Common use of Monthly Advances; Servicing Advances Clause in Contracts

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Aames Capital Corp), Pooling and Servicing Agreement (Aames Capital Corp), Pooling and Servicing Agreement (Aames Capital Corp)

AutoNDA by SimpleDocs

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Collection Account in respect of each Mortgage Loan Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as to which the Monthly Mortgage Payment due during the related Collection Period has not been received as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Aames Capital Corp Mort Pass THR Certs Ser 2001 3), Pooling and Servicing Agreement (Aames Capital Corp Mort Pass THR Certs Ser 2001 3)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan GroupCollection Account, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of to which the close of business on Monthly Mortgage Payment due during the related Determination Collection Period has not been received before such Deposit Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall not have any obligation to make Monthly Advances relating to Relief Act Shortfalls. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and to the amount extent constituting a portion of such deposit shall thereafter be considered a Monthly Advance the Available Funds for purposes of reimbursement under this Agreementthe related Distribution Date. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan GroupLoan, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Aames Capital Corp Aames Mortgage Trust 2002-1), Pooling and Servicing Agreement (Aames Capital Corp Aames Mortgage Trust 2002-1)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan the Fixed Rate Group and the Adjustable Rate Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue yon each such Mortgage Loan at the related Mortgage Loan Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidatedLoan. The Servicer shall be permitted to fund all All or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds Monthly Interest for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) Advances, if not theretofore recovered from the Mortgagor on whose behalf such Monthly Advance was made and made, from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and or, as provided in 92 98 clause (ii10) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage LoanSection 5.01(d), from collections or recoveries on any Mortgage Loan amounts in respect of the related Mortgage Loan Group, in each case prior Group that would otherwise be distributed to the payment of Class C Certificateholder on such amounts to the Collection Account or to any other party to this AgreementDistribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Acceptance Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan GroupGroup I and Group II, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the last day of the related Determination DateCollection Period, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the related Mortgage Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.for

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan GroupAccount, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the last day of the related Determination DateCollection Period, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the related Mortgage Rate (net of the aggregate of the Monthly Servicing Fees attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidatedLoan. The Servicer shall be permitted to fund all All or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) Advances, if not theretofore recovered from the Mortgagor on whose behalf such Monthly Advance was made and made, from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) or, as provided in the case clause sixteenth of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage LoanSection 5.01, as applicable, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior amounts that would otherwise be distributed to the payment of Class R Certificateholder on such amounts to the Collection Account or to any other party to this AgreementDistribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan GroupCollection Account, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as to which the Monthly Mortgage Payment due during the related Collection Period has not been received as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan GroupLoan, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan the Fixed Rate Group and the Adjustable Rate Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the 76 related Mortgage Loan Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidatedLoan. The Servicer shall be permitted to fund all All or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds Monthly Interest for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) Advances, if not theretofore recovered from the Mortgagor on whose behalf such Monthly Advance was made and made, from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and or, as provided in clause (ii10) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage LoanSection 5.01(c), from collections or recoveries on any Mortgage Loan amounts in re spect of the related Mortgage Loan Group, in each case prior Group that would otherwise be distributed to the payment of Class C Certi ficateholder on such amounts to the Collection Account or to any other party to this AgreementDistribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Remittance Date, the Servicer will transfer to the Indenture Trustee for deposit in the Certificate Account in respect of each Mortgage Loan GroupBond Account, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the last day of the related Determination DateCollection Period, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the related Mortgage Rate (net of the aggregate of the Monthly Servicing Fees attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Collec tion Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Bond Account or the Certificate Account, as the case may be, for such Distribution Payment Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidatedLoan. The Servicer shall be permitted to fund all All or a portion of any Monthly Advance required to be made on a Deposit Remittance Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited transferred on such Deposit Remittance Date to the Indenture Trustee for deposit in the Certificate Bond Account as any portion of Available Remittable Funds for such Mortgage Loan Group and the related Distribution Remittance Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Remittance Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) Advances, if not theretofore recovered from the Mortgagor on whose behalf such Monthly Advance was made and made, from collections on the related Mortgage Loan, including Liquidation Proceeds, Trust Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of or, after such Mortgage Loan becomes a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Liquidated Mortgage Loan, from collections or recoveries amounts on any Mortgage Loan deposit in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this AgreementAccount.

