Common use of Advance Facility Clause in Contracts

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the Servicer is hereby authorized to enter into an advance facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility. 134

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4)

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Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance fund P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such P&I Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and the Servicer provides the Trustee with an Officers' Certificate that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such Officers' Certificate must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of the Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (New Century Mortgage Securities Inc), Pooling and Servicing Agreement (New Century Mortgage Securities LLC)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance fund P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, obligation to fund such P&I Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and the Servicer provides the Trustee with an Officers’ Certificate that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such Officers’ Certificate must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person’s notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of the Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2005-C), Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-D)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Servicer or (ii) the Trustee, on behalf of the Trust Fund, with the consent of and at the direction of the Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Advancing Financing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Financing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trustee enters into such an Advance Facility pursuant to this Section 3.26, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Financing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Financing Person is entitled to reimbursement, such Advancing Financing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such notice from the Advancing Financing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Financing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer’s acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Financing Person and shall be entitled to rely without independent investigation on the Advancing Financing Person’s notice provided pursuant to this Section 3.26. An Advancing Financing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-3), Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-3)

Advance Facility. (a) Notwithstanding anything to The Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.29, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.29(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer's acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.29. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such facility.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cert Se 03 WMC), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Cert Ser 2003 WMC)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Master Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (an “Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer’s obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer’s acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person’s notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, the qualifications of a Master Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 6.06 hereof and shall not be relieved deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund’s entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-Whq4), Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Wcw1)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the Servicer is hereby authorized to enter into an advance facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Securities Administrator, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer Servicer, Securities Administrator and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility. 134.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Fm1)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the Servicer consent of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Servicer") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Servicer makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Servicer is entitled to reimbursement, such Advancing Servicer shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Servicer must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Servicer's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Servicer's statement with respect to the Section of this Agreement); it being understood that neither Agreement permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Servicer whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Series 2000-3)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a financing or other facility (any such arrangement, an “Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, under which (A1) the Servicer sells, assigns or pledges to an advancing person another Person (an “Advance Financing Advancing Person”) its the Servicer’s rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B2) an Advance Financing Advancing Person agrees to finance fund some or all P&I Advances or and/or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no No consent of the Depositor, Trustee, the Trust Administrator, the Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility; provided, but however, that the consent of the Trustee, the Trust Administrator and the Master Servicer shall be required before the Servicer shall provide notice may cause to the Depositor, Master Servicer and the Trustee of the existence of any such be outstanding at one time more than one Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right with respect to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X P&I Advances or more than one Advance Facility with respect to Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person Advancing Person agrees to finance fund P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility. 134If the Servicer enters into an Advance Facility, and for so long as an Advancing Person remains entitled to receive reimbursement for any P&I Advances or Servicing Advances outstanding and previously unreimbursed pursuant to this Agreement, then the Servicer may elect by providing written notice to the Trustee, the Trust Administrator and the Master Servicer not to be permitted to reimburse itself for P&I Advances and/or Servicing Advances, as applicable, pursuant to Section 3.11(a) of this Agreement, but following any such election, the Servicer shall be required to include amounts collected that would otherwise be retained by the Servicer to reimburse it for previously xxxxxxxxxxxx X&X Advances (“P&I Advance Reimbursement Amounts”) and/or previously unreimbursed Servicing Advances (“Servicing Advance Reimbursement Amounts” and together with P&I Advance Reimbursement Amounts, “Reimbursement Amounts”) (in each case to the extent such type of Reimbursement Amount is included in the Advance Facility) in the remittance to the Trust Administrator made pursuant to this Agreement to the extent of amounts on deposit in the Collection Account on the Servicer Remittance Date. Notwithstanding anything to the contrary herein, in no event shall P&I Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts be included in Interest Remittance Amounts or Principal Remittance Amounts or distributed to Certificateholders. The Servicer making the election set forth herein shall report to the Trustee, the Trust Administrator and the Master Servicer the portions of the Reimbursement Amounts that consist of P&I Advance Reimbursement Amounts and Servicing Advance Reimbursement Amounts, respectively.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2003-B Asset Backed Certs)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.29, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134In no event shall the Trustee be required to consent to or monitor such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.29(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer’s acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person’s notice provided pursuant to this Section 3.29. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-Opt3)

Advance Facility. (a) Notwithstanding anything to The Trustee, on behalf of the contrary contained hereinTrust Fund, (i) at the direction of the Master Servicer and with the consent of the NIMS Insurer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights may make all or a portion of the Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, 109 although no such facility shall reduce or otherwise affect the Master Servicer’s obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person’s statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person’s statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund’s entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Securities Corp)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trustee enters into such an Advance Facility pursuant to this Section 3.26, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and the Servicer provides the Trustee with an Officers' Certificate that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such Officers' Certificate must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.26. The Trustee shall have no responsibility to track or monitor the administration of the Advance Facility. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of the Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Carrington Mortgage Loan Trust, Series 2004-Nc2)

Advance Facility. (a) Notwithstanding anything to The Servicer and/or the contrary contained herein, (i) Trustee on behalf of the Servicer Trust Fund is hereby authorized to enter into an advance a facility (an “Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, with any Person (an “Advancing Person”) (1) under which (A) the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its the Advancing Person the Servicer’s rights under this Agreement to be reimbursed for any P&I Advances and/or Servicing Advances or (2) which provides that the Advancing Person may fund P&I Advances and/or Servicing Advances to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s obligation to fund such P&I Advances and/or Servicing Advances. If the Servicer enters into such an Advance Facility pursuant to this Section 3.26, upon reasonable request of the Advancing Person, the Trust Administrator shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance or is assigned the right to be reimbursed for any P&I Advance or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made and provides the Trust Administrator with notice acknowledged by the Servicer pursuant that such Advancing Person is entitled to this Agreement and reimbursement directly from the Trust Administrator (iifrom amounts on deposit in the Distribution Account) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer such Advancing Person shall provide notice be entitled to receive reimbursement pursuant to this Agreement for such amount to the Depositorextent provided in Section 3.26(b). Such notice from the Advancing Person must specify the amount of the reimbursement, Master Servicer the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (asection(s) the identity of the Advance Financing Facility that entitle the Advancing Person to request reimbursement from the Trust Administrator, rather than the Servicer, and include the Servicer’s acknowledgment thereto or proof of an event of default under the Advance Facility. The Trust Administrator shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and (b) shall be entitled to rely without independent investigation on the identity Advancing Person’s notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, qualifications of the Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 3.02 hereof and shall not be relieved of such obligations by virtue of such Advance Facility. 134deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Amc4)

Advance Facility. (a) Notwithstanding anything to The Trust Administrator and the contrary contained hereinTrustee on behalf of the Trust Fund, (i) with the Servicer is consent of the Servicer, are hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Payment Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Payment Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Payment Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trust Administrator with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.28(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Payment Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.28 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Payment Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Payment Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Servicer or a Sub-Servicer specified herein and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Ce Se 2001-2)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.29, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134In no event shall the Trustee be required to consent to or monitor such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.29(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer's acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.29. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Custodial Agreement (Carrington Mortgage Loan Trust Inc Series 2005-Opt2)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the Guarantor, the NIMS Insurer and the Master Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, the qualifications of a Master Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 6.06 hereof and shall not be relieved deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-Wcw2)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the Servicer is hereby authorized to enter into an advance facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility. 134105

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.29, and upon reasonable 100 request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.29(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer's acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.29. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Opt1)

Advance Facility. (a) Notwithstanding anything to The Trustee, on behalf of the contrary contained hereinTrust Fund, (i) at the direction of the Master Servicer and with the consent of the NIMS Insurer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement 117 pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2004-3, Asset-Backed Certs., Series 2004-3)

Advance Facility. (a) Notwithstanding anything to The Trustee, on behalf of the contrary contained hereinTrust Fund, at the direction of the Master Servicer and with the consent of the NIMS Insurer, after consultation with the Guarantor (i) or, if no Insured NIM Notes are outstanding, the Servicer Guarantor), is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that 122 an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent, after consultation with the Guarantor, to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2002-5)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the consent of the Master Servicer and the Guarantor, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not, in the absence of the Guarantee, materially and adversely affect the interests of any Certificateholder, then the Guarantor shall not withhold its consent to the Trust Fund's entering such obligations by virtue of facility; provided, however, that the Guarantor shall consult with the NIMS Insurer regarding the consent to such Advance Facility. 134facility, but the decision to approve such facility shall be in the Guarantor's sole discretion.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-5)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Servicer or (ii) the Trust Administrator, on behalf of the Trust Fund, with the consent of the Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance fund P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such P&I Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trust Administrator shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trust Administrator enters into such an Advance Facility pursuant to this Section 3.26, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and provides the Trust Administrator with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trust Administrator, rather than the Servicer, and include the Servicer's acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trust Administrator shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Hyb1)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the Servicer consent of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement and the Trustee is further authorized, subject to be reimbursed for Section 11.01, to enter into any P&I Advances amendment of this Agreement in connection with such facility. No such facility shall reduce or Servicing otherwise affect the Master Servicer's obligation to fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub- Servicer and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Assets Sec Corp First Frank Mort Ln Tr 2002-Ff1)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Master Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the 113 Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, the qualifications of a Master Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 6.06 hereof and shall not be relieved deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-Wch1)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Servicer or (ii) the Trustee, on behalf of the Trust Fund, with the consent of and at the direction of the Servicer, is hereby authorized to enter into an advance a facility (an “Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.28, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trustee enters into such an Advance Facility pursuant to this Section 3.28, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.28(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer’s acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person’s notice provided pursuant to this Section 3.28. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Soundview Home Loan Trust 2007-Ns1)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Each of (i) the Trustee on behalf of the Trust Fund, with the consent of the Servicer and (ii) the Servicer is hereby authorized to enter into an advance a financing or other facility (any such arrangement, an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, under which (A1) the Servicer sells, assigns or pledges to an advancing person another Person (an “Advance Financing "Advancing Person") its the Servicer's rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B2) an Advance Financing Advancing Person agrees to finance fund some or all P&I Advances or and/or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer Agreement. The Trustee is hereby authorized further authorized, subject to assign its rights Section 11.01, to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms enter into any amendment of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assignedAgreement in connection with such facility. Subject to the provisions of the first sentence of this Section 3.25(a), no No consent of the Depositor, Trustee, Master Servicerthe Certificate Insurer, the Certificateholders or any other party is required before the Servicer may enter into an Advance Facility; provided, but however, that the consent of the Trustee shall be required before the Servicer shall provide notice may cause to the Depositor, Master Servicer and the Trustee of the existence of any such be outstanding at one time more than one Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right with respect to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or more than one Advance Facility with respect to Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person Advancing Person agrees to finance P&I fund Advances and/or Servicing Advances on the Servicer’s 's behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility. 134To the extent that an Advancing Person makes all or a portion of any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 8.16(b). Such notice from the Advancing Person must specify the amount of the reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 8.16 and with respect to the Advancing Person's statement with respect to the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed. An Advancing Person whose obligations are limited to the making of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Assets Sec Corp First Franklin Mort Ln Tr 2002 Ffa)

