Common use of Servicing Advances Clause in Contracts

Servicing Advances. Seller covenants and agrees that each Servicer Advance made by Seller under the Servicing Agreements prior to the related Servicing Transfer Date shall (a) be required to be made pursuant to the terms of the related Deferred Servicing Agreement and comply with the terms of such Deferred Servicing Agreement and Applicable Law, (b) comply with Seller’s advance policies and stop advance policies and procedures and not constitute a nonrecoverable Servicer Advance as of the date Seller made such Servicer Advance and (c) be supported by customary backup documentation. Seller agrees to provide prompt notice to Holdings of any Servicer Advance made by Seller under the Deferred Servicing Agreements and deliver to Holdings such customary backup documentation relating to any Servicer Advance promptly upon request by Holdings. In the event Seller cannot provide, or cause to be provided to Holdings any customary backup documentation, and Holdings is unable to be reimbursed for such Servicer Advance solely as a result of such failure, Seller shall reimburse Holdings for the amount of such unreimbursed Servicer Advances within five (5) Business Days of Holdings’ written request, to the extent Holdings paid Seller for such amounts.

Appears in 8 contracts

Samples: Sale Supplement (Home Loan Servicing Solutions, Ltd.), Master Servicing Rights Purchase Agreement (Ocwen Financial Corp), Sale Supplement (Home Loan Servicing Solutions, Ltd.)

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Servicing Advances. Seller covenants and agrees that each Servicer Advance made by Seller under the Servicing Agreements prior to the related Servicing Transfer Date shall (a) be required to be made pursuant to the terms of the related Deferred Servicing Agreement and comply with the terms of such Deferred Servicing Agreement and Applicable Law, (b) comply with Seller’s advance policies and stop advance policies and procedures and not constitute a nonrecoverable Servicer Advance as of the date Seller made such Servicer Advance and (c) be supported by customary backup documentation. Seller agrees to provide prompt notice to Holdings Purchaser of any Servicer Advance made by Seller under the Deferred Servicing Agreements and deliver to Holdings Purchaser such customary backup documentation relating to any Servicer Advance promptly upon request by HoldingsPurchaser. In the event Seller cannot provide, or cause to be provided to Holdings Purchaser any customary backup documentation, and Holdings Purchaser is unable to be reimbursed for such Servicer Advance solely as a result of such failure, Seller shall reimburse Holdings Purchaser for the amount of such unreimbursed Servicer Advances within five (5) Business Days of Holdings’ Purchaser’s written request, to the extent Holdings Purchaser paid Seller for such amounts.

Appears in 4 contracts

Samples: Sale Supplement (Home Loan Servicing Solutions, Ltd.), Pooling and Servicing Agreement (Home Loan Servicing Solutions, Ltd.), Pooling and Servicing Agreement (Home Loan Servicing Solutions, Ltd.)

Servicing Advances. Seller covenants and agrees that each Servicer Advance made by Seller under the Servicing Agreements prior to the related Servicing Transfer Date shall (a) be required to be made pursuant to the terms of the related Deferred Servicing Agreement and comply with the terms of such Deferred Servicing Agreement and Applicable Law, (b) comply with Seller’s advance policies and stop advance policies and procedures and not constitute a nonrecoverable Servicer Advance as of the date Seller made such Servicer Advance and (c) be supported by customary backup documentation. Seller agrees to provide prompt notice to Holdings of any Servicer Advance made by Seller under the Deferred Servicing Agreements and deliver to Holdings such customary backup documentation relating to any Servicer Advance promptly upon request by Holdings. In the event Seller cannot provide, or cause to be provided to Holdings any customary backup documentation, and Holdings is unable to be reimbursed for such Servicer Advance solely as a result of such failure, Seller shall reimburse Holdings for the amount of such fortheamountofsuch unreimbursed Servicer Advances within five Advanceswithinfive (5) Business 5)Business Days of Holdings’ written request, to the extent Holdings paid Seller for such amounts.

Appears in 2 contracts

Samples: Assignment and Assumption Agreement (New Residential Investment Corp.), Assignment and Assumption Agreement (Ocwen Financial Corp)

Servicing Advances. Seller covenants and agrees that each Servicer Advance made by Seller under the Servicing Agreements prior to the related Servicing Transfer Date shall (a) be required to be made pursuant to the terms of the related Deferred Servicing Agreement and comply with the terms of such Deferred Servicing Agreement and Applicable Law, (b) comply with Seller’s advance policies and stop advance policies polices and procedures and not constitute a nonrecoverable Servicer Advance as of the date Seller made such Servicer Advance and (c) be supported by customary backup documentation. Seller agrees to provide prompt notice to Holdings Purchaser of any Servicer Advance made by Seller under the Deferred Servicing Agreements and deliver to Holdings Purchaser such customary backup documentation relating to any Servicer Advance promptly upon request by HoldingsPurchaser. In the event Seller cannot provide, or cause to be provided to Holdings Purchaser any customary backup documentation, and Holdings Purchaser is unable to be reimbursed for such Servicer Advance solely as a result of such failure, Seller shall reimburse Holdings Purchaser for the amount of such unreimbursed Servicer Advances within five (5) Business Days of Holdings’ Purchaser’s written request, to the extent Holdings Purchaser paid Seller for such amounts.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Ocwen Financial Corp), Pooling and Servicing Agreement (Home Loan Servicing Solutions, Ltd.)

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Servicing Advances. Seller covenants and agrees that each Servicer Servicing Advance made by Seller under the Servicing Agreements prior to the related Servicing Transfer Date shall (a) be required to be made pursuant to the terms of the related Deferred Servicing Agreement and comply with the terms of such Deferred Servicing Agreement and Applicable Law, (b) comply with Seller’s advance policies and stop advance policies polices and procedures and not constitute a nonrecoverable Servicer Servicing Advance as of the date Seller made such Servicer Servicing Advance and (c) be supported by customary backup documentation. Seller agrees to provide prompt notice to Holdings Purchaser of any Servicer Servicing Advance made by Seller under the Deferred Servicing Agreements and deliver to Holdings Purchaser such customary backup documentation relating to any Servicer Servicing Advance promptly upon request by HoldingsPurchaser. In the event Seller cannot provide, or cause to be provided to Holdings Purchaser any customary backup documentation, and Holdings Purchaser is unable to be reimbursed for such Servicer Servicing Advance solely as a result of such failure, Seller shall reimburse Holdings Purchaser for the amount of such unreimbursed Servicer Servicing Advances within five (5) Business Days of Holdings’ Purchaser’s written request, to the extent Holdings Purchaser paid Seller for such amounts.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Loan Servicing Solutions, Ltd.)

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