Common use of Due Dates Other Than the First of the Month Clause in Contracts

Due Dates Other Than the First of the Month. Mortgage Loans having Due Dates other than the first day of a month, including Mortgage Loans requiring semi-annual amortization of principal, shall be accounted for as described in this Section 3.04. Any payment due on a day other than the first day of each month shall be considered due on the first day of the month following that in which that payment is due as if such payment were due on the first day of said month. For example, a payment due on August 15 shall be considered to be due on September 1. With respect to a Mortgage Note permitting semi-annual amortization of principal, the Servicer shall be required to remit monthly scheduled principal and interest based on a monthly amortization schedule. Notwithstanding anything set forth above, upon a Pass-Through Transfer or Agency Transfer, with respect to each Mortgage Loan which is removed from this agreement on the related Reconstitution Date, upon receipt of any amounts with respect to the payment due in the month of the removal, the Servicer shall allocate the amount received between the Purchaser and the subsequent owner of the Mortgage Loan based on the number of days such party owned the Mortgage Loan.