Common use of Obligations of the Servicer in Respect of Prepayment Interest Shortfalls Clause in Contracts

Obligations of the Servicer in Respect of Prepayment Interest Shortfalls. The Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls attributable to prepayments in full for the related Distribution Date resulting solely from Principal Prepayments received by the Servicer during the related Prepayment Period and (ii) 50% of its aggregate Servicing Fee for the most recently ended Prepayment Period. The Servicer shall not have the right to reimbursement for any amounts remitted to the Trustee in respect of this Section 3.24. The Servicer shall not be obligated to pay the amounts set forth in this Section 3.24 with respect to Relief Act Interest Shortfalls.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2004-Res1), Pooling and Servicing Agreement (Salomon Broth Mort Sec Vii Inc Citi Hm Eq Ln Tr Se 2003-He1), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)

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Obligations of the Servicer in Respect of Prepayment Interest Shortfalls. The Servicer shall deliver to the Trustee Trust Administrator for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls attributable to prepayments in full for the related Distribution Date resulting solely from Principal Prepayments received by the Servicer during the related Prepayment Period and (ii) 50% of its aggregate Servicing Fee for the most recently ended Prepayment Period. The Servicer shall not have the right to reimbursement for any amounts remitted to the Trustee Trust Administrator in respect of this Section 3.24. The Servicer shall not be obligated to pay the amounts set forth in this Section 3.24 with respect to Relief Act Interest Shortfalls.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Sal Home Equ Ln Tr Ser 2002 Wmc1), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Sal Home Equ Ln Tr Ser 2002 Wmc1)

Obligations of the Servicer in Respect of Prepayment Interest Shortfalls. The Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 3:00 p.m. New York time on the Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls attributable to prepayments in full for the related Distribution Date resulting solely from Principal Prepayments received by the Servicer during the related Prepayment Period and (ii) 50% of its aggregate Servicing Fee for the most recently ended Prepayment Period. The Servicer shall not have the right to reimbursement for any amounts remitted to the Trustee in respect of this Section 3.24. The Servicer shall not be obligated to pay the amounts set forth in this Section 3.24 with respect to Relief Act Interest Shortfalls.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Eq Loan Trust Ser 2002 Cit1 Asst Back Pass Thru Certs)

Obligations of the Servicer in Respect of Prepayment Interest Shortfalls. The Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls attributable to prepayments in full for the related Distribution Date resulting solely from Principal Prepayments received by the Servicer during the related Prepayment Collection Period and (ii) 50% of its aggregate Servicing Fee for the most recently ended Prepayment Period. The Servicer shall not have the right to reimbursement for any amounts remitted to the Trustee in respect of this Section 3.24. The Servicer shall not be obligated to pay the amounts set forth in this Section 3.24 with respect to Relief Act Interest Shortfalls.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 1999-NCC)

Obligations of the Servicer in Respect of Prepayment Interest Shortfalls. The Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls attributable to prepayments in full for the related Distribution Date resulting solely from Principal Prepayments received by the Servicer during the related Prepayment Collection Period and (ii) to the extent of 50% of its aggregate Servicing Fee for the most recently ended Prepayment Collection Period. The Servicer shall not have the right to reimbursement for any amounts remitted to the Trustee in respect of this Section 3.24Compensating Interest. The Servicer shall not be obligated to pay the amounts set forth in this Section 3.24 Compensating Interest with respect to Relief Act Interest Shortfalls.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp)

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Obligations of the Servicer in Respect of Prepayment Interest Shortfalls. The Servicer shall deliver to the Trustee Trust Administrator for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls attributable to prepayments in full for the related Distribution Date resulting solely from Principal Prepayments received by the Servicer during the related Prepayment Period and (ii) 50% of its aggregate Servicing Fee for the most recently ended Prepayment Period. The Servicer shall not have the right to reimbursement for any amounts remitted to the Trustee Trust Administrator in respect of this Section 3.24. The Servicer shall not be obligated to pay the amounts set forth in this Section 3.24 with respect to Relief Act Interest Shortfalls.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Mort Ln Tr Asst Back Ps THR Certs Ser 2003-He3)

Obligations of the Servicer in Respect of Prepayment Interest Shortfalls. The Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls attributable to prepayments in full for the related Distribution Date resulting solely from full or partial Principal Prepayments received by the Servicer during the related Prepayment Period and (ii) 50% of its aggregate Servicing Fee for the most recently ended Prepayment Period. The Servicer shall not have the right to reimbursement for any amounts remitted to the Trustee in respect of this Section 3.24. The Servicer shall not be obligated to pay the amounts set forth in this Section 3.24 with respect to Relief Act Interest Shortfalls.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (National City Mortgage Capital LLC)

Obligations of the Servicer in Respect of Prepayment Interest Shortfalls. The Servicer shall deliver to the Trustee Trust Administrator for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls attributable to prepayments in full for the related Distribution Date resulting solely from Principal Prepayments received by the Servicer during the related Prepayment Collection Period and (ii) 50% of its aggregate Servicing Fee for the most recently ended Prepayment Period. The Servicer shall not have the right to reimbursement for any amounts remitted to the Trustee Trust Administrator in respect of this Section 3.243.24 (unless such amounts were remitted in error). The Servicer shall not be obligated to pay the amounts set forth in this Section 3.24 with respect to Relief Act Interest Shortfalls.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Ace Securities Corp)

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