Common use of Advances Clause in Contracts

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 131 contracts

Samples: Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2005-5 Trust), Pooling and Servicing Agreement (Banc of America Mortgage Securities Pass Thru Ser 2004-B), Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pass THR Certs Ser 2003-3)

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Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 39 contracts

Samples: Pooling and Servicing Agreement (Mortgage Pass Through Certificate Series 2000-2), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2002 D), Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2002-5)

Advances. The Servicer shall determine on or before each Servicer Advance Determination Date whether it is required to make a Periodic Monthly Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Monthly Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer BANA Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer BANA Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer BANA Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupMonthly Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer BANA Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer BANA Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 2.19 as provided in Section 3.11(a)2.10. The obligation to make Periodic Monthly Advances with respect to any BANA Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such BANA Mortgage Loan. The Servicer shall inform the Trustee Master Servicer and the Securities Administrator of the amount of the Periodic Monthly Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date it no later than the related Remittance Date. The Servicer shall deliver to the Trustee Master Servicer and the Securities Administrator on the related Servicer Advance Determination Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Monthly Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Monthly Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 23 contracts

Samples: Servicing Agreement (Banc of America Funding 2006-D Trust), Servicing Agreement (Banc of America Funding 2006-H Trust), Servicing Agreement (Banc of America Funding Corp)

Advances. The If any Monthly Payment on a Mortgage Loan that was due on the immediately preceding Due Date or due during the related Collection Period and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer will deposit in the Collection Account not later than the third Business Day immediately preceding the related Payment Date an amount equal to such Monthly Payment net of the related Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. Subject to the foregoing and in the absence of such a determination, the Master Servicer shall determine continue to make such advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. No later than the fourth Business Day preceding each Payment Date, the Master Servicer shall present an Officer's Certificate to the Indenture Trustee with respect to the Mortgage Loans, (i) stating that the Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Master Servicer will include in the Remittance Report a list of each Mortgage Loan for which it does not make an Advance in accordance with this Section. Such Advances may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or before each in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so used shall be replaced by the Master Servicer Advance Date whether it is required to make a Periodic Advance pursuant to from its own funds by deposit in the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, Collection Account on or before the fourth Business Day preceding any Payment Date to the extent that funds in the Collection Account with respect to such Payment Date shall be less than payments to Securityholders required to be made on such date. In the event that the Master Servicer Advance determines that, with respect to any Payment Date, either (a) it will be unable to deposit into in the Servicer Custodial Collection Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating required to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no made not later than the close of business on the third Business Day immediately preceding the next related Payment Date in the amount determined by the Master Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a4.04, it shall give notice to the Indenture Trustee of its inability to Advance (such notice may be given by telecopy), not later than 4:00 PM, New York time, on the third Business Day immediately preceding the related Payment Date, specifying the portion of such amount that it will be unable to deposit. The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until Not later than 12:00 PM, New York time, on the ultimate disposition of related Payment Date, unless by such time the REO Property or Mortgaged Property relating to such Mortgage Loan. The Master Servicer shall inform have directly or indirectly deposited in the Trustee of Payment Account the entire amount of the Periodic Advance Advances required to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than for the related Remittance Payment Date. The , pursuant to this Section 4.04, the Indenture Trustee shall (a) terminate all of the rights and obligations of the Master Servicer shall deliver under this Servicing Agreement in accordance with Section 6.01 and (b) assume the rights and obligations of the Master Servicer hereunder, including the obligation to deposit in the Payment Account an amount equal to the Trustee on Advance for the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvancePayment Date.

Appears in 11 contracts

Samples: Servicing Agreement (Imh Assets Corp Collateralized Asset Backed Bonds Se 03 12), Servicing Agreement (Impac CMB Trust Series 2005-2, Collateralized Asset-Backed Bonds, Series 2005-2), Servicing Agreement (Impac CMB Trust Series 2004-2)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Balloon Loan that is delinquent on its maturity date, a Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). Each Servicer’s obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Mortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. The Servicers shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. Each Servicer shall be obligated to make Advances with respect to those Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Mortgage Loan shall cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. If an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to a Loan Group make such Advance or (iii) make Advances in the Servicer Custodial Account has been used by form of any combination of clauses (i) and (ii) aggregating the Servicer in discharge amount of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the related Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own Distribution Date in which such funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancedue or from other funds in the Collection Account being held for future distribution, if available.

Appears in 11 contracts

Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-9), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-5), Pooling and Servicing Agreement (Home Equity Asset Trust 2007-1)

Advances. The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make a Periodic Monthly Advance pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer determines it is required to make a Periodic Advanceshall deposit in the Distribution Account, it shallfrom its own funds or from amounts on deposit in the Distribution Account that are held for future distribution, on or before not later than the Servicer Advance Date, either (a) deposit into Distribution Account Deposit Date immediately preceding the Servicer Custodial Account related Distribution Date an amount equal to such delinquency, net of the Advance and/or (b) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the extent the Master Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make determines any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything Any amounts held for future distribution and so used shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Distribution Account on or before any future Distribution Account Deposit Date to the contraryextent that the Available Distribution Amount for the related Distribution Date (determined without regard to Advances to be made on the Distribution Account Deposit Date) shall be less than the total amount that would be distributed to the Classes of Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the foregoing, the Master Servicer shall not be continue to make such Advances through the date that the related Servicer is required to do so under its Servicing Agreement. In the event the Master Servicer elects not to make any Periodic an Advance or Servicing because the Master Servicer deems such Advance to be a Nonrecoverable Advance pursuant to this Section 4.4, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer’s Certificate to the Trustee (i) stating that would the Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the reason it deems the Advance to be a Nonrecoverable Advance.