Appears in 1 contract

Samples: Servicing Agreement (Aames Capital Acceptance Corp)

Monthly Advances; Servicing Advances. (a) [Monthly Advances. On or before each Deposit Date, the Master Servicer will transfer to the Trustee for deposit in the Certificate Account in respect of each Mortgage Loan GroupBond Account, in same day funds, an amount, if any amount (a "Monthly Advance"), ) equal to the sum of (i1) with respect to all Mortgage Loans that are delinquent as for which the Monthly Payment due on the [_____] day of the close of business on month in which the related Determination DateDeposit Date occurs has not yet been paid, the aggregate amount of the interest portions of each such late Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group Fee attributable to such Mortgage LoansLoan), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii2) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest the Monthly Payment that would have been due on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Bond Account or the Certificate Account, as the case may be, for such Distribution Payment Date; provided, however, that in no case will the Master Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall be permitted to fund all Loan.] All or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Collateral Proceeds Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited transferred on such Deposit Date in to the Certificate Trustee for deposit into the Bond Account as any portion of Available Remittable Funds for such Mortgage Loan Group and the related Distribution Deposit Date; provided, however, that the Master Servicer shall be required to replace any such amounts by deposit to into the Collection Collateral Proceeds Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Master Servicer may recover Monthly Advances made from its own funds (i) Advances, if not theretofore recovered from the Mortgagor on whose behalf such Monthly Advance was made and made, from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Master Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) Loan. In addition, if the Master Servicer determines, in its good faith business judgment, that a previously made Monthly Advance has become a Nonrecoverable Advance, the Master Servicer may reimburse itself for such Nonrecoverable Advances from amounts on deposit in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.Collateral

Appears in 1 contract

Samples: Servicing Agreement (Union Planters Home Equity Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan the Fixed Rate Group and the Adjustable Rate Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the related Mortgage Loan Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidatedLoan. The Servicer shall be permitted to fund all All or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds Monthly Interest for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) Advances, if not theretofore recovered from the Mortgagor on whose behalf such Monthly Advance was made and made, from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and or, as provided in 88 94 clause (ii10) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage LoanSection 5.01(d), from collections or recoveries on any Mortgage Loan amounts in respect of the related Mortgage Loan Group, in each case prior Group that would otherwise be distributed to the payment of Class C Certificateholder on such amounts to the Collection Account or to any other party to this AgreementDistribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

AutoNDA by SimpleDocs

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan the Fixed Rate Group and the Adjustable Rate Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the related Mortgage Loan Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.related

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Mortgage Trust 1999-1)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Collection Account in respect of each Mortgage Loan Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as to which the Monthly Mortgage Payment due during the related Collection Period has not been received as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall not have any obligation to make Monthly Advances relating to Relief Act Shortfalls. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's ’s own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, as evidenced by an Officers’ Certificate of the Servicer delivered to the Trustee, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan the Fixed Rate Group and the Adjustable Rate Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the related Mortgage Loan Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidatedLoan. The Servicer shall be permitted to fund all All or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds Monthly Interest for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.,

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Acceptance Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period (other than with respect to any Mortgage Loan for which a Monthly Payment was not due during such Collection Period), an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the related Mortgage Loan Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan the Fixed Rate Group and the Adjustable Rate Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue yon each such Mortgage Loan at the related Mortgage Loan Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidatedLoan. The Servicer shall be permitted to fund all All or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds Monthly Interest for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) Advances, if not theretofore recovered from the Mortgagor on whose behalf such Monthly Advance was made and made, from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.,

