Nonrecoverable Administrative Advance definition

Nonrecoverable Administrative Advance means an Administrative Advance that has been determined to be “nonrecoverable” in accordance with the terms of the applicable Servicing Agreement.
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Nonrecoverable Administrative Advance. With respect to the Mortgage Loan or any REO Loan, any portion of an Administrative Advance previously made and not previously reimbursed, or proposed to be made, including interest thereon, which, in accordance with Accepted Servicing Practices (in the case of the Servicer) or good faith judgment (in the case of the Trustee), would not be ultimately recoverable from subsequent payments or collections (including Condemnation Proceeds and Insurance Proceeds not otherwise required to be distributed in connection with a restoration of the Property pursuant to this Agreement or the Loan Agreement or Liquidation Proceeds) in respect of the Mortgage Loan or any REO Loan or from funds related to the Mortgage Loan or any REO Loan on deposit in the Collection Account pursuant to Section 3.4(c). The Trustee may rely conclusively upon a determination of non-recoverability made by the Servicer. In making such non-recoverability determination, the Servicer or the Trustee, as applicable, shall be entitled to consider (among other things) the obligations of the Borrower under the terms of the Mortgage Loan as it may have been modified, to consider (among other things) the Property in its “as-is” or then-current condition and occupancy, as modified by such party’s assumptions regarding the possibility and effects of future adverse change with respect to the Property, to estimate and consider (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries and shall be entitled to give due regard to the existence of any Nonrecoverable Advances that, at the time of such consideration, the recovery of which are being deferred or delayed by the Servicer, in light of the fact that amounts collected in respect of the Mortgage Loan or any REO Loan, whether in the form of late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise from the Mortgage Loan or any REO Loan, are a source of recovery not only for the Administrative Advance under consideration but also a potential source of recovery for such delayed or deferred Advance.
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Related to Nonrecoverable Administrative Advance

  • 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.

  • 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.

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

  • 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.

  • 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(s) securitized pursuant to such Securitization Servicing Agreement.

  • Nonrecoverable Property Advance shall have the meaning assigned thereto in the Outside Servicing Agreement.

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

  • 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.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.