Common use of SERVICER REMITTANCES Clause in Contracts

SERVICER REMITTANCES. On each Servicer Remittance Date the Servicer, in accordance with Section 7.2, shall remit by wire transfer of immediately available funds to the Master Servicer the sum of the following (the “Servicer Remittance Amount”): (a) all amounts deposited in the Custodial Accounts as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), plus (b) all amounts, if any, which the Servicer is obligated to advance pursuant to Section 7.3, minus (c) any amounts attributable to Principal Prepayments received after the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.4; and minus (d) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the Servicer Remittance Date, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. On each Servicer Remittance Date, no later than 1:00 p.m. New York City time, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master Servicer. All remittances required to be made to the Master Servicer shall be made to the following wire account or to such other account as may be specified by the Master Servicer from time to time: [ ] [ ] ABA#: [ ] Account Name: [ ] Account Number: [ ] For further credit to: [ ] With respect to any remittance received by the Master Servicer after the Servicer Remittance Date on which such payment was due, the Servicer shall pay to the Purchase interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.

SERVICER REMITTANCES. (a) On each Servicer Remittance Date Date, the Servicer, in accordance with Section 7.2, Servicer shall remit by wire transfer of immediately available funds to the Master Servicer Securities Administrator the sum of the following (the “Servicer Remittance Amount”"SERVICER REMITTANCE AMOUNT"): (ai) all amounts deposited in the Custodial Accounts Account as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), ; plus (bii) the aggregate amount of all amountsMonthly Advances, if any, which the Servicer is obligated to advance on or before the Servicer Remittance Date pursuant to Section 7.3, 4.5 with respect to the related Due Period; minus (ciii) any amounts attributable to Principal Prepayments received after during the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance DatePeriod, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.44.5; and minus (div) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the in which such Servicer Remittance DateDate occurs, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. . (b) On each Servicer Remittance Date, no later than 1:00 p.m. New York City time4:00 P.M., ET, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master ServicerSecurities Administrator. All remittances required to be made to the Master Servicer Securities Administrator shall be made to the following wire account or to such other account as may be specified by the Master Servicer Securities Administrator from time to time: [ ] [ - ] ABA#: [ - ] Account Name: [ - ] Account Number: [ - ] For further credit to: [ ] 200_-_, Account # __________ (c) With respect to any remittance received by the Master Servicer Securities Administrator after the Servicer Remittance Date on which such payment remittance was due, the Servicer shall pay to the Purchase Securities Administrator interest on any such late payment remittance at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on , from the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment remittance was due and ending with until the Business Day on which such payment is madedate paid, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.

SERVICER REMITTANCES. (i) On or prior to the Closing Date, the Servicers shall have established one or more separate Collection Accounts as provided in the related Servicing Agreement, each of which shall be an Eligible Account. All Monthly Payments and other amounts collected by each Servicer Remittance Date on the ServicerMortgage Loans, in accordance with Section 7.2shall, shall remit by wire transfer of immediately available funds to the Master extent provided in the related Servicing Agreement, be deposited by such Servicer within one Business Day of receipt (or within 2 Business Days in the sum case of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds) into the following (the “Servicer Remittance Amount”):related Collection Account. (aii) all amounts deposited in the Custodial Accounts as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), plus (b) all amounts, if any, which the Servicer is obligated to advance pursuant to Section 7.3, minus (c) any amounts attributable to Principal Prepayments received after the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.4; and minus (d) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the Servicer Remittance Date, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. On each Servicer Remittance Date, no later than 1:00 p.m. New York City time, the each Servicer shall is required to remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master ServicerSecurities Administrator all payments received during the related Due Period or Prepayment Period in respect of the Mortgage Loans serviced by it, less certain deductions as described herein and in each Servicing Agreement. All remittances required to be made The amounts remitted by each Servicer to the Master Servicer Securities Administrator shall be made credited to the following wire account or to such other account as may be specified by the Master Servicer from time to time: [ ] [ ] ABA#: [ ] REMIC I Distribution Account Name: [ ] Account Number: [ ] For further credit to: [ ] With respect to any remittance received by the Master Servicer after the Servicer Remittance Date on which such payment was due, the Servicer shall pay to the Purchase interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as within one Business Day of the date of the receipt thereof. (iii) On each changeDistribution Date, plus three percentage pointsamounts on deposit in the REMIC I Distribution Account (net of any expenses or amounts payable to the Securities Administrator under Section 10.04 hereof or to the Trustee under Section 8.05 hereof) will be allocated by the Securities Administrator to pay amounts due on the REMIC I Interests, but in no event greater than accordance with Section 2.03(b) of the maximum amount permitted Trust Agreement. On each Distribution Date, amounts on deposit in the REMIC II Distribution Account (net of any expenses payable to the Securities Administrator under Section 10.04 hereof or to the Trustee under Section 8.05 hereof) will be allocated by applicable lawthe Securities Administrator to pay amounts due on the REMIC II Interests, in accordance with Section 2.03(c). Such interest shall amounts will then be deposited passed through the REMIC II Distribution Account and to the Certificate Account for distribution to the Certificateholders in accordance with Section 3.01 of the Custodial Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the ServicerTrust Agreement.

