Common use of Reimbursement of Advances Clause in Contracts

Reimbursement of Advances. Notwithstanding the foregoing, the Advancing Agent and the Trustee will each be entitled on each Payment Date to reimbursement of any Interest Advance made by it, together with interest thereon, in accordance with this paragraph. Interest Advances and interest thereon, will be reimbursable from payments and other collections on all Collateral Interests, including in the form of related proceeds consisting of liquidation proceeds, insurance proceeds and condemnation proceeds, in any event on or in respect of such Collateral Interests or, to the extent allocated and paid to the Issuer as the holder of a Collateral Interest, the related Mortgage Property. Prior to an Interest Advance being determined to be a Nonrecoverable Interest Advance, (a) the Advancing Agent and the Trustee will each be entitled on a Payment Date to reimbursement of any such Interest Advance from Interest Proceeds to the extent such reimbursement would not trigger an additional Interest Shortfall on such Payment Date, (b) such right of reimbursement will be junior in priority to the payment of interest due on the Class A Notes and the Class B Notes on such Payment Date, and (c) if Interest Proceeds are insufficient to reimburse the Advancing Agent or the Trustee, as applicable, for all such unreimbursed Interest Advances on such Payment Date in accordance with the foregoing, then the Advancing Agent and the Trustee, as applicable, will be entitled on such Payment Date to reimbursement from Principal Proceeds to the extent of such shortfall without regard to the priorities set forth in the Priority of Payments above. Notwithstanding the foregoing, if at any time an Interest Advance made by the Advancing Agent or the Trustee is determined to be a Nonrecoverable Interest Advance, then the Advancing Agent and the Trustee each will be entitled to recover all such outstanding Interest Advances made by such party, together with interest thereon, prior to any payment of interest or principal on the Notes; provided, that reimbursement for Nonrecoverable Interest Advances will be made (i) first, from Interest Proceeds and (ii) second, from Principal Proceeds. Xxxxxxx used for the reimbursement of Nonrecoverable Interest Advances and interest thereon will not be included in the Available Distribution Amount for any Payment Date. The Advancing Agent will be entitled to reimbursement from the Trustee in respect of collections on Collateral Interests.

Reimbursement of Advances. Notwithstanding On the foregoingClosing Date, the Advancing Agent Purchaser agrees to reimburse the Seller for 90% of the amount of the unreimbursed Advances made by the Seller which were outstanding as of the date which is three (3) Business Days prior to the Closing Date, which were made pursuant to the terms of any MBS Servicing Agreement and are recoverable under the terms of such MBS Servicing Agreement. The Seller shall, within two (2) Business Days after the Closing Date, provide to the Purchaser evidence of the dollar amount of all Advances as of the Closing Date, broken down by MBS Servicing Agreement, made by the Seller as servicer which had not been previously reimbursed. As soon as practical following the Transfer Date, but in no event more than fifteen (15) Business Days following the Transfer Date, the Purchaser and Seller shall reconcile the actual amount of Advances that were outstanding as of the Closing Date and the Trustee will each be entitled on each Payment Date to reimbursement recoverability status of such Advances under the terms of any Interest Advance made by it, together with interest thereon, in accordance with this paragraph. Interest Advances MBS Servicing Agreement and interest thereon, will be reimbursable from payments and other collections on all Collateral Interests, including in the form of related proceeds consisting of liquidation proceeds, insurance proceeds and condemnation proceeds, in make any event on or in respect of such Collateral Interests or, monetary adjustments to the extent allocated and amount required to be reimbursed to the Seller. Following such reconciliation, the remaining ten percent (10%) of the reimbursable Advance amount due the Seller shall be paid to the Issuer Seller, as adjusted to reflect any monetary adjustments required to be made as a result of such reconciliation. To the holder extent that such remaining ten percent (10%) is not sufficient to compensate the Purchaser in connection with such reconciliation, the Seller shall refund to the Purchaser such price differential within three (3) Business Days of a Collateral Interest, request therefor from the related Mortgage PropertyPurchaser. Prior to an Interest Advance being determined The foregoing true-up is anticipated to be a Nonrecoverable Interest Advance, (a) completed within 15 Business Days following the Advancing Agent and the Trustee will each Transfer Date on which date any payment required hereunder shall be entitled on a Payment Date to reimbursement of any such Interest Advance from Interest Proceeds to the extent such reimbursement would not trigger an additional Interest Shortfall on such Payment Date, (b) such right of reimbursement will be junior in priority to the payment of interest due on the Class A Notes and the Class B Notes on such Payment Date, and (c) if Interest Proceeds are insufficient to reimburse the Advancing Agent or the Trustee, as applicable, for all such unreimbursed Interest Advances on such Payment Date in accordance with the foregoing, then the Advancing Agent and the Trustee, as applicable, will be entitled on such Payment Date to reimbursement from Principal Proceeds to the extent of such shortfall without