Advance Facility. (a) Notwithstanding anything to The Trustee and the contrary contained hereinTrust Fund, at the direction of the Master Servicer and with the consent of the Controlling Insurer, after consultation with the Guarantor (i) or, if there is no Controlling Insurer, with the Servicer consent of the Guarantor), is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the Controlling Insurer or the Guarantor, if applicable, shall not withhold its consent, after consultation with the Guarantor, if applicable, to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Mortgage Loan Trust 2002-4)

Advance Facility. (a) Notwithstanding anything to The Master Servicer, with the contrary contained hereinconsent of the NIMs Insurer, (i) the Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund P&I Advances and/or Servicing Advances under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for fund such P&I Advances and/or Servicing Advances. To the extent that an Advancing Person funds any P&I Advances Advance or any Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made and provides the Trustee with notice acknowledged by the Master Servicer pursuant that such Advancing Person is entitled to this Agreement and (ii) reimbursement directly from the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.26(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of applicable P&I Advances Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Sub-Servicer pursuant to Section 3.02 hereof. If the terms of a facility proposed to be entered into with an Advancing Servicer by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMs Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Flo Rate Mort Pas THR Cert Ser 01 3)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Master Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing 108 Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, the qualifications of a Master Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 6.06 hereof and shall not be relieved deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset-Backed Pass-Through Certificates, Series 2004-W10)

Advance Facility. (a) Notwithstanding anything to The Trustee or the contrary contained hereinTrust Administrator on behalf of the Trust, (i) the Servicer is hereby authorized authorized, with the consent of the Master Servicer and the Certificate Insurer, to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Delinquency Advances and/or Servicing Advances under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Delinquency Advances and/or (B) Servicing Advances. To the extent that an Advancing Person funds any Delinquency Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trust Administrator and the Certificate Insurer with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the reimbursement and must specify which Section of this Agreement permits the applicable Delinquency Advance or Servicing Advance to be reimbursed. The Trust Administrator shall have no duty or liability to the Master Servicer with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or Section 3.29. An Advancing Person whose obligations hereunder are limited to the portion funding of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Delinquency Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Subservicer pursuant to Section 3.02 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Mort Sec Inc New Cent Hm Eq Ln Tr Ser 2000-Nca)

Advance Facility. (a) Notwithstanding anything to the contrary contained hereinThe Master Servicer, (i) the Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Person”"Advancing Servicer") its rights under this Agreement to be reimbursed for any P&I Advances may make all or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Master Servicer’s behalf's obligation to fund such P&I Advances and/or Servicing Advances. To the extent that an Advancing Servicer makes all or a portion of any P&I Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Servicer is entitled to reimbursement, the such Advancing Servicer shall remain obligated be entitled to receive reimbursement pursuant to this Agreement for such amount to make the extent provided in Section 3.26(b). Such notice from the Advancing Servicer must specify the amount of the reimbursement and must specify which Section of this Agreement permits the applicable P&I Advance or Servicing Advance to be reimbursed. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Servicer and shall be entitled to rely without independent investigation on the Advancing Servicer's statement with respect to the amount of any reimbursement pursuant to this Section 3.26 and with respect to the Advancing Servicer's statement with respect to the Section of this Agreement which permits the applicable P&I Advance or Servicing Advance to be reimbursed. An Advancing Servicer whose obligations are limited to the making of P&I Advances and and/or Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Mort Sec Inc Home Equity Ln Tr Se 2003 B)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the Servicer consent of the Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement and the Trustee is further authorized, subject to be reimbursed for Section 11.01, to enter into any P&I Advances amendment of this Agreement in connection with such facility. No such facility shall reduce or Servicing otherwise affect the Servicer's obligation to fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.30(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.30 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Servicer or a Subservicer pursuant to Section 6.06 hereof and will not be deemed to be a Subservicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Finan as Sec Cp SDVW Hm Eq Ln Tr 2001-2 as Bk Cer Ser 2001-2)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Master Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person 113 which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer . The Trustee and the Trustee of the existence shall have no duty or liability with respect to any calculation of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing reimbursement to be paid to an Advancing Person and (b) shall be entitled to rely without independent investigation on the identity Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the funding of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, the qualifications of a Master Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 6.06 hereof and shall not be relieved deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-Wwf1)

Advance Facility. (a) Notwithstanding anything to The Trustee, on behalf of the contrary contained hereinTrust Fund, at the direction of the Master Servicer and with the consent of the NIMS Insurer, after consultation with the Guarantor (i) or, if no Insured NIM Notes are outstanding, the Servicer Guarantor), is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent, after consultation with the Guarantor, to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Cert Series 2003-1)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Servicer or (ii) the Trustee, on behalf of the Trust Fund, with the consent of the Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trustee enters into such an Advance Facility pursuant to this Section 3.26, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and the Servicer provides the Trustee with an Officers' Certificate that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such Officers' Certificate must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.26. The Trustee shall have no responsibility to track or monitor the administration of the Advance Facility. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of the Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2004-Nc1)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the Servicer consent of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Servicer") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement and the Trustee is further authorized, subject to be reimbursed for Section 11.01, to enter into any P&I Advances amendment of this Agreement in connection with such facility. No such facility shall reduce or Servicing otherwise affect the Master Servicer's obligation to fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Servicer makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with written notice acknowledged by the Master Servicer that such Advancing Servicer is entitled to reimbursement, such Advancing Servicer shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Servicer must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Servicer's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Servicer's statement with respect to the Section of this Agreement); it being understood that neither Agreement permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Servicer whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp New South Home Equity Trust 2001-1)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the Servicer is hereby authorized to enter into an advance facility ("Advance Facility") but no more than two Advance Facilities, Facilities without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person (an "Advance Financing Person") its the Servicer's rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person ("Servicer’s 's Assignee") who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X unreimbursed P&I Advances or Servicing AdvancesSxxxxxxxx Xxxxxxxs. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s 's behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility. 134.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Loan Trust Series 2004-Hs1)

Advance Facility. (a) Notwithstanding anything to With the contrary contained herein, prior consent of the Note Insurer (iwhich consent shall not be unreasonably withheld) the Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Monthly Advances and/or Servicing Advances under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Monthly Advances and/or (B) Servicing Advances. To the extent that an Advancing Person funds any Monthly Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Indenture Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 5.16(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Monthly Advance or Servicing Advance to be reimbursed. The Indenture Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or Section 5.16. An Advancing Person whose obligations hereunder are limited to the portion funding of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Monthly Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Subservicer pursuant to Section 5.01(a) hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Afc Mortgage Loan Asset Backed Notes Series 2000-1)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the Servicer consent of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Servicer") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Servicer makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Servicer is entitled to reimbursement, such Advancing Servicer shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.30(b). Such notice from the resignation, termination or removal Advancing Servicer must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Servicer's statement with respect to the amount of any reimbursement pursuant to this Section 3.30 and with respect to the terms Advancing Servicer's statement with respect to the Section of this Agreement); it being understood that neither Agreement permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Servicer whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Option One Mort Accept Corp Asset Backed Cert Ser 2000-2)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the Servicer consent of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement and the Trustee is further authorized, subject to be reimbursed for Section 11.01, to enter into any P&I Advances amendment of this Agreement in connection with such facility. No such facility shall reduce or Servicing otherwise affect the Master Servicer's obligation to fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Certificates Series 2001-Ff2)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the Servicer consent of the NIMS Insurer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing Advances under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person 101 and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Sub-Servicer pursuant to Section 6.06 hereof. If the terms of a facility proposed to be entered into with an Advancing Servicer by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc as Bk Ps THR CRTS Se 02-4)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the Servicer Ocwen is hereby authorized to enter into an advance facility ("Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, under which (A) the Servicer Ocwen sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its the related Servicer's rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person advancing person agrees to finance fund some or all P&I Advances or Servicing Advances required to be made by the Servicer Ocwen pursuant to this Agreement and (ii) the Servicer Ocwen is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer Ocwen pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no No consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer Ocwen may enter into an Advance Facility, but the Servicer Ocwen shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advancesthereof. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on the Servicer’s Ocwen's behalf, the Servicer Ocwen shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility. 134.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp Hm Equity Ln Trust Ser 2003-He1)

Advance Facility. (a) Notwithstanding anything to The Trust Administrator, on behalf of the contrary contained hereinTrustee and the Trust Fund, at the direction of the Master Servicer and with the consent of the Controlling Insurer, after consultation with the Guarantor (i) or, if there is no Controlling Insurer, with the Servicer consent of the Guarantor), is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trust Administrator with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trust Administrator shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the Controlling Insurer or the Guarantor, if applicable, shall not withhold its consent, after consultation with the Guarantor, if applicable, to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Asset Backed Cert Ser 2002 3)

