Examples of Monthly Advance in a sentence
If the Master Servicer deems an advance to be a Nonrecoverable Advance, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be a Nonrecoverable Advance.
If applicable, on the Distribution Account Deposit Date, the Master Servicer shall present an Officer's Certificate to the Trustee (i) stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and (ii) detailing the reason it deems the advance to be nonrecoverable.
Such sum represents a two (2) month prepaid security deposit (“Prepaid Deposit”) and the Monthly Advance Payment for the first month stay at the Facility.
If applicable, on the Business Day immediately preceding the Distribution Date, the Master Servicer shall deliver an Officer's Certificate to the Trustee stating that the Master Servicer elects not to make a Monthly Advance in a stated amount and detailing the reason(s) it deems the Monthly Advance to be a Nonrecoverable Monthly Advance.
Notwithstanding the foregoing, the Servicer shall not be required to make a Monthly Advance with respect to a Mortgage Loan if such advance would, if made, be, in the Servicer's reasonable judgment, non-recoverable from future recoveries in respect of the Mortgage Loan or Mortgaged Property.