Non-Recoverable Advances definition

Non-Recoverable Advances means, for any Remittance Period, the amount of Monthly Advances that the Servicer was not required to make pursuant to Section 5.1 of the Mortgage Loan Purchase and Servicing Agreement, because such Monthly Advances were deemed not to be recoverable in the Servicer’s reasonable judgment.
Sample 1Sample 2Sample 3
Non-Recoverable Advances. The meaning specified in Section 3.03 hereof.
Sample 1

Examples of Non-Recoverable Advances in a sentence

  • If such difference is negative, then the magnitude of such difference is the amount of previously made unreimbursed Advances which the Servicer may now regard as Non-Recoverable Advances.

  • If such a difference is greater than zero, then such difference represents the maximum amount of additional Advances which the Servicer shall make before determining that any additional Advances in excess of such amount are Non-Recoverable Advances.

  • The Servicer shall make Monthly Advances through the Distribution Date immediately preceding the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loans; provided, however, the Servicer shall cease to make Monthly Advances when it deems such advances to be Non-Recoverable Advances.

  • The Servicer shall be entitled to reimbursement for any Advances made by it in respect of any Asset out of late collections from the related Obligor or from Insurance Proceeds, Liquidation Proceeds or a Repurchase Price recovered by it in respect of such Asset ("Related Proceeds") and shall be entitled to reimburse itself for unreimbursed Advances made that have become Non-Recoverable Advances in accordance with Section 3.07(a)(1) below.

  • The Master Servicer shall be entitled to reimbursement for any Advances made by it in respect of any Asset out of late collections from the related Obligor or from Insurance Proceeds, Liquidation Proceeds or a Repurchase Price paid in respect of such Asset ("Related Proceeds") and shall be entitled to reimburse itself for unreimbursed Advances made that have become Non-Recoverable Advances in accordance with Section 3.07(a)(1) below.

  • If any successor servicer succeeds to the obligations of Servicer after a termination pursuant to Sections 10.01 or 10.03 above Servicer will withdraw all unpaid Servicing Fees, Servicing Advances and Non-Recoverable Advances from the Collection Accounts prior to the transfer servicing of the Assets.

  • The Servicer shall be entitled to reimbursement for any Advances made by it in respect of any Asset out of subsequent collections in respect of the Assets, including late collections from the related Obligor or from Insurance Proceeds, Liquidation Proceeds or a Repurchase Price recovered by it in respect of such Asset ("Related Proceeds") and shall be entitled to reimburse itself for unreimbursed Advances made that have become Non-Recoverable Advances in accordance with Section 3.07(a)(1) below.

  • With respect to P&I Advances, within two (2) Business Days prior to the Seller’s final GNMA remittance date and following the Servicing Transfer Date, Purchaser shall wire to Seller or Servicer, as applicable, the aggregate amount of the related Legacy Advances or Interim Advances less all Non-Recoverable Advances which are P&I Advances.

  • Period Ended: _________, 19__ -------------------------------------------------------------------------------- Insured Payments 0.00 Insurance Account Deposit @ 13bp the ending Class A P-balance 0.00 Class Remittance Amounts 0.00 Non-Recoverable Advances not previously reimbursed 0.00 ------------------------ Total Remaining Amount Available: 0.00 ======================== Amount of Reimbursements Pursuant to Sec.

  • The Master Servicer shall be entitled to reimbursement for any Advances made by it in respect of any Asset out of late collections from the related Obligor or from Insurance Proceeds, Liquidation Proceeds or a Repurchase Price paid in respect of such Asset (“Related Proceeds”) and shall be entitled to reimburse itself for unreimbursed Advances made that have become Non-Recoverable Advances in accordance with Section 3.07(a)(1) below.

Related to Non-Recoverable Advances

  • Non-Recoverable Advance Any portion of an 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 delinquency, would not, be ultimately recoverable by the Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise with respect to the related Mortgage Loan.

  • 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.

  • Nonrecoverable Advance Any portion of an Advance previously made or proposed to be made by the Master Servicer that, in the good faith judgment of the Master Servicer, will not be ultimately recoverable by the Master Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise.

  • 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.

  • 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.

  • Nonrecoverable P&I Advance Any P&I 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 Servicer using Accepted Servicing Practices, will not or, in the case of a proposed P&I 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.

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

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

  • P&I Advance means an advance made by a party to any Securitization Servicing Agreement in respect of a delinquent monthly debt service payment on the Note securitized pursuant to such Securitization Servicing Agreement.

  • Servicer Advance or "Servicing Advance" as defined in the applicable Purchase and Servicing Agreement.

  • Servicing Advance Reimbursement Amounts As defined in Section 3.22.

  • Eligible advance means an advance made before August 19, 1993.

  • Monthly Advance The portion of each Monthly Payment that is delinquent with respect to each Mortgage Loan at the close of business on the Determination Date required to be advanced by the Company pursuant to Section 5.03 on the Business Day immediately preceding the Remittance Date of the related month.

  • Outstanding Advances means, with respect to a Receivable and the last day of a Collection Period, the sum of all Advances made as of or prior to such date, minus (1) all payments or collections as of or prior to such date which are specified in Section 4.04(b) and (c) as applied to reimburse all unpaid Advances with respect to such Receivable and (2) all amounts for which the Servicer has deemed to have released all claims for reimbursement of Outstanding Advances pursuant to Section 3.08.

  • Monthly P&I Advance An advance of funds by the Master Servicer pursuant to Section 4.02 or a Servicer pursuant to its Selling and Servicing Contract to cover delinquent principal and interest installments.

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

  • Periodic Advance The aggregate of the advances required to be made by a Servicer on any Distribution Date pursuant to its Servicing Agreement or by the Master Servicer or the Trustee hereunder, the amount of any such advances being equal to the total of all Monthly Payments (adjusted, in each case (i) in respect of interest, to the applicable Mortgage Interest Rate less the applicable Servicing Fee in the case of Periodic Advances made by a Servicer and to the applicable Net Mortgage Interest Rate in the case of Periodic Advances made by the Master Servicer or Trustee and (ii) by the amount of any related Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, or similar legislation or regulations then in effect) on the Mortgage Loans, that (x) were delinquent as of the close of business on the related Determination Date, (y) were not the subject of a previous Periodic Advance by such Servicer or of a Periodic Advance by the Master Servicer or the Trustee, as the case may be and (z) have not been determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable Advances.

  • Provider Advance means a Downgrade Advance or a Non-Extension Advance.

  • Property Advance means an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Property.

  • Applied Provider Advance has the meaning assigned to such term in Section 2.06(a).

  • Nonrecoverable Property Protection Advance shall have the meaning assigned to the term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.