SERVICER REMITTANCES. (a) On each Servicer Remittance Date Date, the Servicer, in accordance with Section 7.2, Servicer shall remit by wire transfer of immediately available funds to the Master Servicer Securities Administrator the sum of the following (the “Servicer Remittance Amount”): (ai) all amounts deposited in the Custodial Accounts Account as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), ; plus (bii) the aggregate amount of all amountsMonthly Advances, if any, which the Servicer is obligated to advance on or before the Servicer Remittance Date pursuant to Section 7.3, 4.5 with respect to the related Due Period; minus (ciii) any amounts attributable to Principal Prepayments received after during the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance DatePeriod, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.44.5; and minus (div) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the in which such Servicer Remittance DateDate occurs, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. . (b) On each Servicer Remittance Date, no later than 1:00 p.m. New York City time4:00 P.M., ET, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master ServicerSecurities Administrator. All remittances required to be made to the Master Servicer Securities Administrator shall be made to the following wire account or to such other account as may be specified by the Master Servicer Securities Administrator from time to time: [ ] [ - ] ABA#: [ - ] Account Name: [ - ] Account Number: [ - ] For further credit to: [ ] FBRSI 200 - , Account # (c) With respect to any remittance received by the Master Servicer Securities Administrator after the Servicer Remittance Date on which such payment remittance was due, the Servicer shall pay to the Purchase Securities Administrator interest on any such late payment remittance at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on , from the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment remittance was due and ending with until the Business Day on which such payment is madedate paid, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.

SERVICER REMITTANCES. (a) On each Servicer Remittance Date by no later than 3:00 p.m. New York City time, the Servicer, in accordance with Section 7.2, Servicer shall remit by wire transfer of immediately available funds to the Master Servicer Trustee the sum of the following (the “Servicer Remittance Amount”): (ai) all amounts deposited in the Custodial Accounts as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), plus (bii) all amounts, if any, which the Servicer is obligated to advance pursuant to Section 7.37.4, minus (ciii) any amounts attributable to Principal Prepayments received after the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment Prepayments in accordance with Section 4.4; , and minus (div) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the calendar month of the Servicer Remittance Date, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. On each Servicer Remittance Date, no later than 1:00 p.m. New York City time, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master Servicer. All remittances required to be made to the Master Servicer Trustee shall be made to the following wire account or to such other account as may be specified by the Master Servicer Trustee from time to time: [ ] [ ] ABA#: [ ] Account Name: [ ] Account Number: [ ] For further credit to: [ ] With respect to any remittance received by the Master Servicer Trustee after the Servicer Remittance Date on which such payment was due, the Servicer shall pay to the Purchase Trustee interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.

SERVICER REMITTANCES. (a) On each Servicer Remittance Date Date, the Servicer, in accordance with Section 7.2, Servicer shall remit by wire transfer of immediately available funds to the Master Servicer Securities Administrator the sum of the following (the “Servicer Remittance Amount”"SERVICER REMITTANCE AMOUNT"): (ai) all amounts deposited in the Custodial Accounts Account as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), ; plus (bii) the aggregate of all amountsMonthly Advances, if any, which that the Servicer is obligated to advance on or before the Servicer Remittance Date pursuant to Section 7.3, 4.5 with respect to the related Due Period; minus (ciii) any amounts attributable to Principal Prepayments received after during the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance DatePeriod, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.44.5; and minus (div) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the in which such Servicer Remittance DateDate occurs, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. . (b) On each Servicer Remittance Date, no later than 1:00 p.m. New York City time4:00 P.M., ET, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master ServicerSecurities Administrator. All remittances required to be made to the Master Servicer Securities Administrator shall be made to the following wire account or to such other account as may be specified by the Master Servicer Securities Administrator from time to time: [ ] [ - ] ABA#: [ - ] Account Name: [ - ] Account Number: [ - ] For further credit to: [ ] FNLC 200_-_, Account # __________ (c) With respect to any remittance received by the Master Servicer Securities Administrator after the Servicer Remittance Date on which such payment remittance was due, the Servicer shall pay to the Purchase Securities Administrator interest on any such late payment remittance at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on , from the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment remittance was due and ending with until the Business Day on which such payment is madedate paid, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.