regard to the priorities set forth in the Priority of Payments abovemade. Notwithstanding the foregoing, if at any time an Interest Advance made by the Advancing Agent or the Trustee is determined to be a Nonrecoverable Interest Advance, then the Advancing Agent and the Trustee each will The Purchaser shall be entitled to recover all such outstanding Interest Advances made by such party, together with interest thereon, prior to retain the full amount of any payment of interest or principal on the Notes; provided, that reimbursement for Nonrecoverable Interest Advances will be made (i) first, from Interest Proceeds and (ii) second, from Principal Proceeds. Xxxxxxx used for the reimbursement of Nonrecoverable Interest Advances and interest thereon will not be included in the Available Distribution Amount reimbursements for any Payment Advances that are received following the Cut-off Date and all Ancillary Income and Servicing Fees received after the Cut-off Date. The Advancing Agent will ; provided that, the Seller shall be entitled to reimbursement from retain any investment earnings on any Collection Account, distribution account or REO account which accrues prior to the Trustee in respect of collections on Collateral InterestsCut-off Date.

Reimbursement of Advances. Notwithstanding Subject to this Agreement, Purchaser shall reimburse Seller for the foregoingoutstanding Advances (other than Advances funded from the amounts in the Custodial Account) as of the Transfer Date with respect to the Mortgage Loans, by wire transfer of immediately available funds, within five (5) Business Days after Purchaser’s verification of (i) loan level Advance balances as of the Advancing Agent Transfer Date, (ii) information reflecting the date or period such Advances were made, (iii) loan level information related to the type (i.e., delinquency, tax, insurance, attorney fees, property inspection, etc.) and disbursement history of each Advance (which may be in electronic format), (iv) reasonable, customary and required documentation and support sufficient to reasonably enable Purchaser or Purchaser’s designee to make an assessment of the Trustee will each be entitled on each Payment Date eligibility of the Advances for reimbursement by an Investor or Insurers pursuant to reimbursement Applicable Requirements, (v) with respect to P & I Advances, information necessary to confirm and reconcile the test of any Interest Advance made by it, together with interest thereon, in accordance with this paragraph. Interest Advances expected principal and interest thereon, will be reimbursable from payments and other collections on all Collateral Interests, including (vi) the documents in the form of related proceeds consisting of liquidation proceeds, insurance proceeds and condemnation proceeds, in any event on or in respect of such Collateral Interests or, to the extent allocated and paid to the Issuer as the holder of a Collateral Interest, the related Mortgage Property. Prior File necessary to an Interest Advance being determined to be a Nonrecoverable Interest Advance, (a) the Advancing Agent and the Trustee will each be entitled on a Payment Date to reimbursement of any support such Interest Advance from Interest Proceeds to the extent such reimbursement would not trigger an additional Interest Shortfall on such Payment Date, (b) such right of reimbursement will be junior in priority to the payment of interest due on the Class A Notes and the Class B Notes on such Payment Date, and (c) if Interest Proceeds are insufficient to reimburse the Advancing Agent or the Trustee, as applicable, for all such unreimbursed Interest Advances on such Payment Date in accordance with the foregoing, then the Advancing Agent and the Trustee, as applicable, will be entitled on such Payment Date to reimbursement from Principal Proceeds to the extent of such shortfall without regard to the priorities set forth in the Priority of Payments aboveAdvances. Notwithstanding the foregoing, if at Seller may net T & I Advances from Custodial Funds representing escrow funds pursuant to Section 3.4. Purchaser shall use reasonable efforts to complete such verification 14 within thirty (30) days of receipt of such documentation from Seller. To the extent Seller subsequently recovers any time an Interest Advances, Seller shall remit such recoveries to Purchaser within five (5) Business Days of receipt thereof. For the avoidance of doubt, Purchaser shall not have any obligation to reimburse Seller for any Advance made or portion of any Advance except to the extent such Advance or portion of such Advance is reimbursable by or recoverable from the Advancing Agent or applicable Agency pursuant to Applicable Requirements. Notwithstanding any provisions in this Agreement to the Trustee is determined to be a Nonrecoverable Interest Advancecontrary, then Purchaser shall not reimburse Seller for any Corporate Advances for Mortgage Loans that are less than thirty (30) days delinquent as of the Advancing Agent and the Trustee each will be entitled to recover all such outstanding Interest Advances made by such party, together with interest thereon, prior to any payment of interest or principal on the NotesTransfer Date; provided, however, the foregoing shall not apply to Advances that reimbursement for Nonrecoverable Interest Advances will be made (i) first, from Interest Proceeds and (ii) second, from Principal Proceeds. Xxxxxxx used for the reimbursement of Nonrecoverable Interest Advances and interest thereon will not be included in the Available Distribution Amount for any Payment Date. The Advancing Agent will be entitled to are pending reimbursement from the Trustee in respect related Investor as of collections on Collateral Intereststhe Transfer Date.