Appears in 9 contracts

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar3), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar4), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Balloon Loan that is delinquent on its maturity date, a Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). Each Servicer’s obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Mortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. The Servicers shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. Each Servicer shall be obligated to make Advances with respect to those Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Mortgage Loan shall cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. If an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to a Loan Group make such Advance or (iii) make Advances in the Servicer Custodial Account has been used by form of any combination of clauses (i) and (ii) aggregating the Servicer in discharge amount of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the related Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own Distribution Date in which such funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancedue.

Appears in 7 contracts

Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Home Equity Asset 2004-2)

Advances. The With respect to any Non-Designated Mortgage Loan, each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Non-Designated Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Balloon Loan that is delinquent on its maturity date, a Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). Each Servicer’s obligation to make such Advances as to any related Non-Designated Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Non-Designated Mortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. The Servicers shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. Each Servicer shall be obligated to make Advances with respect to those Non-Designated Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Non-Designated Mortgage Loan shall cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Non-Designated Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to any Non-Designated Mortgage Loan, if an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to a Loan Group make such Advance or (iii) make Advances in the Servicer Custodial Account has been used by form of any combination of clauses (i) and (ii) aggregating the Servicer in discharge amount of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the related Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance DateDistribution Date in which such funds would be due or from other funds in the Collection Account being held for future distribution, if available. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with With respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Designated Mortgage Loan. The , the Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required cause WFBNA to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceAdvances as required by Section 3.23(a) of this Agreement.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-3), Pooling and Servicing Agreement (CSFB Home Equity Asset Trust 2005-1), Pooling and Servicing Agreement (Home Equity Asset Trust 2005-4)

Advances. The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make a Periodic Advance an advance of the delinquent amount pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer determines it is required to make a Periodic Advanceshall deposit in the Distribution Account, it shallfrom its own funds or from amounts on deposit in the Distribution Account that are held for future distribution, on or before not later than the Servicer Advance Date, either (a) deposit into Distribution Account Deposit Date immediately preceding the Servicer Custodial Account related Distribution Date an amount equal to such delinquency, net of the Advance and/or (b) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the extent the Master Servicer Custodial Account that determines any portion of such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Amount Held Loan for Future Distribution with respect to a Loan Group which such Advance was made. Any amounts held for future distribution and so used shall be appropriately reflected in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be Master Servicer's records and replaced by the Master Servicer by deposit in the Servicer Custodial Distribution Account no later than on or before any future Distribution Account Deposit Date to the close of business on extent that the Business Day preceding Available Distribution Amount for the next Servicer Advance Date. The Servicer shall be entitled related Distribution Date (determined without regard to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by on the Servicer with respect to each Loan Group on each Servicer Advance Date no later Distribution Account Deposit Date) shall be less than the related Remittance Datetotal amount that would be distributed to the Classes of Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. The Subject to the foregoing, the Master Servicer shall deliver continue to make such Advances through the Trustee on date that the related Servicer Advance Date is required to do so under its Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate of to the Trustee (i) stating that the Master Servicer elects not to make an Advance in a Servicing Officer indicating stated amount and (ii) detailing the amount of any proposed Periodic Advance determined by reason it deems the Servicer advance to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancenonrecoverable.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc), Pooling and Servicing Agreement (Deutsche Mort Sec Inc Mortgage Loan Trust Series 2004 2), Pooling and Servicing Agreement (Mortgage Loan Trust Series 2003-2xs)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupLoan. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2005-8 Trust), Pooling and Servicing Agreement (Banc of America Mortgage 2006-2 Trust), Pooling and Servicing Agreement (Banc of America Mortgage 2007-2 Trust)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the any Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the such Servicer by deposit in the related Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the related Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the related Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 1999-9), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 1999-10), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pas Thru Cert Ser 1999-11)

Advances. The Master Servicer shall determine on or before each Master Servicer Advance Date whether it is required to make a Periodic Monthly Advance pursuant to the definition thereof. If the Master Servicer determines it is required to make a Periodic Monthly Advance, it shall, on or before the Master Servicer Advance Date, either (a) deposit into the Servicer Custodial Collection Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Collection Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Master Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupMonthly Advance. Any funds so applied shall be replaced by the Master Servicer by deposit in the Servicer Custodial Collection Account no later than the close of business on the Business Day preceding the next Master Servicer Advance Date. The Master Servicer shall be entitled to be reimbursed from the Servicer Custodial Collection Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Monthly Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Master Servicer shall inform the Trustee of the amount of the Periodic Monthly Advance to be made by the Servicer with respect to each Loan Group on each Master Servicer Advance Date no later than the related Remittance Distribution Account Deposit Date. The Master Servicer shall deliver to the Trustee on the related Master Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Monthly Advance determined by the Master Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Master Servicer shall not be required to make any Periodic Monthly Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp), Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp), Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the either Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the such Servicer by deposit in the related Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the related Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the related Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Bank of America Mortgage Securities Inc), Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 1999-6), Pooling and Servicing Agreement (Bank of America Mort Secs Inc Mort Pas Thru Cert Sers 1999-7)

Advances. The Servicer shall determine on or before each Servicer Advance Remittance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Remittance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Remittance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Banc of America Funding 2007-E Trust), Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-G Trust)