Advance Facility. (a) Notwithstanding anything to The Trustee and the contrary contained hereinTrust Fund, (i) at the direction of the Master Servicer and with the consent of the NIMs Insurer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMs Insurer shall not withhold its consent to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2001-1 as Bk Cert Ser 2001-1)

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Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) upon request of the Servicer Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement and the Trustee is further authorized, subject to be reimbursed for Section 11.01, to enter into any P&I Advances amendment of this Agreement in connection with such facility. No such facility shall reduce or Servicing otherwise affect the Servicer's obligation to fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to conclusively rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Servicer or a Sub-Servicer and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Series 2002-1)

Advance Facility. (a) Notwithstanding anything to The Trustee or the contrary contained hereinTrust Administrator on behalf of the Trust, (i) is hereby authorized, with the consent of the Servicer is hereby authorized and the Certificate Insurer, to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Delinquency Advances and/or Servicing Advances under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Delinquency Advances and/or (B) Servicing Advances. To the extent that an Advancing Person funds any Delinquency Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trust Administrator and the Certificate Insurer with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.29(b). Such notice from the Advancing Person must specify the amount of the reimbursement and (ii) must specify which Section of this Agreement permits the applicable Delinquency Advance or Servicing Advance to be reimbursed. The Trust Administrator shall have no duty or liability to the Servicer is hereby authorized with respect to assign its rights any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.29. An Advancing Person whose obligations hereunder are limited to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal funding of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Delinquency Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Subservicer pursuant to Section 3.02 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Home Eq Ln Tr Ser 2000 NCB Asset Back Ps THR Cer)

Advance Facility. (a) Notwithstanding anything to The Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, with any Person (an "Advancing Person") (1) under which (A) the Servicer sells, assigns or pledges to an advancing the Advancing person (an “Advance Financing Person”) its the Servicer's rights under this Agreement to be reimbursed for any P&I Advances and/or Servicing Advances or (2) which provides that the Advancing Person may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer's obligation to fund such Advances and/or (B) Servicing Advances. If the Servicer enters into such an Advance Financing Facility pursuant to this Section 3.33, upon reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person agrees funds any Advance or any Servicing Advance or is assigned the right to finance some or all P&I Advances be reimbursed for any Advance or Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer pursuant that such Advancing Person is entitled to this Agreement and (ii) reimbursement directly from the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer Trustee pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer such Advancing Person shall provide notice be entitled to receive reimbursement pursuant to this Agreement for such amount to the Depositorextent provided in Section 3.33(b). Such notice from the Advancing Person must specify the amount of the reimbursement, Master Servicer the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (asection(s) the identity of the Advance Financing Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer's acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and (b) shall be entitled to rely without independent investigation on the identity Advancing Person's notice provided pursuant to this Section 3.33. An Advancing Person whose obligations hereunder are limited to the funding of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, the qualifications of a Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 6.06 or Section 7.02 and shall not be relieved deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ABFC 2005-Aq1 Trust)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Servicer or (ii) the Trustee, on behalf of the Trust Fund, with the consent of the Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance fund P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such P&I Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trustee enters into such an Advance Facility pursuant to this Section 3.26, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and the Servicer provides the Trustee with an Officers' Certificate that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such Officers' Certificate must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Mort Sec Inc Home Equity Loan Tr Ser 2003 2)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.29, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134In no event shall the Trustee be required to consent to or monitor such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for 83 such amount to the extent provided in Section 3.29(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer's acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.29. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Custodial Agreement (Citigroup Mortgage Loan Trust Inc Series 2005-Opt1)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Master Servicer or (ii) the Trustee, on behalf of the Trust Fund, with the consent of the Master Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance fund P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Master Servicer’s behalf, 's obligation to fund such P&I Advances and/or Servicing Advances. If the Master Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trustee enters into such an Advance Facility pursuant to this Section 3.26, the Master Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Master Servicer, and include the Master Servicer's acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Ncm2)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Servicer or (ii) the Trust Administrator, on behalf of the Trustee, with the consent of the Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance fund P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement (an "Advance Facility"), although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such P&I Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.28, and upon reasonable request of the Advancing Person, the Trust Administrator shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trust Administrator enters into such an Advance Facility pursuant to this Section 3.28, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and provides the Trust Administrator with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.28(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trust Administrator, rather than the Servicer, and include the Servicer's acknowledgment thereto or proof of an event of default under the Advance Facility. The Trust Administrator shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.28. An Advancing Person whose obligations hereunder are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mort Ln Tr Asst Back Ps THR Certs Ser 2003-He3)

Advance Facility. (a) Notwithstanding anything to The Trust Administrator, on behalf of the contrary contained hereinTrustee and the Trust Fund, (i) at the Servicer direction of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trust Administrator with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trust Administrator shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2000 1)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Master Servicer or (ii) the Indenture Trustee, on behalf of the Trust Estate, with the consent of the Master Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance fund P&I Advances and/or Servicing Advances on to the Trust Estate under this Servicing Agreement, although no such facility shall reduce or otherwise affect the Master Servicer’s behalf, obligation to fund such P&I Advances and/or Servicing Advances. If the Master Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Indenture Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Indenture Trustee enters into such an Advance Facility pursuant to this Section 3.26, the Master Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and the Master Servicer provides the Indenture Trustee with an Officers’ Certificate that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Servicing Agreement for such amount to the extent provided in Section 3.26(b). Such Officers’ Certificate must specify the amount of the reimbursement, the Section of this Servicing Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Indenture Trustee, rather than the Master Servicer or proof of a Master Servicer Event of Default under the Advance Facility. The Indenture Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person’s notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of the Master Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Servicing Agreement.