Reimbursement of Advances. Notwithstanding the foregoing, the Advancing Agent and the Trustee will each be entitled on each Payment Date to reimbursement of any Interest Advance made by it, together with interest thereon, in accordance with this paragraph. Interest Advances and interest thereon, will be reimbursable from payments and other collections on all Collateral Interests, including in the form of related proceeds consisting of liquidation proceeds, insurance proceeds and condemnation proceeds, in any event on or in respect of such Collateral Interests or, to the extent allocated and paid to the Issuer as the holder of a Collateral Interest, the related Mortgage Property. Prior to an Interest Advance being determined to be a Nonrecoverable Interest Advance, (a) On the Advancing Agent and the Trustee will each be entitled on a Payment Date to reimbursement of any such Interest Advance from Interest Proceeds to the extent such reimbursement would not trigger an additional Interest Shortfall on such Payment Transfer Date, (b) such right of reimbursement will be junior in priority to the payment of interest due on the Class A Notes and the Class B Notes on such Payment Date, and (c) if Interest Proceeds are insufficient Purchaser agrees to reimburse the Advancing Agent or Seller for 90% of the Trusteeamount of the unreimbursed Advances which were outstanding as of the Preliminary Pricing Cut-off Date, as applicable, for all such unreimbursed Interest Advances on such Payment Date which were made pursuant to the terms of any Servicing Agreement and which the Purchaser reasonably believes will be recoverable in accordance with the foregoing, then the Advancing Agent and the Trustee, as applicable, will be entitled on terms of such Payment Date to reimbursement from Principal Proceeds Servicing Agreement. Notwithstanding anything in this section to the extent of such shortfall without regard contrary, the Purchaser shall not reimburse the Seller for any unreimbursed but reimbursable Advances which constitute principal and interest advances pursuant to the priorities set forth in Pooling and Servicing Agreements or principal advances pursuant to the Priority Participation Agreements which amounts may be netted from the amount of Payments abovethe Collection Accounts remitted to the Purchaser pursuant to Section 4.01(e)(1). Notwithstanding The Seller shall, within two (2) Business Days after the foregoingTransfer Date, if at any time an Interest Advance provide to the Purchaser evidence of the dollar amount of all Advances as of the Preliminary Pricing Cut-off Date, broken down by Servicing Agreement, made by the Advancing Agent or Seller as servicer which have not been previously reimbursed. As soon as practical following the Trustee is determined Transfer Date the Purchaser and Seller shall reconcile the actual amount of Advances that were outstanding as of the Transfer Date and the recoverability status of such Advances and make any monetary adjustments to the amount required to be reimbursed to the Seller. Following such reconciliation, the remaining ten percent (10%) of the reimbursable Advance amount shall be paid to the Seller, as adjusted to reflect any monetary adjustments required to be made as a Nonrecoverable Interest Advanceresult of such reconciliation. To the extent that such remaining ten percent (10%) is not sufficient to compensate the Purchaser in connection with such reconciliation, then the Advancing Agent and Seller shall refund to the Trustee each will Purchaser such price differential within three (3) Business Days of a request therefor from the Purchaser. The foregoing true-up is anticipated to be completed within 15 Business Days following the Transfer Date on which date any payment required hereunder shall be made. The Purchaser shall be entitled to recover all such outstanding Interest Advances made by such party, together with interest thereon, prior to retain the full amount of any payment of interest or principal on the Notes; provided, that reimbursement for Nonrecoverable Interest Advances will be made (i) first, from Interest Proceeds and (ii) second, from Principal Proceeds. Xxxxxxx used for the reimbursement of Nonrecoverable Interest Advances and interest thereon will not be included in the Available Distribution Amount reimbursements for any Payment Advances or Uncollected Late Charges that are received following the Transfer Date. The Advancing Agent will be entitled to reimbursement from the Trustee in respect of collections on Collateral Interests.