Advances. The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make a Periodic Monthly Advance pursuant to the definition thereof. If related Servicing Agreement, the Servicer determines it is required to make a Periodic AdvanceMaster Servicer, it shallin its capacity as successor Servicer, shall deposit in the Distribution Account, from its own funds or from amounts on or before deposit in the Servicer Advance DateDistribution Account that are held for future distribution, either (a) deposit into not later than the Servicer Custodial Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such delinquency, net of the Advance and/or (b) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the extent the Master Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make determines any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything Any amounts held for future distribution and so used shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Distribution Account on or before any future Distribution Account Deposit Date to the contraryextent that the Available Distribution Amount for the related Distribution Date (determined without regard to Advances to be made on the Distribution Account Deposit Date) shall be less than the total amount that would be distributed to the Classes of Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the foregoing, the Master Servicer shall not be continue to make such Advances through the date that the related Servicer is required to do so under its Servicing Agreement. In the event the Master Servicer elects not to make any Periodic an Advance or Servicing because the Master Servicer deems such Advance to be a Nonrecoverable Advance pursuant to this Section 4.4, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer’s Certificate to the Trustee (i) stating that would the Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the reason it deems the Advance to be a Nonrecoverable Advance.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2), Pooling and Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Ar2)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the a Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the such Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee Master Servicer on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the no Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date is delinquent, other than as a result of application of the Relief Act, and the amount of the Periodic Advance which the related Servicer was required to make pursuant to this Section 3.20 exceeds the amount delivered by such Servicer to the Master Servicer for deposit in the Collection Account, then an Event of Default shall have occurred with respect to such Servicer. The Master Servicer, in its capacity as successor Servicer, or another successor Servicer appointed by the Master Servicer hereunder will deposit in the Collection Account not later than the Business Day immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee for such Mortgage Loan, except to the extent the Master Servicer or other successor Servicer, as the case may be, determines that any such advance, if made, would be a Nonrecoverable Advance. Subject to the foregoing, the Master Servicer or other successor Servicer, as the case may be, shall continue to make such advances through the date that the related Servicer is required to do so under this Agreement. If the Master Servicer or other successor Servicer, as the case may be, deems an advance to be a Nonrecoverable Advance, on the second Business Day prior to the related Distribution Date, the Master Servicer or such other successor Servicer shall present an Officer's Certificate to the Certificate Administrator (i) stating that the Master Servicer or such other successor Servicer elects not to make a Periodic Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2007-A), Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2007-A)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Cashflow Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in contributing to such Loan Cashflow Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Cashflow Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Banc of America Alternative Loan Trust 2007-2), Pooling and Servicing Agreement (Banc of America Mortgage 2007-3 Trust)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2004-F), Pooling and Servicing Agreement (Banc of America Mortgage Securities Inc)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 3.18 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)

Advances. The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make a Periodic Monthly Advance pursuant to the definition thereof. If Mortgage Loan Purchase and Servicing Agreement, the Servicer determines it is required to make a Periodic AdvanceMaster Servicer, it shallas successor servicer or any other successor servicer shall deposit in the Distribution Account, from its own funds or from amounts on or before deposit in the Servicer Advance DateDistribution Account that are held for future distribution, either (a) deposit into not later than the Servicer Custodial Distribution Account Deposit Date immediately preceding the related Distribution Date an amount equal to such delinquency, net of the Advance and/or (b) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the extent the Master Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make determines any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything Any amounts held for future distribution and so used shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Distribution Account on or before any future Distribution Account Deposit Date to the contraryextent that the Available Distribution Amount for the related Distribution Date (determined without regard to Advances to be made on the Distribution Account Deposit Date) shall be less than the total amount that would be distributed to the Classes of Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the foregoing, the Master Servicer, as successor servicer or any other successor servicer shall continue to make such Advances through the date that the Servicer is required to do so under its Servicing Agreement. In the event the Master Servicer elects not to make an Advance because the Master Servicer deems such Advance to be a Nonrecoverable Advance pursuant to this Section 4.4, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer’s Certificate to the Trustee (i) stating that the Master Servicer elects not be required to make any Periodic an Advance or Servicing in a stated amount and (ii) detailing the reason it deems the Advance that would to be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (PHH Alternative Mortgage Trust, Series 2007-3)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such a Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass THR Cert Ser 2002 G)

Advances. The With respect to the Non-Designated Mortgage Loans, the Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Non-Designated Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Balloon Loan that is delinquent on its maturity date, the Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). The Servicer’s obligation to make such Advances as to any related Non-Designated Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Non-Designated Mortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. The Servicer shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. The Servicer shall be obligated to make Advances with respect to those Non-Designated Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Non-Designated Mortgage Loan shall cease if the Servicer determines, in its sole discretion, that Advances with respect to such Non-Designated Mortgage Loan are Nonrecoverable Advances. In the event that the Servicer determines that any such Advances are Nonrecoverable Advances, the Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to the Non-Designated Mortgage Loans, if an Advance and/or is required to be made hereunder, the Servicer shall on the Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been future distribution or withdrawal have been, as permitted by this Section 4.01, used by the Servicer in discharge of its obligation to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance DateDistribution Date in which such funds would be due. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with With respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Designated Mortgage Loan. The , the Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required cause WFBNA to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceAdvances as required by Section 3.23(a) of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Advances. The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Servicer Advance Date whether it is required fails to make a Periodic Advance an advance of the delinquent amount pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer determines it is required to make a Periodic Advanceshall deposit in the Distribution Account, it shallfrom its own funds or from amounts on deposit in the Distribution Account that are held for future distribution, on or before not later than the Servicer Advance Date, either (a) deposit into Distribution Account Deposit Date immediately preceding the Servicer Custodial Account related Distribution Date an amount equal to such delinquency, net of the Advance and/or (b) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the extent the Master Servicer Custodial Account that determines any portion of such Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on the Amount Held Loan for Future Distribution with respect to a Loan Group which such Advance was made. Any amounts held for future distribution and so used shall be appropriately reflected in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be Master Servicer's records and replaced by the Master Servicer by deposit in the Servicer Custodial Distribution Account no later on or before any future Distribution Account Deposit Date to the extent that the Available Distribution Amount for the related Distribution Date (determined without regard to Advances to be made on the Distribution Account Deposit Date) shall be less than the close total amount that would be distributed to the Classes of business Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the Business Day preceding foregoing, the next Servicer Advance Date. The Master Servicer shall be entitled continue to be reimbursed from make such Advances through the date that the related Servicer Custodial Account for all Advances of is required to do so under its own funds made Servicing Agreement. In the event the Master Servicer elects not to make an Advance because the Master Servicer deems such Advance nonrecoverable pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until 4.4, on the ultimate disposition of Distribution Account Deposit Date, the REO Property or Mortgaged Property relating to such Mortgage Loan. The Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date present an Officer's Certificate of to the Trustee and the Certificate Insurer (i) stating that the Master Servicer elects not to make an Advance in a Servicing Officer indicating stated amount and (ii) detailing the amount of any proposed Periodic Advance determined by reason it deems the Servicer advance to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancenonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc. Mortgage Loan Trust 2004-5)

