Delinquency Advances and Servicing Advances. (a) On or before each Monthly Remittance Date, the Servicer shall be required to remit to the Trustee for deposit to the Certificate Account out of the Servicer’s own funds or from collections on any Home Equity Loans that are not required to be distributed on the Distribution Date occurring during the month in which such remittance is made (all or any portion of such amount to be replaced on future Monthly Remittance Dates to the extent required for distribution) any Delinquent payment of interest with respect to each Delinquent Home Equity Loan, which payment was not received on or prior to the last day of the related Remittance Period. Such amounts of the Servicer’s own funds so deposited are “Delinquency Advances”. The Servicer shall be permitted to reimburse itself on any Business Day for any Delinquency Advances paid from the Servicer’s own funds (i) from late collections on the related Home Equity Loan or (ii) as otherwise provided in Section 7.03(b). Notwithstanding the foregoing, in the event that the Servicer determines in its reasonable business judgment in accordance with the servicing standards set out herein that any proposed Delinquency Advance would not be recoverable, the Servicer shall not be required to make Delinquency Advances with respect to such Home Equity Loan. To the extent that the Servicer previously has made Delinquency Advances with respect to a Home Equity Loan that the Servicer subsequently determines are Nonrecoverable Advances, the Servicer shall be entitled to reimbursement for such aggregate Nonrecoverable Advances from collections on any Home Equity Loan of the related Group on deposit in the Principal and Interest Account. The Servicer shall deliver an Officer’s Certificate of such determination as to why such amount would not be recoverable to the Trustee; the Trustee shall promptly furnish a copy of such notice to the Owners of the Class R Certificates upon request; provided, further, that the Servicer shall be entitled to recover any unreimbursed Delinquency Advances from Liquidation Proceeds for the related Home Equity Loan.
Delinquency Advances and Servicing Advances. (a) Not later than 12:00 noon Charlotte, North Carolina time on each Master Servicer Remittance Date, the Master Servicer, except as otherwise stated herein, shall advance funds (each such advance, a “Delinquency Advance”) to the Certificate Distribution Account in the amount of any Monthly Payment that is due during the related Due Period and not received by the Master Servicer from the related Servicer as of the related Determination Date; provided, however, that the Master Servicer will not be required to make any such Delinquency Advance (i) if the related Mortgage Loan is a Non-Servicer Obligated Mortgage Loan or (ii) if the Master Servicer determines in reasonable good faith that such Delinquency Advance would be a Non-Recoverable Advance. Such determination by the Master Servicer will be evidenced by a certificate signed by a Servicing Officer delivered to the Trustee no later than such Master Servicer Remittance Date for the related Distribution Date. Each Delinquency Advance shall increase the Outstanding Advances with respect to the related Mortgage Loan. The Master Servicer shall be permitted to fund Delinquency Advances from its own funds, and from amounts then on deposit in the Collection Account in excess of the Total Distribution Amount for the related Master Servicer Remittance Date.
Delinquency Advances and Servicing Advances. (a) On each Monthly Remittance Date, the Servicer shall be required to remit to the Indenture Trustee for deposit to the Note Account out of the Servicer's own funds any Delinquent payment of interest with respect to each Delinquent Home Equity Loan, which payment was not received on or prior to the related Remittance Date and was not theretofore advanced by the Servicer. Such amounts of the Servicer's own funds so deposited are "Delinquency Advances". The Servicer shall be permitted to reimburse itself on any Business Day for any Delinquency Advances paid from the Servicer's own funds from late collections or Liquidation Proceeds on the related Home Equity Loan or from collections on any Home Equity Loan that are not required to be distributed on the Payment Date occurring during the month in which such reimbursement is made (all or any portion of such amount to be replaced on future Monthly Remittance Dates to the extent required for distribution).
Delinquency Advances and Servicing Advances. (a) To the extent described below, the Servicer is obligated to advance its own funds to the Servicer Collection Account to cover any shortfall between (i) payments scheduled to be received in respect of Mortgage Loans, and (ii) the amounts actually deposited in the Servicer Collection Account on account of such payments; the Servicer's obligation to make any advance or advances described in this Section 3.7 is effective only to the extent that such advance is, in the good faith judgment of the Servicer made on or before the Remittance Date, reimbursable from Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or recoverable as late Monthly Payments with respect to the related Mortgage Loans or otherwise. Such amounts so advanced are "Delinquency Advances."