Appears in 1 contract

Samples: Servicing Agreement (New Century Home Equity Loan Trust 2006-S1)

Advance Facility. (a) Notwithstanding anything to The Trustee and the contrary contained hereinTrust Fund, (i) at the direction of the Master Servicer and with the consent of the Guarantor, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the Guarantor shall not withhold its consent to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Tr 2001-3 as-BCKD Cert Ser 2001-3)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the Servicer consent of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement and the Trustee is further authorized, subject to be reimbursed for Section 11.01, to enter into any P&I Advances amendment of this Agreement in connection with such facility. No such facility shall reduce or Servicing otherwise affect the Master Servicer's obligation to fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp Asset Backed Certs Series 2001 Ff1)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Master Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub- Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asst Back Ps THR Cert Ser 2003-2)

Advance Facility. (a) Notwithstanding anything to The Trustee and the contrary contained hereinTrust Fund, at the direction of the Master Servicer and with the consent of the NIMS Insurer, after consultation with the Guarantor (i) or, if no NIM Notes are outstanding and the Servicer NIMS Insurer is not owed any amounts in respect of its guarantee of payment on such notes, the Guarantor), is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) 101 Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent, after consultation with the Guarantor, to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Cert Ser 2001-2)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the each Servicer is hereby authorized to enter into an advance facility (“Advance Facility”) but no more than two Advance FacilitiesFacilities with respect to Ocwen, and no more than one Advance Facility, with respect to GMAC, without the prior written consent of the Trustee, which consent shall not be unreasonably withheld, under which (A) the related Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the related Servicer pursuant to this Agreement and (ii) the Servicer Ocwen is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer Ocwen pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the a Servicer may enter into an Advance Facility, but the such Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the such Servicer’s behalf, the such Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility. 134.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Sl1)

Advance Facility. (a) Notwithstanding anything to The Master Servicer, with the contrary contained hereinconsent of the NIMs Insurer, (i) the Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund P&I Advances and/or Servicing Advances under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for fund such P&I Advances and/or Servicing Advances. To the extent that an Advancing Person funds any P&I Advances Advance or any Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made and provides the Trustee with notice acknowledged by the Master Servicer pursuant that such Advancing Person is entitled to this Agreement and (ii) reimbursement directly from the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.26(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of applicable P&I Advances Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Sub-Servicer pursuant to Section 3.02 hereof.. If the terms of a facility proposed to be entered into with an Advancing Servicer by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMs Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Float Rate Mort Pa Th Cer Ser 2001-1)

Advance Facility. (a) Notwithstanding anything to The Trustee, on behalf of the contrary contained hereinTrust Fund, (i) at the direction of the Master Servicer and with the consent of the NIMS Insurer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to 100 receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Loan 2003-2)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund P&I Advances and/or Servicing Advances under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Servicer's obligation to be reimbursed for fund such P&I Advances and/or Servicing Advances. To the extent that an Advancing Person funds any P&I Advances Advance or any Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made and provides the Trustee and Trust Administrator with notice acknowledged by the Servicer pursuant that such Advancing Person is entitled to this Agreement and (ii) reimbursement directly from the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer Trust Fund pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer such Advancing Person shall provide notice be entitled to receive reimbursement pursuant to this Agreement for such amount to the Depositorextent provided in Section 3.27(b). Such notice from the Advancing Person must specify the amount of the reimbursement, Master Servicer the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (asection(s) the identity of the Advance Financing Facility that entitle the Advancing Person to request reimbursement from the Trust Fund, rather than the Servicer. The Trust Fund shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and (b) shall be entitled to rely without independent investigation on the identity Advancing Person's notice provided pursuant to this Section 3.27. An Advancing Person whose obligations hereunder are limited to the funding of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Sub-Servicer pursuant to Section 3.02 hereof.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the Servicer consent of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement and the Trustee is further authorized, subject to be reimbursed for Section 11.01, to enter into any P&I Advances amendment of this Agreement in connection with such facility. No such facility shall reduce or Servicing otherwise affect the Master Servicer's obligation to fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood that neither Agreement permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Financial Asset Sec Corp First Franklin Mort Ln Tr 2000 Ff1)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, (i) the The Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.29, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.29(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer, and include the Servicer’s acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person’s notice provided pursuant to this Section 3.29. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-Opt4)

