Advances by Servicer definition

Advances by Servicer. On the Business Day immediately preceding each Remittance Date, the Servicer shall (a) 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, (b) cause to be made an appropriate entry in the records of the Custodial Account that amounts held for future distribution have been, as permitted by this Section 3.03, used by the Servicer in discharge of any such advance or (c) make advances in the form of any combination of (a) or (b) aggregating the total amount of advances to be made. The Servicer's obligation to make such advances as to any Mortgage Loan will continue through the earlier to occur of (a) the last Monthly Payment due prior to the payment in full of the Mortgage Loan or (b) the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds, and Condemnation Proceeds) with respect to the Mortgage Loan; provided, however, that such obligation shall cease if the Servicer, in its good faith judgment, determines that an advance would not be recoverable pursuant to Section 2.05(ii). The determination by the Servicer that an advance, if made, would be nonrecoverable, shall be evidenced by an Officer's Certificate of the Servicer, delivered to the Purchaser, which details the reasons for such determination. To the extent permitted under Section 2.05 hereof, the Servicer shall be entitled to first priority reimbursement 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."
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Examples of Advances by Servicer in a sentence

  • Fees & Expenses Paid by/to Servicer 0.00 Interest Paid to Servicer on Outstanding Advances 0.00 ASER Interest Advance Reduction 0.00 Interest Not Advanced (Current Period) 0.00 Recoup of Prior Advances by Servicer 0.00 Servicing Fees Paid Servicer on Loans Not Advanced 0.00 Misc.

  • PAYMENTS TO MASTER SERVICER Section 4.01 Section 4.02 Section 4.02 Remittances Statements to Master Servicer Monthly Advances by Servicer 26 27 28 ARTICLE V.

  • PAYMENTS TO MASTER SERVICER Section 4.01 Remittances 33 Section 4.02 Statements to Master Servicer 34 Section 4.03 Monthly Advances by Servicer 35 ARTICLE V.

  • Advances by Servicer and Indenture Trustee......................................................48 Section 5.04.

  • Monthly Non Recoverable Net Non Recoverable Corporate Advances made or recovered Number Corporate Advances by Servicer.

  • Section 3.04 Principal and Interest Advances by Servicer...................

Related to Advances by Servicer

  • Servicing Advances All customary, reasonable and necessary "out of pocket" costs and expenses incurred in the performance by the Master Servicer of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any expenses reimbursable to the Master Servicer pursuant to Section 3.11 and any enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of any REO Property and (iv) compliance with the obligations under Section 3.09.

  • Servicing Bank means the Agent or the Security Trustee;

  • Non-Recoverable Servicing Advance Any portion of a Servicing Advance previously made or proposed to be made by the Servicer that, in the good faith judgment of the Servicer, will not or, in the case of a current Servicing Advance, would not, be ultimately recoverable by the Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise with respect to the related Mortgage Loan.

  • Master Servicer means the master servicer appointed as provided in the Lead Securitization Servicing Agreement.

  • Subservicing Account An account established by a Subservicer in accordance with Section 3.08.

  • Servicing Advance Reimbursement Amounts As defined in Section 3.22.

  • Sub-Servicing Account An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise acceptable to the Master Servicer.

  • Subservicer means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.

  • Other Servicer The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan.

  • Monthly Servicing Report shall have the meaning attributed to such term in the Servicing Agreement.

  • Master Servicer Servicing Personnel The divisions and individuals of the Master Servicer who are involved in the performance of the duties of the Master Servicer under this Agreement.

  • Master Servicing Fee As to any Distribution Date, an amount equal to one-twelfth the product of (a) the Master Servicing Fee Rate and (b) the outstanding principal balance of each Mortgage Loan. Master Servicing Fee Rate: 0.00% per annum.

  • Other Servicer Mortgage Loan Any of the Mortgage Loans, if any, identified in Exhibit F-2 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, which Mortgage Loan is serviced under an Other Servicing Agreement.

  • Subservicer Advance Any delinquent installment of principal and interest on a Mortgage Loan which is advanced by the related Subservicer (net of its Subservicing Fee) pursuant to the Subservicing Agreement.

  • Master Servicer Advance Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Servicing Reserve means, for any Calculation Period, the product (expressed as a percentage) of (a) the Servicing Fee Rate, times (b) a fraction, the numerator of which is the highest Days Sales Outstanding for the most recent 12 Calculation Periods and the denominator of which is 360.

  • Securitization Servicing Agreement means the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing Agreement.

  • Monthly Servicing Fee shall have the meaning specified in subsection 3.01.

  • Delinquency Advance As defined in Section 8.09(a) hereof.

  • Monthly Advances Principal and interest advances and servicing advances including costs and expenses of foreclosure.

  • Interim Servicer The servicer under the Interim Servicing Agreement, or its successor in interest, or any successor to the Interim Servicer under the Interim Servicing Agreement, as therein provided.

  • Nonrecoverable Servicing Advance Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Property that, in the good faith business judgment of the Master Servicer, will not or, in the case of a proposed Servicing Advance, would not be ultimately recoverable from related Late Collections, Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property as provided herein.

  • Sub-Servicer Any Person with which the Master Servicer has entered into a Sub-Servicing Agreement and which meets the qualifications of a Sub-Servicer pursuant to Section 3.02.

  • Servicing Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

  • Servicer means the Master Servicer or the Special Servicer, as the context may require.

  • Servicing Rate means 1.00% per annum.