Common use of Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls Clause in Contracts

Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls. In the event that any Mortgage Loan (other than a HELOC) is the subject of a Prepayment Interest Shortfall, the Servicer shall, from amounts in respect of the Servicing Fee for such Payment Date, deposit into the Collection Account, as a reduction of the Servicing Fee for such Payment Date, no later than the Servicer Advance Date immediately preceding such Payment Date, an amount up to the Prepayment Interest Shortfall. In case of such deposit, the Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Indenture Trustee, the Master Servicer, the Securities Administrator, the Issuing Entity or the Securityholders. With respect to any Payment Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of Securities, pro rata based upon the amount of interest each such Class would otherwise be entitled to receive on such Payment Date.

Appears in 1 contract

Samples: Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Sl2)

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Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls. In the event that any Mortgage Loan (other than a HELOC) is the subject of a Prepayment Interest Shortfall, the related Servicer shall, from amounts in respect of the Servicing Fee for such Payment Distribution Date, deposit into the Collection Account, as a reduction of the Servicing Fee for such Payment Distribution Date, no later than the Servicer Advance Date immediately preceding such Payment Distribution Date, an amount up to the Prepayment Interest Shortfall. In case of such deposit, the related Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Indenture Trustee, the Master Servicer, the Securities Administrator, the Issuing Entity Trustee, the Trust Fund or the SecurityholdersCertificateholders. With respect to any Payment Distribution Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of SecuritiesCertificates, pro rata based upon the amount of interest each such Class would otherwise be entitled to receive on such Payment Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Sl2)

Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls. In the event that any Mortgage Loan (other than a HELOC) is the subject of a Prepayment Interest Shortfall, the related Servicer shall, from amounts in respect of the Servicing Fee for such Payment Distribution Date, deposit into the related Collection Account, as a reduction of the Servicing Fee for such Payment Distribution Date, no later than the Servicer Advance Date immediately preceding such Payment Distribution Date, an amount up to the Prepayment Interest Shortfall. In case of such deposit, the such Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Indenture Trustee, the Master Servicer, the Securities Administrator, the Trustee, the Issuing Entity or the SecurityholdersCertificateholders. With respect to any Payment Distribution Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of SecuritiesCertificates, pro rata based upon the amount of interest each such Class would otherwise be entitled to receive on such Payment Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-He5)

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Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls. In the event that any Mortgage Loan (other than a HELOC) is the subject of a Prepayment Interest Shortfall, beginning on the related Servicing Transfer Date, a Servicer shall, from amounts in respect of the applicable Servicing Fee for such Payment Distribution Date, deposit into the related Collection Account, as a reduction of the applicable Servicing Fee for such Payment Distribution Date, no later than the related Servicer Advance Date immediately preceding such Payment Distribution Date, an amount up to the Prepayment Interest Shortfall. In case of such deposit, the Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Indenture Trustee, the Master Servicer, the Securities Administrator, the Issuing Entity Trust Fund or the SecurityholdersCertificateholders. With respect to any Payment Distribution Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of SecuritiesCertificates, pro rata based upon the amount of interest each such Class would otherwise be entitled to receive on such Payment Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc Asst Back Certs Ser TMTS 2003 8he)

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