Advance Facility. (a) Notwithstanding anything to The Trustee, on behalf of the contrary contained hereinTrust Fund, (i) at the Servicer direction of the Master Servicer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Asset-Backed Certs Series 2004-A)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Master Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . 107 Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, the qualifications of a Master Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 6.06 hereof and shall not be relieved deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset-Backed Pass-Through Certificates Series 2004-W7)

Advance Facility. (a) Notwithstanding anything to The Trustee, on behalf of the contrary contained hereinTrust Fund, (i) at the Servicer direction of the Master Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights may make all or a portion of the Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer’s obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights extent provided in Section 3.27(b). Such notice from the Advancing Person shall terminate upon specify the resignation, termination or removal amount of the Servicer reimbursement and shall specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person’s statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the terms Advancing Person’s statement with respect to the Section of this Agreement); it being understood Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of such obligations by virtue of such Advance Facility. 134a Master Servicer or a Sub‑Servicer pursuant to Article VI hereof and will not be deemed to be a Sub‑Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-A)

Advance Facility. (a) Notwithstanding anything to The Trustee, on behalf of the contrary contained hereinTrust Fund, (i) at the direction of the Servicer and with the consent of the Guarantor, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing Advancing Person”) its rights under this Agreement to be reimbursed for any P&I Advances may make all or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, obligation to fund such P&I Advances and/or Servicing Advances. To the extent that an Advancing Person makes all or a portion of any P&I Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall remain obligated be entitled to receive reimbursement pursuant to this Agreement for such amount to make the extent provided in Section 3.27(b). Such notice from the Advancing Person shall specify the amount of the reimbursement and shall specify which Section of this Agreement permits the applicable P&I Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person’s statement with respect to the amount of any reimbursement pursuant to this Section 3.27 and with respect to the Advancing Person’s statement with respect to the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed. An Advancing Person whose obligations are limited to the making of P&I Advances and and/or Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Article VI hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the Guarantor shall not withhold its consent, to the Trust Fund’s entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Pass Through Certificates Ser 2002-He3)

Advance Facility. (a) Notwithstanding anything to The Trustee on behalf of the contrary contained hereinTrust Fund, (i) with the consent of the Master Servicer and the NIMS Insurer, is hereby authorized to enter into a facility with any Person which provides that such Person (an advance facility (“Advance Facility”"Advancing Person") but no more than two Advance Facilities, without the prior written consent may make all or a portion of the Trustee, which consent shall not be unreasonably withheld, under which (A) Advances and/or Servicing Advances to the Servicer sells, assigns or pledges to an advancing person (an “Advance Financing Person”) its rights Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. To the extent that an Advancing Person makes all or a portion of any Advance Financing Person agrees to finance some or all P&I Advances or any Servicing Advances required to be made Advance and provides the Trustee with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights for such amount to the Servicing Fee (which rights shall terminate upon extent provided in Section 3.29(b). Such notice from the resignation, termination or removal Advancing Person must specify the amount of the Servicer reimbursement and must specify which Section of this Agreement permits the applicable Advance or Servicing Advance to be reimbursed. The Trustee shall be entitled to rely without independent investigation on the Advancing Person's statement with respect to the amount of any reimbursement pursuant to this Section 3.29 and with respect to the terms Advancing Person's statement with respect to the Section of this Agreement); it being understood 91 Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed. An Advancing Person whose obligations are limited to the portion making of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Tr Asset Backed Cert Ser 2002-2)

Advance Facility. (a) Notwithstanding anything to the contrary contained herein, Either (i) the Servicer or (ii) the Trust Administrator, on behalf of the Trust Fund, with the consent of and at the direction of the Servicer, is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I fund Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trust Administrator shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trust Administrator enters into such an Advance Facility pursuant to this Section 3.26, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trust Administrator with notice acknowledged by the Servicer that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trust Administrator, rather than the Servicer, and include the Servicer's acknowledgment thereto or proof of an Event of Default under the Advance Facility. The Trust Administrator shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of Advances and/or Servicing Advances shall not be required to meet the qualifications of a Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Assignment and Recognition Agreement (Mastr Asset Backed Securities Trust 2006-He1)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the Servicer consent of the NIMS Insurer and the Certificate Insurer and in the case of the Trustee, the Master Servicer, is hereby authorized to enter into an advance a facility (an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on shall not be required to meet the Servicer’s behalf, the qualifications of a Master Servicer shall remain obligated or a Sub-Servicer pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, Section 6.06 hereof and shall not be relieved deemed to be a Sub- Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then neither the Certificate Insurer nor the NIMS Insurer shall withhold its consent to the Trust Fund's entering such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004 W3)

