Common use of Advances by Seller Clause in Contracts

Advances by Seller. On the Business Day immediately preceding each Remittance Date, the Seller shall deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date or which were deferred pursuant to Section 2.01. The Seller's obligation to make such advances as to any Mortgage Loan will continue through the date of foreclosure sale or sale of any property acquired through foreclosure or by deed in lieu of foreclosure, whichever is later with respect to each of the Mortgage Loans or until the Seller deems such an advance to be nonrecoverable. Except as otherwise provided herein, the Seller shall be entitled to first priority reimbursement pursuant to Section 2.05 hereof for principal and interest advances and for Servicing Advances from recoveries from the related Mortgagor or from all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan.