to the Subservicer within five (5) Business Days following its receipt Servicer, and net of Subservicer's invoice all previously unreimbursed Advances made by Subservicer Servicer in respect of such Mortgage Loan).
(e) The Subservicer Servicer shall be entitled to retain for its own account all Supplemental Fees with respect to a Mortgage Loan.
(f) All remittances of funds by Subservicer Servicer to an Owner pursuant to this Agreement shall be made by wire transfer of immediately available funds on or before 2:00 p.m. Charleston, West Virginia time on the applicable Remittance Date (or other required date of remittance in the case of remittances required under Section 4.02(d) above); provided, however, that if any remittance is specified herein to be made on a day which is not a Business Day, such remittance shall be made on the Business Day immediately preceding such day.
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