Advance Facility. (a) Notwithstanding anything to The Master Servicer and/or the contrary contained hereinTrustee on behalf of the Trust Fund, (i) in either case, with the consent of the NIMS Insurer and the Master Servicer in the case of the Trustee, is hereby authorized to enter into an advance a facility (an "Advance Facility") but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights may fund Advances and/or Servicing Advances to the Trust Fund under this Agreement Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to be reimbursed for any P&I Advances or Servicing fund such Advances and/or (B) Servicing Advances. If the Master Servicer enters into such an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer Facility pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate Section 3.23, upon the resignation, termination or removal reasonable request of the Advancing Person, the Trustee shall execute a letter of acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. To the extent that an Advancing Person funds any Advance or any Servicing Advance and provides the Trustee with notice acknowledged by the Master Servicer that such Advancing Person is entitled to reimbursement directly from the Trustee pursuant to the terms of the Advance Facility, such Advancing Person shall be entitled to receive reimbursement pursuant to this AgreementAgreement for such amount to the extent provided in Section 3.23(b); it being understood . Such notice from the Advancing Person must specify the amount of the reimbursement, the Section of this Agreement that neither permits the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances applicable Advance or Servicing Advances so assigned or Advance to be reimbursed and the portion section(s) of the Servicing Fee so assigned. Subject Advance Facility that entitle the Advancing Person to request reimbursement from the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, rather than the Master Servicer, Certificateholders and include the Master Servicer's acknowledgment thereto or any other party is required before proof of an Event of Default under the Servicer may enter into an Advance Facility, but . The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Servicer shall provide Advancing Person's notice provided pursuant to this Section 3.23. An Advancing Person whose obligations hereunder are limited to the Depositor, Master Servicer and the Trustee funding of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance P&I Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved required to meet the qualifications of a Master Servicer or a Sub-Servicer pursuant to Section 6.06 hereof and will not be deemed to be a Sub-Servicer under this Agreement. If the terms of a facility proposed to be entered into with an Advancing Person by the Trust Fund would not materially and adversely affect the interests of any Certificateholder, then the NIMS Insurer shall not withhold its consent to the Trust Fund's entering into such obligations by virtue of such Advance Facility. 134facility.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc Asset Back Pass THR Ser 2003-13)

Advance Facility. (a) Notwithstanding anything to Either Servicer, with the contrary contained hereinconsent of the Certificate Insurer and the Guarantor, (i) the Servicer is hereby authorized to enter into an advance a facility (“Advance Facility”) but no more than two Advance Facilities, without the prior written consent of the Trustee, with any Person which consent shall not be unreasonably withheld, under which (A) the Servicer sells, assigns or pledges to an advancing person provides that such Person (an “Advance Financing "Advancing Person") its rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances and/or (B) an Advance Financing Person agrees to finance some or all P&I Advances or Servicing Advances required to be made by the Servicer pursuant to this Agreement and (ii) the Servicer is hereby authorized to assign its rights to the Servicing Fee (which rights shall terminate upon the resignation, termination or removal of the Servicer pursuant to the terms of this Agreement); it being understood that neither the Trust Fund nor any party hereto shall have a right or claim (including without limitation any right of offset) to any amounts for reimbursement of P&I Advances or Servicing Advances so assigned or to the portion of the Servicing Fee so assigned. Subject to the provisions of the first sentence of this Section 3.25(a), no consent of the Depositor, Trustee, Master Servicer, Certificateholders or any other party is required before the Servicer may enter into an Advance Facility, but the Servicer shall provide notice to the Depositor, Master Servicer and the Trustee of the existence of any such Advance Facility promptly upon the consummation thereof stating (a) the identity of the Advance Financing Person and (b) the identity of any Person (“Servicer’s Assignee”) who has the right to receive amounts in reimbursement of previously xxxxxxxxxxxx X&X Advances or Servicing Advances. Notwithstanding the existence of any Advance Facility under which an advancing person agrees to finance fund P&I Advances and/or Servicing Advances on to the Trust Fund under this Agreement, although no such facility shall reduce or otherwise affect the Servicer’s behalf, 's obligation to fund such P&I Advances and/or Servicing Advances. If the Servicer shall remain obligated enters into such an Advance Facility pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this AgreementSection 3.26, and upon reasonable request of the Advancing Person, the Trustee shall not be relieved execute a letter of such obligations by virtue acknowledgment, confirming its receipt of notice of the existence of such Advance Facility. 134If the Trustee enters into such an Advance Facility pursuant to this Section 3.26, the Servicer shall also be a party to such Advance Facility. To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and the Servicer provides the Trustee with an Officers' Certificate that such Advancing Person is entitled to reimbursement, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the extent provided in Section 3.26(b). Such Officers' Certificate must specify the amount of the reimbursement, the Section of this Agreement that permits the applicable P&I Advance or Servicing Advance to be reimbursed and the section(s) of the Advance Facility that entitle the Advancing Person to request reimbursement from the Trustee, rather than the Servicer or proof of an Event of Default under the Advance Facility. The Trustee shall have no duty or liability with respect to any calculation of any reimbursement to be paid to an Advancing Person and shall be entitled to rely without independent investigation on the Advancing Person's notice provided pursuant to this Section 3.26. An Advancing Person whose obligations hereunder are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of the Servicer or a Sub-Servicer pursuant to Section 3.02 hereof and will not be deemed to be a Sub-Servicer under this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust, Series 2004-A)

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