Common use of Interim Servicing Clause in Contracts

Interim Servicing. (a) Notwithstanding anything to the contrary contained in this Agreement, to the extent that the actual servicing of any Loan or Loans (a) cannot be transferred from Sellers to Purchaser on the Closing Date due to the requirements governing the timing of notice of transfer of servicing under RESPA, or other applicable laws, or (b) will not be transferred from Sellers to Purchaser by agreement of the parties, then Sellers shall service such Loans as a subservicer on behalf of and for the benefit of Purchaser pursuant to the terms and conditions of this Section 9.1. Sellers shall service such Loans from and after the Cut-off Date until the Servicing Transfer Date in compliance with reasonable and customary servicing practices and procedures of prudent mortgage loan servicers that service mortgage loans similar to the Mortgage Loans and shall perform and comply with such servicing transfer instructions as are mutually agreed to by the Parties prior to the Servicing Transfer Date. Except as provided below, within two (2) business days after the Servicing Transfer Date, and weekly thereafter, Sellers shall remit to Purchaser, by wire, all amounts received by Sellers after the Cut-off Date and to and including the Servicing Transfer Date (including without limitation, monies received or held in reserve for the payment of taxes, insurance premiums or other charges in connection with the Loan, plus interest thereon), together with the following: (i) A summary of remittances (including the account numbers, amount of payments, amount of escrow and account reserves); (ii) A trial balance of Loans; (iii) A monthly collection report; and (iv) As appropriate, arrears reports, prepaid reports, reports of Loans added or removed, and reports of prepaid monthly payments and of principal prepayments. (b) Sellers shall promptly post any payments received between the Cut-off Date and Servicing Transfer Date and remit such payments to Purchaser no later than one (1) Business Day after the Servicing Transfer Date. (c) During the interim servicing period, Sellers shall take no action to compromise, renew, modify or alter the terms of a Loan or to commence any judicial or non-judicial action to collect a Loan without the prior written consent of Purchaser. Any payments or monies received or held by Sellers from or on behalf of a Obligor after the Servicing Transfer Date shall be held in trust by Sellers for the benefit of Purchaser. Any payments or monies received by Sellers from or on behalf of a Obligor after the Servicing Transfer Date shall be delivered to Purchaser within two (2) business days of Sellers’ receipt thereof. (d) Sellers shall, as of the Servicing Transfer Date, create a computer tape in the same format as the Valid Test Tape, or such other medium as the parties may agree, containing such information as the Purchaser may require regarding the Loans. Such tape shall be provided to Purchaser by Sellers no later than two (2) business days after the Servicing Transfer Date.

Interim Servicing. (a) Notwithstanding anything to the contrary contained in this Agreement, to the extent that the actual servicing of any Loan or Loans (a) cannot be transferred from Sellers Seller to Purchaser Buyer on the Closing Date due to the requirements governing the timing of notice of transfer of servicing under RESPA, or other applicable laws, or (bDate(b) will not be transferred from Sellers Seller to Purchaser Buyer by agreement of the parties, then Sellers Seller shall service such Loans as a subservicer on behalf of and for the benefit of Purchaser Buyer pursuant to the terms and conditions of this Section 9.117. Sellers Seller shall service such Loans from and after the Cut-off Cut Off Date until the relative Servicing Transfer Date in compliance with reasonable and customary servicing practices and procedures of prudent mortgage loan servicers that service mortgage loans similar to the Mortgage Loans and shall perform and comply with such servicing transfer instructions as are mutually agreed to by the Parties prior to the Servicing Transfer DateLoans. Except as provided below, within two five (25) business days after the Servicing Transfer Closing Date, and weekly thereafter, Sellers Seller shall remit to PurchaserBuyer, by wire, all amounts received by Sellers Seller after the Cut-off Cutoff Date and to and including the Servicing Transfer Date (including without limitation, monies received or held in reserve for the payment of taxes, insurance premiums or other charges in connection with the Loan, plus interest thereon), together with the following: (i) A summary of remittances (including the account numbers, amount of payments, amount of escrow and account reserves); (ii) A trial balance of Loans; (iii) A monthly collection report; and (iv) As appropriate, arrears reports, prepaid reports, reports of Loans added or removed, and reports of prepaid monthly payments and of principal prepayments. (b) Sellers . Seller shall promptly post any payments received between the Cut-off Cut Off Date and Servicing Transfer the Closing Date and remit such payments to Purchaser Buyer no later than one five (15) Business Day days after the Servicing Transfer Closing Date. (c) . During the interim servicing period, Sellers which shall expire no later than the Closing Date, Seller shall take no action to compromise, renew, modify or alter the terms of a Loan or to commence any judicial or non-judicial action to collect a Loan without the prior written consent of PurchaserBuyer. Any payments or monies received or held by Sellers Seller from or on behalf of a Obligor after the Servicing Transfer Date shall be held in trust by Sellers Seller for the benefit of PurchaserBuyer. Any payments or monies received by Sellers Seller from or on behalf of a Obligor after the Servicing Transfer Date shall be delivered to Purchaser Buyer within two seven (27) business days of Sellers’ Seller’s receipt thereof. (d) Sellers . Seller shall, as of the Servicing Transfer Date, create a computer tape in the same format as the Valid Test Tape, or such other medium as the parties may agree, containing such information as the Purchaser Buyer may require regarding the Loans. Such tape shall be provided to Purchaser Buyer by Sellers Seller no later than two (2) business days after the Servicing Transfer Date.

