Nonrecoverable Advances Sample Clauses

Nonrecoverable Advances. Any advance previously made by a Servicer pursuant to its Selling and Servicing Contract with respect to a Mortgage Loan or by the Master Servicer that the Master Servicer shall determine in its good faith judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation Proceeds or otherwise with respect to such Mortgage Loan or recoverable as late Monthly Payments with respect to such Mortgage Loan shall be a Nonrecoverable Advance. The determination by the Master Servicer that it or the applicable Servicer has made a Nonrecoverable Advance or that any advance would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate of the Master Servicer delivered to the Trustee on the Determination Date and detailing the reasons for such determination. Notwithstanding any other provision of this Agreement, any insurance policy relating to the Mortgage Loans, or any other agreement relating to the Mortgage Loans to which the Company or the Master Servicer is a party, (a) the Master Servicer and each Servicer shall not be obligated to, and shall not, make any advance that, after reasonable inquiry and in its sole discretion, the Master Servicer or such Servicer shall determine would be a Nonrecoverable Advance, and (b) the Master Servicer and each Servicer shall be entitled to reimbursement for any advance as provided in Section 3.05(a)(i), (ii) and (iv) of this Agreement.

Nonrecoverable Advances. Any advance previously made by the Servicer that the Servicer shall determine in its good faith judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation Proceeds or otherwise with respect to such Mortgage Loan or recoverable as late Monthly Payments with respect to such Mortgage Loan shall be a Nonrecoverable Advance. The determination by the Servicer that it has made a Nonrecoverable Advance or that any advance would constitute a Nonrecoverable Advance shall be evidenced by an Officer’s Certificate of the Servicer delivered to the Trustee on the Determination Date and detailing the reasons for such determination. Notwithstanding any other provision of this Agreement, any insurance policy relating to the Mortgage Loans, or any other agreement relating to the Mortgage Loans to which the Company or the Servicer is a party, (a) the Servicer shall not be obligated to, and shall not, make any advance that, after reasonable inquiry and in its sole discretion, the Servicer shall determine would be a Nonrecoverable Advance and (b) the Servicer shall be entitled to reimbursement for any advance as provided in Section 3.05(a)(i) and (ii) of this Agreement.

Nonrecoverable Advances. The determination by the Servicer that it has made a Nonrecoverable Advance shall be evidenced by an Officers' Certificate of the Servicer promptly delivered to the Trustee setting forth the reasons for such determination. Following the Trustee's receipt of the Officers' Certificate, the Servicer shall be entitled to reimbursement for such Nonrecoverable Advance as provided in Section 3.09 hereof.

Nonrecoverable Advances. Notwithstanding anything herein to the contrary, no Advance or Servicing Advance shall be required to be made hereunder by the Servicer if such Advance or Servicing Advance would, if made, constitute a Nonrecoverable Advance. The determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Advance or Servicing Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the NIMS Insurer, the Company and the Trustee.

Nonrecoverable Advances. 103 Section 4.04. Distributions to Holders of REMIC II Regular Interests and Class R-2 Residual Interest......................................103 Section 4.05. Distributions to Certificateholders; Payment of Special Primary Insurance Premiums.......................................103 Section 4.06. Statements to Certificateholders.................................105 ARTICLE V THE CERTIFICATES Section 5.01. The Certificates.................................................106 Section 5.02. Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations...........................112 Section 5.03. Registration of Transfer and Exchange of Certificates............112 Section 5.04. Mutilated, Destroyed, Lost or Stolen Certificates................113 Section 5.05. Persons Deemed Owners............................................113 Section 5.06. Temporary Certificates...........................................113 Section 5.07. Book-Entry for Book-Entry Certificates...........................114 Section 5.08. Notices to Clearing Agency.......................................115 Section 5.09. Definitive Certificates..........................................115 Section 5.10. Office for Transfer of Certificates..............................116 Section 5.11. Nature of Certificates...........................................116

Nonrecoverable Advances. 36 Note................................................ 37

Nonrecoverable Advances. Any advance previously made by a Servicer pursuant to its Selling and Servicing Contract with respect to a Mortgage Loan or by the Master Servicer that the Master Servicer shall determine in its good faith judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation Proceeds or otherwise with respect to such Mortgage Loan or recoverable as late Monthly Payments with respect to such Mortgage Loan shall be a Nonrecoverable Advance. The determination by the Master Servicer that it or the applicable Servicer has made a Nonrecoverable Advance or that any advance would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate of the Master Servicer delivered to the Trustee on the Determination Date and detailing the reasons for such determination. Notwithstanding any other provision of this Agreement, any insurance policy relating to the Mortgage Loans, or any other agreement relating to the Mortgage Loans to which the Company or the Master Servicer is a party, (a) the Master Servicer and each Servicer shall not be obligated to, and shall not, make any advance that, after reasonable inquiry and in its sole discretion, the Master Servicer or such Servicer shall determine would be a Nonrecoverable Advance, and (b) the Master Servicer and each Servicer shall be entitled to reimbursement for any advance as provided in Section 3.05(a)(i), (ii) and (iv) of this Agreement. Section 4.04. Distributions to Holders of REMIC II Regular Interests and Class R-2 Certificateholders. On each Distribution Date, the Trustee (or any duly appointed paying agent) (i) shall be deemed to have distributed from the Certificate Account (a) the REMIC II Distribution Amount to the Holders of the REMIC II Regular Interests and (b) the applicable Rounding Amounts, if any, to the holders of the applicable Classes which constitute Corresponding Classes of Special Retail Certificates, and to have deposited such amounts for their benefit into the Certificate Account and (ii) from the Certificate Account shall distribute to the Class R-2 Certificateholders the amounts to be distributed to the Class R-2 Certificateholders pursuant to the definition of "REMIC II Distribution Amount" for such Distribution Date, all in accordance with written statements received from the Master Servicer pursuant to Section 4.02(b), by wire transfer in immediately 134

Nonrecoverable Advances. The determination by the Master Servicer that it has made a Nonrecoverable Advance shall be evidenced by a certificate of a Servicing Officer promptly delivered to the Trustee setting forth the reasons for such determination. Following the Trustee's receipt of such certificate, the Master Servicer shall be entitled to reimbursement for such Nonrecoverable Advance as provided in Section 3.09 and 4.01 hereof.

Nonrecoverable Advances. 67 Section 4.5 Foreclosure Reports...........................................67 Section 4.6 Adjustment of Servicing Fees with Respect to Payoffs..........67 Section 4.7 Prohibited Transactions Taxes and Other Taxes.................68 Section 4.8

Nonrecoverable Advances. Any Monthly Advance or other advance previously made by the Master Servicer under Sections 4.01, 4.02 and 4.03 of this Agreement that the Master Servicer shall ultimately determine in its good faith judgment to be not recoverable from Insurance Proceeds, Liquidation Proceeds, payments under the Letter of Credit or under any Alternative Credit Support, or otherwise, shall be a Nonrecoverable Advance. The determination by the Master Servicer that it has made a Nonrecoverable Advance shall be evidenced by an Officers' Certificate of the Master Servicer promptly delivered to the Trustee setting forth the reasons for such determination. Following the Trustee's receipt of the Officers' Certificate, the Master Servicer shall be entitled to reimbursement for such Nonrecoverable Advance as provided in Section 3.12 hereof.