Advances. The Servicer shall determine on or before each the Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group the Mortgage Loans in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. If the Servicer fails to make any required Periodic Advance, the Trustee shall make such Periodic Advance not later than the Business Day preceding each related Distribution Date for the period prior to the appointment of a successor Servicer. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account and the Trustee shall be entitled to be reimbursed from the Distribution Account, for all Periodic Advances of its own funds made pursuant to this Section 3.20 3.21 as provided in Section 3.11(a3.12(a) or (b). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each the Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, neither the Servicer nor the Trustee shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. 2005-C Trust)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. Mortgage Pass-Through Certificates Series 2004-1)

Advances. The With respect to any Mortgage Loan, each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Balloon Loan that is delinquent on its maturity date, a Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). Each Servicer’s obligation to make such Advances as to any related Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Mortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. The Servicers shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. Each Servicer shall be obligated to make Advances with respect to those Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Mortgage Loan shall cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to any Mortgage Loan, if an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to a Loan Group make such Advance or (iii) make Advances in the Servicer Custodial Account has been used by form of any combination of clauses (i) and (ii) aggregating the Servicer in discharge amount of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the related Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own Distribution Date in which such funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancedue or from other funds in the Collection Account being held for future distribution, if available.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-6)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 3.18 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Asset Funding Trust, LLC)

Advances. The If any Monthly Payment on a Mortgage Loan (other than Balloon Payments) that was due on the immediately preceding Due Date and delinquent on the Determination Date is delinquent other than as a result of application of the Relief Act, the Master Servicer will deposit in the Collection Account not later than the third Business Day immediately preceding the related Payment Date an amount equal to such Monthly Payment (with respect to a Non-High CLTV Loan) or the interest portion of such Monthly Payment (with respect to High CLTV Loan) net of the related Servicing Fee and Radian PMI Policy Fee for such Mortgage Loan, except to the extent the Master Servicer or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. Subject to the foregoing and in the absence of such a determination, the Master Servicer shall determine continue to make such advances through the date that the related Mortgaged Property has, in the judgment of the Master Servicer, been completely liquidated. No later than the fourth Business Day preceding each Payment Date, the Master Servicer shall present an Officer's Certificate to the Indenture Trustee with respect to the Mortgage Loans, (i) stating that the Master Servicer elects not to make an Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Master Servicer will include in the Remittance Report a list of each Non-High CLTV Loan or High CLTV Loan for which it does not make an Advance in accordance with this Section. Such Advances may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or before each in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so used shall be replaced by the Master Servicer Advance Date whether it is required to make a Periodic Advance pursuant to from its own funds by deposit in the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, Collection Account on or before the fourth Business Day preceding any Payment Date to the extent that funds in the Collection Account with respect to such Payment Date shall be less than payments to Securityholders required to be made on such date. In the event that the Master Servicer Advance determines that, with respect to any Payment Date, either (a) it will be unable to deposit into in the Servicer Custodial Collection Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating required to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no made not later than the close of business on the third Business Day immediately preceding the next related Payment Date in the amount determined by the Master Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a4.04, it shall give notice to the Indenture Trustee of its inability to Advance (such notice may be given by telecopy), not later than 4:00 PM, New York time, on the third Business Day immediately preceding the related Payment Date, specifying the portion of such amount that it will be unable to deposit. The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until Not later than 12:00 PM, New York time, on the ultimate disposition of related Payment Date, unless by such time the REO Property or Mortgaged Property relating to such Mortgage Loan. The Master Servicer shall inform have directly or indirectly deposited in the Trustee of Payment Account the entire amount of the Periodic Advance Advances required to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than for the related Remittance Payment Date. The , pursuant to this Section 4.04, the Indenture Trustee shall (a) terminate all of the rights and obligations of the Master Servicer shall deliver under this Servicing Agreement in accordance with Section 6.01 and (b) assume the rights and obligations of the Master Servicer hereunder, including the obligation to deposit in the Payment Account an amount equal to the Trustee on Advance for the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvancePayment Date.