Interim Servicing. (a) Notwithstanding anything to Unless otherwise agreed in writing by the contrary contained parties, Seller shall interim service the Loans, in this Agreement, to the extent that the actual servicing of any Loan or Loans (a) cannot be transferred from Sellers to Purchaser on the Closing Date due to the requirements governing the timing of notice of transfer of servicing under RESPA, or other conformance with applicable laws, or law and Accepted Servicing Practices. (b) will not be transferred from Sellers Seller shall deliver "good-bye letters" to Purchaser by agreement of the parties, then Sellers shall service such Loans as a subservicer each Mortgagor on behalf of and for the benefit of Purchaser pursuant to the terms and conditions of this Section 9.1. Sellers shall service such Loans from and after the Cut-off Date until the Servicing Transfer Date Banc One, in compliance with reasonable the notice requirements of the Cranston Gonzalez National Affordabl▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇▇ 1990, as the same may be amended, and customary servicing practices all other applicable federal, state and procedures of prudent mortgage loan servicers that service mortgage loans similar local laws and regulations. Banc One shall cooperate by providing Seller with any information necessary to complete the Mortgage Loans and notices. Banc One shall perform and comply with approve any such servicing transfer instructions as are mutually agreed to notices sent by the Parties Seller, prior to the Servicing Transfer date mailed. Seller shall deliver to Banc One a copy of the notice sent with respect to each Loan sold on such Funding Date. Except as provided below, within two . (2c) business days Within five (5) Business Days after the Servicing Service Transfer Date, and weekly thereafter, Sellers Seller shall remit to PurchaserBanc One, by wire, all amounts received by Sellers after the Cut-off Date and Seller prior to and including the Servicing Service Transfer Date (including without limitation, monies received or held in reserve for the payment of taxes, insurance premiums or other charges in connection with the Loan, plus interest thereon), together with the following: (i) A summary of remittances (including the account numbers, amount of payments, date of payments, amount of escrow and account reserves); (ii) A trial balance of Loans; (iii) A monthly collection reportloan history; and (iv) As appropriate, arrears reports, prepaid reports, reports of Loans added or removed, and reports of prepaid unpaid monthly payments and of principal prepayments. (b) Sellers shall promptly post any payments received between the Cut-off Date and Servicing Transfer Date and remit such payments to Purchaser no later than one (1) Business Day after the Servicing Transfer Date. (cd) During the interim servicing period, Sellers Seller shall take no action to compromise, renew, modify or alter the terms of a Loan or to commence any judicial or non-judicial action to collect a Loan without the prior written consent of PurchaserBanc One. Any payments or monies received or held by Sellers Seller from or on behalf of a Obligor Mortgagor after the Servicing Transfer Funding Date shall be held in trust by Sellers Seller for the benefit of Purchaser. Any payments or monies received by Sellers from or on behalf of a Obligor after the Servicing Transfer Date Banc One and shall be immediately delivered to Purchaser within two (2) business days of Sellers’ receipt thereofBanc One. (d) Sellers shall, as of the Servicing Transfer Date, create a computer tape in the same format as the Valid Test Tape, or such other medium as the parties may agree, containing such information as the Purchaser may require regarding the Loans. Such tape shall be provided to Purchaser by Sellers no later than two (2) business days after the Servicing Transfer Date.