SERVICER REMITTANCES. On each Servicer Remittance Date Date, the Servicer, in accordance with Section 7.2, Servicer shall remit by wire transfer of immediately available funds to the Master Servicer Securities Administrator the sum of the following (the “Servicer Remittance Amount”): (a) all amounts deposited in the Custodial Accounts Account as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), ; plus (b) all amounts, if any, which the Servicer is obligated to advance on or before the Servicer Remittance Date pursuant to Section 7.3, ; minus (c) any amounts attributable to Principal Prepayments received after the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.4; and minus (d) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the in which such Servicer Remittance DateDate occurs, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. On each Servicer Remittance Date, no later than 1:00 4:00 p.m. New York City timeE.T., the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master ServicerSecurities Administrator. All remittances required to be made to the Master Servicer Securities Administrator shall be made to the following wire account or to such other account as may be specified by the Master Servicer Securities Administrator from time to time: [ ] [ ] W▇▇▇▇ Fargo Bank, National Association ABA#: [ ] 1▇▇▇▇▇▇▇▇ Account Name: [ ] SAS Clearing Account Number: [ ] 3▇▇▇▇▇▇▇▇▇ For further credit to: [ ] FBRSI 2005-1, Account # 1▇▇▇▇▇▇▇ With respect to any remittance received by the Master Servicer Securities Administrator after the Servicer Remittance Date on which such payment remittance was due, the Servicer shall pay to the Purchase Securities Administrator interest on any such late payment remittance at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on , from the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment remittance was due and ending with until the Business Day on which such payment is madedate paid, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.

SERVICER REMITTANCES. On each Servicer Remittance Date Date, the Servicer, in accordance with Section 7.2, shall remit by wire transfer of immediately available funds to the Master Servicer the sum of the following (the “Servicer Remittance Amount”): (a) all amounts deposited in the Custodial Accounts Account as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), ; plus (b) all amounts, if any, which the Servicer is obligated to advance pursuant to Section 7.3, ; minus (c) any amounts attributable to Principal Prepayments received after the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.4; and minus (d) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the in which such Servicer Remittance DateDate occurs, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. On each Servicer Remittance Date, no later than 1:00 p.m. New York City time, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master Servicer. All remittances required to be made to the Master Servicer shall be made to the following wire account or to such other account as may be specified by the Master Servicer from time to time: [ ] [ - ] ABA#: [ - ] Account Name: [ - ] Account Number: [ - ] For further credit to: [ [First NLC Securitization Trust 200 - ] With respect to any remittance received by the Master Servicer after the Servicer Remittance Date on which such payment remittance was due, the Servicer shall pay to the Purchase Master Servicer interest on any such late payment remittance at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.

SERVICER REMITTANCES. On each Servicer Remittance Date the Servicer, in accordance with Section 7.2, shall remit by wire transfer of immediately available funds to the Master Servicer the sum of the following (the “Servicer Remittance Amount”): (a) all amounts deposited in the Custodial Accounts as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), plus (b) all amounts, if any, which the Servicer is obligated to advance pursuant to Section 7.3, minus (c) any amounts attributable to Principal Prepayments received after the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.4; and minus (d) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the Servicer Remittance Date, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. On each Servicer Remittance Date, no later than 1:00 p.m. New York City time, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master Servicer. All remittances required to be made to the Master Servicer shall be made to the following wire account or to such other account as may be specified by the Master Servicer from time to time: [ ] [ ] ABA#: [ ] Account Name: [ ] Account Number: [ ] For further credit to: [ ] With respect to any remittance received by the Master Servicer after the Servicer Remittance Date on which such payment was due, the Servicer shall pay to the Purchase interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.

SERVICER REMITTANCES. On each Servicer Remittance Date Date, the Servicer, in accordance with Section 7.2, shall remit by wire transfer of immediately available funds to the Master Servicer the sum of the following (the “Servicer Remittance Amount”): (a) all amounts deposited in the Custodial Accounts as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.6), ; plus (b) all amounts, if any, which the Servicer is obligated to advance pursuant to Section 7.3, ; minus (c) any amounts attributable to Principal Prepayments received after the applicable Prepayment Period which amounts shall be remitted on the following Servicer Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.4; and minus (d) any amounts attributable to Scheduled Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the Servicer Remittance Date, which amounts shall be remitted on the Servicer Remittance Date next succeeding the Due Period for such amounts. On each Servicer Remittance Date, no later than 1:00 p.m. New York City time, the Servicer shall remit the Servicer Remittance Amount by wire transfer of immediately available funds to the Master Servicer. All remittances required to be made to the Master Servicer shall be made to the following wire account or to such other account as may be specified by the Master Servicer from time to time: [ ] [ ] ABA#: [ ] Account Name: [ ] Account Number: [ ] For further credit to: [ ] With respect to any remittance received by the Master Servicer after the Servicer Remittance Date on which such payment was due, the Servicer shall pay to the Purchase Indenture Trustee interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Servicer on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Servicer Remittance Date. The payment by the Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Servicer Event of Default by the Servicer.