Delinquency Advances and Servicing Advances. (a) If the amount on deposit in a Collection Account as of any Remittance Date is less than the related Monthly Remittance for such Remittance Date, the Servicer shall deposit to such Collection Account a sufficient amount of its own funds to make such amount equal to the sum of the related Monthly Remittance for such Remittance Date. Such amounts of the Servicer's own funds so deposited are "Delinquency Advances". The Servicer shall be permitted to fund its payment of Delinquency Advances on any Remittance Date from collections on any Home Equity Loan deposited to the Collection Account subsequent to the related Remittance Period, and shall deposit to the Collection Account with respect to Delinquency Advances funded from amounts on deposit in the Collection Account (i) collections from the Mortgagor whose Delinquency gave rise to the shortfall which resulted in such Delinquency Advance and (ii) Net Liquidation Proceeds recovered on account of the related Home Equity Loan to the extent of the amount of aggregate Delinquency Advances related thereto. In any event, to the extent the Servicer uses such funds, the Servicer must reimburse the Collection Account by the next Remittance Date to the extent necessary to provide for the related Monthly Remittance to the extent received.
Delinquency Advances and Servicing Advances. (a) Not later than 12:00 noon [ ] time on each Master Servicer Remittance Date, the Master Servicer, except as otherwise stated herein, shall advance funds (each such advance, a “Delinquency Advance”) to the Certificate Distribution Account in the amount of any Monthly Payment that is due during the related Due Period and not received by the Master Servicer from the Servicer as of the related Determination Date; provided, however, that the Master Servicer will not be required to make any such Delinquency Advance (i) if the related Mortgage is listed on Schedule I-J hereto or (ii) if the Master Servicer determines in reasonable good faith that such Delinquency Advance would be a Non-Recoverable Advance. Such determination by the Master Servicer will be evidenced by a certificate signed by a Servicing Officer delivered to the Trustee no later than such Master Servicer Remittance Date for the related Distribution Date. Each Delinquency Advance shall increase the Outstanding Advances with respect to the related Mortgage Loan. The Master Servicer shall be permitted to fund Delinquency Advances from its own funds, and from amounts then on deposit in the Collection Account in excess of the Total Distribution Amount for the related Master Servicer Remittance Date.
Delinquency Advances and Servicing Advances. ..82 Section 8.10 Compensating Interest; Repurchase of Mortgage Loans...........................................83 Section 8.11 Maintenance of Insurance........................84 Section 8.12 Due-on-Sale Clauses; Assumption and Substitution Agreements.........................86 Section 8.13 Realization upon Defaulted Mortgage Loans; Inspection......................................87 Section 8.14 Trustee to Cooperate; Release of Files..........88 Section 8.15
Delinquency Advances and Servicing Advances. (a) If the amount on deposit in the Principal and Interest Account with respect to any Mortgage Loan Group as of any Remittance Date is less than the related Monthly Remittance for such Remittance Date, the Master Servicer shall deposit to the Principal and Interest Account with respect to such Mortgage Loan Group a sufficient amount of its own funds to make such amount equal to the related Monthly Remittance for such Remittance Date. Such amounts of the Master Servicer's own funds so deposited are "Delinquency Advances". Any Delinquency Advances funded by the Master Servicer from its own funds are reimbursable from subsequent collections on or with respect to the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds, Released Mortgaged Property Proceeds, and payments from the related Mortgagor. Notwithstanding anything to the contrary contained in this Agreement, no Delinquency Advance or Servicing Advance shall be required to be made by the Master Servicer if such Delinquency Advance or Servicing Advance would, if made, constitute a Nonrecoverable Advance.
Delinquency Advances and Servicing Advances. (a) On each Monthly Remittance Date, the Servicer shall be required to remit to the Indenture Trustee for deposit to the Note Account out of the Servicer's own funds any Delinquent payment of interest with respect to each Delinquent Home Equity Loan, which payment was not received on or prior to the related Remittance Date and was not theretofore advanced by the Servicer. Such amounts of the Servicer's own funds so deposited are "Delinquency Advances".
Delinquency Advances and Servicing Advances. (a) Not later than 12:00 noon Boston, Massachusetts time on each Master Servicer Remittance Date, the Master Servicer, except as otherwise stated herein, shall advance funds (each such advance, a “Delinquency Advance”) to the Certificate Distribution Account in the amount of any Monthly Payment that is due during the related Due Period and not received by the Master Servicer from the related Servicer as of the related Determination Date; provided, however, that the Master Servicer will not be required to make any such Delinquency Advance (i) if the related Mortgage Loan is a Non-Servicer Obligated Mortgage Loan, (ii) with respect to any such amount representing a Civil Relief Act Reduction, or (iii) if the Master Servicer determines in reasonable good faith that such Delinquency Advance would be a Non-Recoverable Advance. Such determination by the Master Servicer will be evidenced by a certificate signed by a Servicing Officer delivered to the Trustee no later than such Master Servicer Remittance Date for the related Distribution Date. Each Delinquency Advance shall increase the Outstanding Advances with respect to the related Mortgage Loan. The Master Servicer shall be permitted to fund Delinquency Advances from its own funds, and from amounts then on deposit in the Collection Account in excess of the Total Distribution Amount for the related Master Servicer Remittance Date.