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan the Fixed Rate Group and the Adjustable Rate Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to all Mortgage Loans that are not delinquent Mortgage Loans as of the close of business on the last day of such Collection Period, an amount equal to the amount of interest that would accrue on each such Mortgage Loan at the related Mortgage Loan Rate (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans) in a period of 30 days minus the number of days from the first day of such Collection Period to the related due date for such Mortgage Loan during such Collection Period, plus (iii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Interest Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; provided, however, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidatedLoan. The Servicer shall be permitted to fund all All or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance may be paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds Monthly Interest for such Mortgage Loan Group and the related Distribution Date; provided, however, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance 77 83 for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) Advances, if not theretofore recovered from the Mortgagor on whose behalf such Monthly Advance was made and made, from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and or, as provided in clause (ii10) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage LoanSection 5.01(c), from collections or recoveries on any Mortgage Loan amounts in re spect of the related Mortgage Loan Group, in each case prior Group that would otherwise be distributed to the payment of Class C Certi ficateholder on such amounts to the Collection Account or to any other party to this AgreementDistribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Capital Corp)

Monthly Advances; Servicing Advances. (a) On or before each Deposit Date, the Servicer will deposit in the Certificate Account in respect of each Mortgage Loan Group, in same day funds, an amount, if any (a "Monthly Advance"), equal to the sum of (i) with respect to all Mortgage Loans that are delinquent as of the close of business on the related Determination Date, the aggregate of the interest portions of each Monthly Mortgage Payment in respect of the related Mortgage Loan Group due during the related Collection Period (net of the aggregate of the Monthly Servicing Fees for each Mortgage Loan Group attributable to such Mortgage Loans), inclusive of those amounts representing the interest portions of Monthly Mortgage Payments due during the first Collection Period, plus (ii) with respect to each Mortgaged Property that was acquired in foreclosure or similar action (each, an "REO Property") during or prior to the related Collection Period and as to which a final sale did not occur during the related Collection Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property at the related Mortgage Loan Rate (net of the Monthly Servicing Fee attributable to such REO Property) over the net income from such REO Property transferred to the Collection Account or the Certificate Account, as the case may be, for such Distribution Date; providedPROVIDED, howeverHOWEVER, that in no case will the Servicer be required to make advances with respect to any period or portion of any Collection Period following (i) the final due date with respect to any Mortgage Loan and (ii) to the extent that the Servicer reasonably believes that the amount of such advance will not be recoverable from subsequent collections on the related Mortgage Loan or from Liquidation Proceeds from the related Mortgage Loan in the event such Mortgage Loan is liquidated. The Servicer shall be permitted to fund all or a portion of any Monthly Advance required to be made on a Deposit Date on any Business Day and to reimburse itself for any Monthly Advance paid from the Servicer's own funds out of amounts on deposit in the Collection Account in respect of collections on any Mortgage Loan in the related Mortgage Loan Group that are not required to be deposited on such Deposit Date in the Certificate Account as any portion of Available Funds for such Mortgage Loan Group and the related Distribution Date; providedPROVIDED, howeverHOWEVER, that the Servicer shall be required to replace any such amounts by deposit to the Collection Account on or before the next Deposit Date and the amount of such deposit shall thereafter be considered a Monthly Advance for purposes of reimbursement under this Agreement. The Servicer may recover Monthly Advances made from its own funds (i) from the Mortgagor on whose behalf such Monthly Advance was made and from collections on the related Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan and (ii) in the case of a Monthly Advance that the Servicer reasonably believes will not be recoverable from the related Mortgage Loan, from collections or recoveries on any Mortgage Loan in the related Mortgage Loan Group, in each case prior to the payment of such amounts to the Collection Account or to any other party to this Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aames Mortgage Trust 2000-2)

Time is Money Join Law Insider Premium to draft better contracts faster.