Appears in 1 contract

Samples: Servicing Agreement (Impac CMP Trust Series 2004-5)

Advances. The Servicer shall determine on or before each Servicer Advance Remittance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in contributing to such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 3.19 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Remittance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Remittance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding 2007-5 Trust)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the either Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the related Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The If a Servicer fails to make any required Advance, the Securities Administrator shall make such Advance not later than the Business Day preceding each related Distribution Date for the period prior to the appointment of a successor Servicer; provided that if the Servicer that fails to make such Advance is Wells Fargo Bank, the Trustee shall have such obligation to make such Axxxxxe. Each Servicer shall be entitled to be reimbursed from the related Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the related Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. Mortgage Pass-Through Certificates Series 2004-A)

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Advances. The If the Monthly Payment on a Loan or a portion thereof is delinquent as of its Due Date, other than as a result of interest shortfalls due to bankruptcy proceedings or application of the Relief Act, and the related Servicer shall determine on or before each Interim Servicer Advance Date whether it is required fails to make a Periodic Advance an advance of the delinquent amount pursuant to the definition thereof. If related Servicing Agreement, the Master Servicer determines it is required to make a Periodic Advanceshall deposit in the Distribution Account, it shallfrom its own funds or from amounts on deposit in the Distribution Account that are held for future distribution, on or before not later than the Servicer Advance Date, either (a) deposit into Distribution Account Deposit Date immediately preceding the Servicer Custodial Account related Distribution Date an amount equal to such delinquency, net of the Advance and/or (b) make an appropriate entry in its records relating Servicing Fee and Master Servicing Fee for such Loan except to the extent the Master Servicer Custodial Account that determines any portion of such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds, or future payments on the Amount Held Loan for Future Distribution with respect to a Loan Group which such Advance was made. Any amounts held for future distribution and so used shall be appropriately reflected in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be Master Servicer's records and replaced by the Master Servicer by deposit in the Servicer Custodial Distribution Account no later on or before any future Distribution Account Deposit Date to the extent that the Group I Available Distribution Amount or Group II Available Distribution Amount (determined without regard to Advances to be made on the related Distribution Account Deposit Date) shall be less than the close total amount that would be distributed to the related Classes of business Certificateholders pursuant to Section 4.1 on such Distribution Date if such amounts held for future distributions had not been so used to make Advances. Subject to the Business Day preceding foregoing, the next Servicer Advance Date. The Master Servicer shall be entitled continue to be reimbursed from make such Advances through the date that the related Servicer Custodial Account for all Advances of or Interim Servicer, as applicable is required to do so under its own funds made Servicing Agreement. In the event the Master Servicer elects not to make an Advance because the Master Servicer deems such Advance nonrecoverable pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee 4.7 on the related Distribution Account Deposit Date, the Master Servicer Advance Date shall present an Officer's Certificate of to the Trustee (i) stating that the Master Servicer elects not to make an Advance in a Servicing Officer indicating stated amount and (ii) detailing the amount of any proposed Periodic Advance determined by reason it deems the Servicer advance to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancenonrecoverable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities, Inc. Mortgage Loan Trust, Series 2005-2)

Advances. The Servicer shall determine If any Monthly Payment on or before each Servicer Advance a Mortgage Loan that was due on the immediately preceding Due Date whether it and delinquent on the Determination Date is required to make delinquent other than as a Periodic Advance pursuant to result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make a Periodic Advance, it shall, on or before such Determination Date will deposit in the Servicer Advance Date, either (a) deposit into the Servicer Custodial Collection Account an amount equal to the interest portion (net of the Servicing Fee) of the scheduled Monthly Payment for such Mortgage Loan, except to the extent the Servicer determines any such advance to be a Nonrecoverable Advance. Subject to the foregoing and in the absence of such a determination, the Servicer shall continue to make such advances through the date that the related Mortgage Loan has, in the judgment of the Servicer, become a Liquidated Mortgage Loan. If applicable, prior to each Determination Date, the Servicer shall deliver an Officer's Certificate to the Indenture Trustee stating that the Servicer elects not to make an Advance and/or in a stated amount or that an Advance previously made has become a Nonrecoverable Advance. The Indenture Trustee shall forward a copy of such Officer's Certificate to the Note Insurer. In lieu of making all or a portion of such Advance from its own funds, the Servicer may (bi) make cause to be made an appropriate entry in its records relating to the Servicer Custodial Collection Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group amount held in the Servicer Custodial Collection Account and not required for distribution on the immediately succeeding Payment Date has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in and (ii) transfer such Loan Groupfunds from the Collection Account to the Payment Account. Any funds so applied and transferred shall be replaced by the Servicer by deposit in the Servicer Custodial Collection Account no later than the close of business on the Business Day Determination Date immediately preceding the next Servicer Advance Date. The Servicer shall be entitled Payment Date on which such funds are required to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made distributed pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceIndenture.

Appears in 1 contract

Samples: Servicing Agreement (Superior Bank FSB)

Advances. The Servicer shall determine on or before each Servicer Advance Remittance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Remittance Date no later than the related such Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Remittance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding Corp)

Advances. The Master Servicer or (if the Master Servicer is the same entity as the Servicer) the Trustee, solely in its capacity as successor Servicer, shall determine on or before each Servicer deposit in the Distribution Account not later than the Distribution Account Deposit Date immediately preceding the related Distribution Date an Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account in an amount equal to the Advance and/or difference between (bx) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance each Scheduled Payment due on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by that is delinquent (other than as a result of a Relief Act Reduction) and for which the Servicer by deposit Servicers were required to make an Advance pursuant to the Servicing Agreement and (y) amounts deposited in the Servicer Custodial Collection Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account used for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver , except to the Trustee on extent the related Master Servicer determines any such Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything Subject to the contraryforegoing, the Master Servicer or (if the Master Servicer is the same entity as the Servicer) the Trustee, solely in its capacity as successor Servicer, shall not be continue to make such Advances for so long as the Servicers are required to do so under the Servicing Agreement. If applicable, on the Distribution Account Deposit Date, the Master Servicer or (if the Master Servicer is the same entity as the Servicer) the Trustee, solely in its capacity as successor Servicer, shall deliver an Officer’s Certificate to the Trust Administrator stating that the Master Servicer or (if the Master Servicer is the same entity as the Servicer) the Trustee, solely in its capacity as successor Servicer, elects not to make any Periodic an Advance or Servicing in a stated amount and detailing the reason(s) it deems the Advance that would to be a Nonrecoverable Advance. Any amounts deposited by the Master Servicer or (if the Master Servicer is the same entity as the Servicer) the Trustee, solely in its capacity as successor Servicer, pursuant to this Section 4.01 shall be net of the Servicing Fee and the Master Servicing Compensation, if applicable, for the related Mortgage Loans.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-3)

