Advances by Master Servicer and Trustee. (a) To the extent not made by the Servicer of a Mortgage Loan, the Master Servicer shall be obligated to make Advances with respect to such Mortgage Loan to the extent the Master Servicer determines, in good faith, that such Advances will be recoverable from Insurance Proceeds, Liquidation Proceeds or subsequent payments by the Borrower of such Mortgage Loan. If the Master Servicer determines that all, or a portion of, any Advance required by this Section 3.04 is not so recoverable, the Master Servicer shall promptly deliver to the Trustee an Officer's certificate setting forth the reasons for such determination and the amount of the Non-Recoverable Advance (a "Non-Recoverability Certificate"). Subject to the foregoing:
Appears in 8 contracts
Samples: Trust Agreement (Saxon Asset Securities Co), Trust Agreement (Saxon Asset Securities Co), Trust Agreement (Saxon Asset Securities Co)
Advances by Master Servicer and Trustee. (a) To the extent not made by the Servicer of a Mortgage LoanAsset, the Master Servicer shall be obligated to make Advances with respect to such Mortgage Loan Asset to the extent that the Master Servicer determines, in good faith, that such Advances will be an Advance made hereunder is recoverable from Insurance Proceeds, Liquidation Proceeds or subsequent payments by the Borrower of such Mortgage LoanAsset. If In the event the Master Servicer determines that all, or a portion ofportion, of any Advance required by this Section 3.04 is not so recoverable, the Master Servicer shall promptly deliver to the Trustee an Officer's certificate setting forth the reasons for such determination and the amount of the Non-Recoverable Advance (a "Non-Recoverability Certificate"). Subject to the foregoing:
Appears in 2 contracts
Samples: Southpoint Residential Mortgage Securities Corp, Fremont Mortgage Securities Corp
