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.
Periodic Advance. The payment required to be made by the Servicer with respect to any Distribution Date pursuant to Section 3.20, the amount of any such payment being equal to the aggregate of Monthly Payments (net of the Servicing Fee) on the Mortgage Loans (including any REO Property) that were due on the related Due Date and not received as of the close of business on the related Determination Date, less the aggregate amount of any such delinquent payments that the Servicer has determined would constitute a Nonrecoverable Advance if advanced.
Periodic Advance. With respect to each Servicer, shall have the meaning given to term "Monthly Advance" in the applicable Servicing Agreement.
Examples of Periodic Advance in a sentence
However, in no event shall the Master Servicer be deemed to have assumed the obligations of a Servicer to advance payments of principal and interest on a delinquent Mortgage Loan in excess of the Master Servicer's independent Periodic Advance obligation under Section 3.03 of this Agreement.
Notwithstanding the foregoing, neither the Master Servicer nor the Trustee will be obligated to make a Periodic Advance that it reasonably believes to be a Nonrecoverable Advance.
Notwithstanding anything to the contrary, the Servicer shall not be required to make any Periodic Advance or Servicing Advance that would be a Nonrecoverable Advance.
The Servicer shall determine on or before each Servicer Advance Date whether it is required to make a Periodic Advance pursuant to the definition thereof.
The Servicer shall deliver to the Trustee on the related Servicer Advance Date an Officer's Certificate of a Servicing Officer indicating the amount of any proposed Periodic Advance determined by the Servicer to be a Nonrecoverable Advance.
More Definitions of Periodic Advance
Periodic Advance. The aggregate of the advances required to be made by the Master Servicer on any Servicer Payment Date pursuant to Section 5.18 of the Sale and Servicing Agreement, the amount of any such advances being equal to the sum of
Periodic Advance. The aggregate of the advances required to be made by the Servicer on any Servicer Remittance Date pursuant to Section 5.18 hereof, the amount of any such advances being equal to the sum of:
Periodic Advance. The aggregate of the advances required to be made by the Servicer on any Servicer Distribution Date pursuant to Section 5.18 hereof, the amount of any such advances being equal to the sum of:
Periodic Advance. The aggregate of the advances with respect to Mortgage Loans and REO Properties required to be made by the Master Servicer on any Master Servicer Remittance Date pursuant to Section 5.21 hereof, the amount of any such advances being equal to the sum of: (i) with respect to the Mortgage Loans (other than Balloon Mortgage Loans with delinquent Balloon Payments as described in clause (iii) below and other than REO Properties as described in clauses (ii) and (iv) below), all Monthly Payments (net of the related Servicing Fee) on such Mortgage Loans that were delinquent as of the close of business on the Business Day preceding the related Master Servicer Remittance Date, plus (ii) with respect to each REO Property (other than any REO Property relating to a Balloon Mortgage Loan with a delinquent Balloon Payment as described in clause (iv) below), which REO Property was acquired during or prior to the related Due Period and as to which an REO Disposition did not occur during the related Due Period, an amount equal to the Monthly Payment (net of the related Servicing Fee) for the most recently ended Due Period for the related Mortgage Loan minus the net income from such REO Property transferred to the related Certificate Account for such Distribution Date, plus (iii) with respect to each Balloon Mortgage Loan with a delinquent Balloon Payment (other than any related REO Property as described in clause (iv) below), an amount equal to the assumed monthly principal and interest payment (net of the related Servicing Fee) that would have been due on the related Due Date based on the original principal amortization schedule for such Balloon Mortgage Loan, plus (iv) with respect to each REO Property relating to a Balloon Mortgage Loan with a delinquent Balloon Payment, which REO Property was acquired during or prior to the related Due Period and as to which an REO Disposition did not occur during the related Due Period, an amount equal to the assumed monthly principal and interest payment (net of the related Servicing Fee) that would have been due on the related Due Date based on the original principal amortization schedule for the related Balloon Mortgage Loan minus the net income from such REO Property transferred to the related Certificate Account for such Distribution Date, minus (v) the amount of any advance otherwise required for such Distribution Date pursuant to clauses (i) through (iv) above which the Master Servicer has determined to be a Nonrecoverable Advanc...
Periodic Advance. The aggregate of the advances required to be made by a Servicer on any Remittance Date pursuant to its Servicing Agreement or by the Master Servicer or the Trustee hereunder on any Distribution Date, 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 Servicemembers Civil Relief Act, as it may be amended from time to time, 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. For purposes of the preceding sentence, the Monthly Payment on each Balloon Loan with a delinquent Balloon Payment is equal to the assumed monthly payment that would have been due on the related Due Date based on the original principal amortization schedule for such Balloon Loan.
Periodic Advance means the aggregate of the advances required to be made by the Servicer on any Servicer Remittance Date pursuant to Section 5.20 hereof, the amount of any such advances being equal to the sum of: (i) all Monthly Payments (net of the related Servicing Fee and any amount excluded from the Servicer Remittance Amount pursuant to clauses (a)-(i) of the definition of "Servicer Remittance Amount") on the Mortgage Loans that are not received by the Servicer as of the close of business on the day preceding the related Determination Date and have not been determined by the Servicer to be Nonrecoverable Advances, plus (ii) with respect to each REO Property which was acquired during or prior to the related Due Period and as to which an REO Disposition did not occur during the related Due Period, an amount equal to the excess, if any, of (a) interest on the Trust Balance of the related REO Mortgage Loan at the related Mortgage Interest Rate, net of the Servicing Fee, for the most recently ended Due Period for the related Mortgage Loan over (b) the net income from the REO Property transferred to the Certificate Account for such Remittance Date.
Periodic Advance means the aggregate of the advances required to be made by the Master Servicer on any Determination Date pursuant to Section 5.20 hereof, the amount of any such advances being equal to the sum of: (i) all Monthly Payments (net of the related Servicing Fee and any amount excluded from the Master Servicer Remittance Amount pursuant to clauses (a) -(h) of the definition of "Master Servicer Remittance Amount") on the Mortgage Loans that are not received by the Master Servicer as of the close of business on the second Business Day preceding the related Determination Date and have not been determined by the Master Servicer to be Nonrecoverable Advances, plus (ii) with respect to each REO Property which was acquired during or prior to the related Due Period and as to which an REO Disposition did not occur during the related Due Period, an amount equal to the excess, if any, of (a) interest on the Principal Balance of the related REO Mortgage Loan at the related Mortgage Interest Rate, net of the Servicing Fee, for the most recently ended Due Period for the related Mortgage Loan over (b) the net income from the REO Property transferred to the Certificate Account for such Remittance Date.