Advances. The Servicer shall determine on or before each Servicer Advance Determination Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 3.19 as provided in Section 3.11(a)3.11. The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform deliver to the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group Securities Administrator on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding 2006-F Trust)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances (including Capitalized Advance Amounts) of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Mortgage 2008-a Trust)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the a Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the related Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The If a Servicer fails to make any required Periodic Advance, the Trustee shall make such Periodic Advance not later than the Business Day preceding each related Distribution Date for the period prior to the appointment of a successor Servicer. Each Servicer and the Trustee shall be entitled to be reimbursed from the related Servicer Custodial Account and, in the case of the Trustee, from the Distribution Account, for all Periodic Advances of its own funds made pursuant to this Section 3.20 3.21 as provided in Section 3.11(a3.12(a) or (b). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, neither the related Servicer nor the Trustee shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding Corp. Mortgage Pass-Through Certificates Series 2005-B)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the a Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the such Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Certificate Administrator and the Trustee of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee Certificate Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the no Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)

Advances. The With respect to the Non-Designated Mortgage Loans, the related Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Non-Designated Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Balloon Loan that is delinquent on its maturity date, a Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). Each Servicer’s obligation to make such Advances as to any related Non-Designated Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Non-Designated Mortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. The Servicers shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. Each Servicer shall be obligated to make Advances with respect to those Non-Designated Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Non-Designated Mortgage Loan shall cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Non-Designated Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to the Non-Designated Mortgage Loans, if an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been future distribution or withdrawal have been, as permitted by this Section 4.01, used by the Servicer in discharge of its obligation to make such Advance or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance DateDistribution Date in which such funds would be due. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with With respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Designated Mortgage Loan. The , the Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required cause WFBNA to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceAdvances as required by Section 3.23(a) of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Home Equity Pass-Through 2004-Aa1)

Advances. (a) The Company shall make an Advance with respect to any EMC Mortgage Loan and deposit such Advance in the Master Servicer Collection Account no later than 1:00 p.m. Eastern time on the Remittance Date in immediately available funds. The Company or the related Servicer, as applicable, shall determine on or before each Servicer Advance Date whether it is required be obligated to make a Periodic any such Advance pursuant only to the definition thereofextent that such advance would not be a Nonrecoverable Advance. If the Company or the related Servicer determines shall have determined that it is required to make has made a Periodic Nonrecoverable Advance or that a proposed Advance or a lesser portion of such Advance would constitute a Nonrecoverable Advance, it shallthe Company or the related Servicer, on or before as the Servicer Advance Datecase may be, either shall deliver (ai) deposit into the Servicer Custodial Account an amount equal to the Securities Administrator for the benefit of the Certificateholders and the Insurer funds constituting the remaining portion of such Advance, if applicable, and (ii) to the Depositor, the Master Servicer, each Rating Agency, the Insurer and the Trustee an Officer’s Certificate setting forth the basis for such determination. In lieu of making all or a portion of such Advance and/or from its own funds, the Company may (bi) make cause to be made an appropriate entry in its records relating to the Servicer Custodial Protected Account that any portion of the Amount Amounts Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer Company in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in and (ii) transfer such Loan Groupfunds from the Protected Account to the Distribution Account. Any funds so applied and transferred shall be replaced by the Servicer Company by deposit in the Servicer Custodial Account Distribution Account, no later than the close of business on the Business Day Remittance Date immediately preceding the next Distribution Account Deposit Date on which such funds are required to be distributed pursuant to this Agreement. Each Servicer Advance Datewill discontinue such Advances with respect to any Mortgage Loan that becomes 90 days Delinquent; provided, however, if a Servicer reasonably determines that a significant net recovery is possible through foreclosure proceedings or other liquidation of the related Mortgaged Property on a Mortgage Loan that becomes 90 days delinquent, such Servicer may continue making advances on such Mortgage Loan. Subject to Section 3.12, a Servicer must effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan at such time that the Mortgage Loan becomes 180 days Delinquent. Once a Servicer has commenced such proceedings, such Servicer will not be entitled to any additional Servicing Fee for such Mortgage Loan, except to the extent of any unreimbursed Servicing Fees and expenses which will be reimbursable from any Liquidation Proceeds. The Servicer Company shall be entitled to be reimbursed from the Servicer Custodial Protected Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a)5.02; provided, however, such reimbursement shall be limited to funds received from Mortgage Loans in the related Loan Group for which such Advance was made. The obligation to make Periodic Advances with respect to any EMC Mortgage Loan shall continue until such EMC Mortgage Loan is paid in full or the ultimate disposition of the related Mortgaged Property or related REO Property has been liquidated or Mortgaged Property relating until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to such Mortgage Loan. The Servicer shall inform the Trustee any applicable provision of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrarythis Agreement, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advanceexcept as otherwise provided in this Section 6.01.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (SACO I Trust 2006-2)

