Nonrecoverable Property Advance shall have the meaning assigned thereto in the Outside Servicing Agreement.
Nonrecoverable Property Advance means a Property Advance that has been determined to be “nonrecoverable” in accordance with the terms of the applicable Servicing Agreement.
Nonrecoverable Property Advance. Any Property Advance (including any Emergency Advance) previously made or proposed to be made in respect of a Serviced Mortgage Loan, Serviced Loan Combination or REO Property by the Master Servicer, the Special Servicer or the Trustee, which Property Advance the advancing party (or, in the case of an Emergency Advance made by the Special Servicer pursuant to the proviso to the penultimate sentence of Section 3.20(e), the reimbursing party) or, if different, the Special Servicer has determined pursuant to and in accordance with Section 3.20 of this Agreement, would not or will not, as applicable, be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such Serviced Mortgage Loan, Serviced Loan Combination or REO Property, as the case may be. Any Property Advance (including any Emergency Advance) that is not required to be repaid by the related Mortgagor under the terms of the related Loan Documents shall be deemed to be a Nonrecoverable Advance for purposes of the Master Servicer’s, the Special Servicer’s or the Trustee’s entitlement to reimbursement for such Advance. In the case of an Outside Serviced Mortgage Loan or any related REO Property, the term “Nonrecoverable Property Advance” shall have the meaning assigned thereto in the Outside Servicing Agreement.
Examples of Nonrecoverable Property Advance in a sentence
In addition, the Sub-Servicer shall provide the Master Servicer with such information in its possession as the Master Servicer may reasonably request to enable the Master Servicer to determine whether a requested Property Advance would constitute a Nonrecoverable Property Advance.
To the extent that any such Property Advance made by any such Holder becomes a Nonrecoverable Property Advance, each Holder that did not make its Percentage Interest of such Property Advance shall be required to, promptly following notice from the Holder that made such advance, reimburse the Holder that made such advance for non-advancing Holder’s pro rata share of such Nonrecoverable Property Advance with interest thereon at the Advance Rate.
To the extent that any such Property Advance made by any such Holder becomes a Nonrecoverable Property Advance, each Holder that did not make its Percentage Interest of such Property Advance shall be required to, promptly following notice from the Holder that made such advance, reimburse the Holder that made such advance for non-advancing Holder’s pro rata share of such Nonrecoverable Property with interest thereon at the Advance Rate.
In addition, the Primary Servicer shall provide the Master Servicer with such information in its possession as the Master Servicer may reasonably request to enable the Master Servicer to determine whether a requested Property Advance would constitute a Nonrecoverable Property Advance.
The Sub-Servicer shall provide the Master Servicer with any information in its possession as the Master Servicer may reasonably request to enable the Master Servicer to determine whether any Property Advance would constitute a Nonrecoverable Property Advance.
More Definitions of Nonrecoverable Property Advance
Nonrecoverable Property Advance shall have the meaning given thereto or to an analogous term in the Lead Securitization Servicing Agreement.
Nonrecoverable Property Advance. Any Property Advance (including any Emergency Advance) previously made or proposed to be made in respect of a Serviced Mortgage Loan, Serviced Loan Combination or REO Property by the Master Servicer, the Special Servicer or the Trustee, which Property Advance the advancing party (or, in the case of an Emergency Advance made by the Special Servicer pursuant to the proviso to the penultimate sentence of Section 3.20(e), the reimbursing party) or, if different, the Special Servicer has determined
Nonrecoverable Property Advance. Any Property Advance (including any Emergency Advance) previously made or proposed to be made in respect of a Mortgage Loan, Whole Loan or REO Property by the Master Servicer, the Special Servicer (with respect to any Emergency Advance) or the Trustee, or in the case of the Non-Serviced Mortgage Loans, any comparable advance made by the Other Master Servicer, Other Special Servicer (with respect to any emergency advance, to the extent applicable) or Other Trustee, which Property Advance (or other comparable advance) such party or the Special Servicer has determined pursuant to and in accordance with Section 3.20 of this Agreement, in accordance with the Servicing Standard (or, with respect to the Trustee, its good faith business judgment), will not be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such Mortgage Loan, Whole Loan or REO Property, as the case may be. Any Property Advance (including any Emergency Advance) that is not required to be repaid by the related Mortgagor under the terms of the related Mortgage Loan Documents shall be deemed to be a Nonrecoverable Advance for purposes of the Master Servicer’s, the Special Servicer’s or the Trustee’s entitlement to reimbursement for such Advance. The determination as to the recoverability of any servicing advance previously made or proposed to be made with respect to any Non-Serviced Mortgage Loan shall be made by the Other Master Servicer or Other Special Servicer, as the case may be, pursuant to the Other Pooling and Servicing Agreement, and any such determination so made shall be conclusive and binding upon the Trust and the Certificateholders.
Nonrecoverable Property Advance shall have the meaning assigned thereto in the Other Pooling and Servicing Agreement.
Nonrecoverable Property Advance. Any Property Advance previously made or proposed to be made in respect of a Serviced Mortgage Loan, Serviced Loan Combination or REO Property by the Master Servicer or the Trustee, which Property Advance the advancing party or the Special Servicer has determined pursuant to and in accordance with Section 3.20 of this Agreement, would not or will not, as applicable, be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such Serviced Mortgage Loan, Serviced Loan Combination or REO Property, as the case may be. Any Property Advance that is not required to be repaid by the related Mortgagor under the terms of the related Loan Documents shall be deemed to be a Nonrecoverable Advance for purposes of the Master Servicer’s or the Trustee’s entitlement to reimbursement for such Advance. In the case of an Outside Serviced Trust Loan or any related
Nonrecoverable Property Advance. Any Property Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Property by the Master Servicer or the Trustee, which Property Advance such party or the Special Servicer has determined pursuant to and in accordance with Section 3.20 of this Agreement, in its commercially reasonable judgment, will not be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery on or in respect of such Mortgage Loan, Loan Combination or REO Property, as the case may be. Any Property Advance that is not required to be repaid by the related Mortgagor under the terms of the related Loan Documents shall be deemed to be a Nonrecoverable Advance for purposes of the Master Servicer’s or the Trustee’s entitlement to reimbursement for such Advance.
Nonrecoverable Property Advance shall (I) prior to the Lead Securitization Date, mean any Property Advance (including any emergency advance) previously made or proposed to be made in respect of the Mortgage Loan or REO Property by the any Servicer under any interim servicing agreement, which Property Advance the advancing party (or, in the case of an emergency advance made by the Special Servicer, the reimbursing party) or, if different, the Servicer under the interim servicing agreement has determined, would not or will not, as applicable, be ultimately recoverable from late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds, or any other recovery on or in respect of the Mortgage Loan or REO Property (and any Property Advance (including any emergency advance) that is not required to be repaid by the related Mortgagor under the terms of the related Loan Documents shall be deemed to be a Nonrecoverable Property Advance for purposes of the applicable Servicer’s entitlement to reimbursement for such Advance); and (II) from and after the Lead Securitization Date, have the meaning assigned to such term or another analogous term in the Servicing Agreement.