Advances. The Master Servicer shall determine on or before enforce the obligations of each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to in accordance with the definition thereofapplicable Servicing Agreement. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The A Servicer shall be entitled to be reimbursed from the applicable Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided the related Servicing Agreement. Based upon information set forth in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of servicer reports, the REO Property or Mortgaged Property relating to such Mortgage Loan. The Master Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the a Servicer with respect to each Loan Group on each Servicer applicable Advance Date no later than the related Remittance Date. The If a Servicer fails to make any required Periodic Advance pursuant to the related Servicing Agreement, the Master Servicer shall deliver (i) unless the Master Servicer determines that such Periodic Advance would not be recoverable in its good faith business judgment, make such Periodic Advance not later than the Business Day preceding the related Distribution Date and (ii) to the extent such failure leads to the termination of the Servicer and until such time as a successor Servicer is appointed, continue to make Periodic Advances required pursuant to the related Servicing Agreement for any Distribution Date, within the same time frame set forth in (i) above, unless the Master Servicer determines (to the extent provided in the related Servicing Agreement) that such Periodic Advance would not be recoverable; provided that if the Servicer that fails to make such Periodic Advance is Xxxxx Fargo Bank and such Periodic Advance has not been made by 5:00 P.M. New York time on the last Business Day preceding the related Distribution Date, so long as such failure is known by a Responsible Officer of the Trustee, the Trustee shall be obligated to make such Periodic Advance and then, so long as such failure shall not have been remedied by 5:00 P.M. New York time on the related Distribution Date (including the reimbursement to the Trustee on by Xxxxx Fargo Bank, with interest thereon at the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contraryprime rate (as set forth in The Wall Street Journal), the Servicer shall not be required to make for any Periodic Advance made), the Trustee may, by notice given in writing to Xxxxx Fargo Bank and the Depositor, terminate all of the rights and obligations of Xxxxx Fargo Bank under its Servicing Agreement. If the Master Servicer is unable to make a Periodic Advance required to be made by it in accordance with this Section 3.19 or Xxxxx Fargo Bank as a Servicer fails to make a Periodic Advance required to be made by it in accordance with the related Servicing Advance that would be a Nonrecoverable AdvanceAgreement, the Master Servicer shall immediately, and in no event later than 5:00 P.M. New York time on the last Business Day preceding the related Distribution Date, give written notice thereof to the Trustee, the Securities Administrator and the Depositor.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding Corp)

Advances. The With respect to any Non-Designated Mortgage Loan, each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to deposit in the definition thereof. If related Collection Account at the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account time described below an amount equal to with respect to the Non-Designated Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less the Servicing Fee Rate) which were due on the related Non-Designated Mortgage Loans during the applicable Collection Period; provided however, that with respect to any Balloon Loan that is delinquent on its maturity date, a Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.01 with respect to such Balloon Loan in an amount equal to an assumed scheduled payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). Each Servicer’s obligation to make such Advances as to any related Non-Designated Mortgage Loan will continue through the last Scheduled Payment due prior to the payment in full of such Non-Designated Mortgage Loan, or the related Mortgaged Property or related REO Property has been liquidated or until the purchase or repurchase thereof (or substitution therefor) from the Trust Fund pursuant to the terms of this Agreement. The Servicers shall not be required to advance shortfalls of principal or interest resulting from the application of the Relief Act. Each Servicer shall be obligated to make Advances with respect to those Non-Designated Mortgage Loans serviced by it in accordance with the provisions of this Agreement; provided however, that such obligation with respect to any related Non-Designated Mortgage Loan shall cease if the related Servicer determines, in its sole discretion, that Advances with respect to such Non-Designated Mortgage Loan are Nonrecoverable Advances. In the event that the related Servicer determines that any such Advances are Nonrecoverable Advances, such Servicer shall provide the Trustee with a certificate signed by a Servicing Officer evidencing such determination. With respect to any Non-Designated Mortgage Loan, if an Advance and/or is required to be made hereunder, the related Servicer shall on the applicable Servicer Remittance Date immediately following the Determination Date either (bi) make deposit in the related Collection Account from its own funds an amount equal to such Advance, (ii) cause to be made an appropriate entry in its the records relating to the Servicer Custodial of such Collection Account that any portion of the Amount Held funds in such account being held for Future Distribution with respect future distribution or withdrawal have been, as permitted by this Section 4.01, used by such Servicer to a Loan Group make such Advance or (iii) make Advances in the Servicer Custodial Account has been used by form of any combination of clauses (i) and (ii) aggregating the Servicer in discharge amount of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any such funds being held in a Collection Account for future distribution and so applied used shall be replaced by the related Servicer from its own funds by deposit in the Servicer Custodial such Collection Account no later than the close of business on the Business Day preceding or before the next Servicer Advance DateDistribution Date in which such funds would be due. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with With respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Designated Mortgage Loan. The , the Master Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required cause WFBNA to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable AdvanceAdvances as required by Section 3.23(a) of this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Home Equity Asset Trust 2004-8)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the a Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the related Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the related Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the such Servicer Custodial Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the such Servicer by deposit in the such Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Certificate Administrator and the Trustee of the amount of the Periodic Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Each Servicer shall deliver to the Trustee Master Servicer on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the no Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance. If the Monthly Payment on a Mortgage Loan that was due on a related Due Date is delinquent, other than as a result of application of the Relief Act, and the amount of the Periodic Advance which the related Servicer was required to make pursuant to this Section 3.20 exceeds the amount deposited in the Collection Account by such Servicer, then an Event of Default shall have occurred with respect to such Servicer. The Master Servicer, in its capacity as successor Servicer, or another successor Servicer appointed by the Master Servicer hereunder will deposit in the Collection Account not later than the [second] Business Day immediately preceding the related Distribution Date an amount equal to such deficiency, net of the Servicing Fee (and, in the case of the Master Servicer, the Master Servicing Fee) for such Mortgage Loan, except to the extent the Master Servicer or other successor Servicer, as the case may be, determines that any such advance, if made, would be a Nonrecoverable Advance. Subject to the foregoing, the Master Servicer or other successor Servicer, as the case may be, shall continue to make such advances through the date that the related Servicer is required to do so under this Agreement. If the Master Servicer or other successor Servicer, as the case may be, deems an advance to be a Nonrecoverable Advance, on the second Business Day prior to the related Distribution Date, the Master Servicer or such other successor Servicer shall present an Officer’s Certificate to the Certificate Administrator (i) stating that the Master Servicer or such other successor Servicer elects not to make a Periodic Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2006-A)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan Group. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances (including Capitalized Advance Amounts) of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Mortgage 2007-4 Trust)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee Securities Administrator of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee Securities Administrator on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.. Section

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Funding Corp Mort Pas THR Certs Ser 2003 1)

Advances. The Servicer shall determine on or before each Servicer Advance Determination Date whether it is required to make a Periodic Monthly Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Monthly Advance, it shall, on or before the Servicer Advance Remittance Date, either (a) deposit into the Servicer BANA Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer BANA Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer BANA Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupMonthly Advance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer BANA Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Remittance Date. The Servicer shall be entitled to be reimbursed from the Servicer BANA Custodial Account for all Advances (including all Capitalization Reimbursement Amounts) of its own funds made pursuant to this Section 3.20 2.19 as provided in Section 3.11(a)2.10. The obligation to make Periodic Monthly Advances with respect to any BANA Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such BANA Mortgage Loan. The Servicer shall inform the Trustee Master Servicer and the Securities Administrator of the amount of the Periodic Monthly Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date it no later than the related Remittance Date. The Servicer shall deliver to the Trustee Master Servicer and the Securities Administrator on the related Servicer Advance Determination Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Periodic Monthly Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Monthly Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Servicing Agreement (Banc of America Funding Corp)

Advances. The Each Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Monthly Advance pursuant to the definition thereof. If the either Servicer determines it is required to make a Periodic Monthly Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial related Collection Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial related Collection Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial such Collection Account has been used by the such Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupMonthly Advance. Any funds so applied shall be replaced by the such Servicer by deposit in the Servicer Custodial related Collection Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Each Servicer shall be entitled to be reimbursed from the Servicer Custodial related Collection Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Monthly Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Each Servicer shall inform the Trustee of the amount of the Periodic Monthly Advance to be made by the such Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Distribution Account Deposit Date. The Each Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Monthly Advance determined by the such Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the related Servicer shall not be required to make any Periodic Monthly Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationsbanc Montgomery Funding Corp)

Advances. The Servicer shall determine If any Monthly Payment on a Mortgage Loan that was due on the immediately preceding Due Date or before each Servicer Advance due during the related Due Period and delinquent on a Determination Date whether it is required to make delinquent other than as a Periodic Advance pursuant to result of application of the definition thereof. If Relief Act, the Servicer determines it is required to make a Periodic Advance, it shall, on or before will deposit in the Protected Account not later than the related Servicer Advance Date, either (a) deposit into the Servicer Custodial Account Remittance Date an amount equal to such Monthly Payment net of the Advance and/or (b) make an appropriate entry in its records relating related Servicing Fee for such Mortgage Loan, except to the extent he Servicer Custodial Account or the related Subservicer determines any such advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds or future payments on any Mortgage Loan. Subject to the foregoing and in the absence of such a determination, the Servicer shall continue to make such advances through the date that any portion the related Mortgaged Property or REO Property has, in the judgment of the Amount Held for Future Distribution Servicer, been completely liquidated. No later than the fourth Business Day preceding each Payment Date, the Servicer shall present an Officer’s Certificate to the Master Servicer with respect to the Mortgage Loans, (i) stating that the Servicer elects not to make a Loan Group Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance. The Servicer will include in the Servicer Custodial Account has been used by the Servicer in discharge Remittance Report a list of its obligation to make any such Periodic Advance on a each Mortgage Loan for which it does not make a Monthly Advance in such Loan Groupaccordance with this Section. Such Monthly Advances may be made in whole or in part from funds in the Protected Account being held for future distribution or withdrawal on or in connection with Payment Dates in subsequent months. Any funds being held for future distribution to Securityholders and so applied used shall be replaced by the Servicer from its own funds by deposit in the Protected Account prior to the related Servicer Custodial Remittance Date to the extent that funds in the Protected Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan the related Payment Date shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating be less than payments to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance Securityholders required to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advancesuch date.

Appears in 1 contract

Samples: Servicing Agreement (American Home Mortgage Investment Trust 2005-3)

Advances. The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof. If the Servicer determines it is required to make a Periodic Advance, it shall, on or before the Servicer Advance Date, either (a) deposit into the Servicer Custodial Account an amount equal to the Advance and/or (b) make an appropriate entry in its records relating to the Servicer Custodial Account that any portion of the Amount Held for Future Distribution with respect to a Loan Group in the Servicer Custodial Account has been used by the Servicer in discharge of its obligation to make any such Periodic Advance on a Mortgage Loan in such Loan GroupAdvance. Any funds so applied shall be replaced by the Servicer by deposit in the Servicer Custodial Account no later than the close of business on the Business Day preceding the next Servicer Advance Date. The Servicer shall be entitled to be reimbursed from the Servicer Custodial Account for all Advances of its own funds made pursuant to this Section 3.20 as provided in Section 3.11(a). The obligation to make Periodic Advances with respect to any Mortgage Loan shall continue until the ultimate disposition of the REO Property or Mortgaged Property relating to such Mortgage Loan. The Servicer shall inform the Trustee of the amount of the Periodic Advance to be made by the Servicer with respect to each Loan Group on each Servicer Advance Date no later than the related Remittance Date. The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's ’s Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance. Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, LLC)

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