Servicer Advances. Any advances the Servicer may make with respect to the Mortgage Loans, whether or not required, in respect of principal, interest, taxes, insurance or otherwise.
Servicer Advances means any advance (other than any advance giving rise to a Reimbursement Amount) made by the Servicer (from time to time in the Servicer’s sole discretion) to the Borrower in respect of one or more delinquent Lease payments which the Servicer reasonably determines will ultimately be recoverable to be deposited in the Collection Account on any Settlement Date or otherwise. Outstanding Servicer Advances shall bear interest at a rate per annum equal to the Applicable Rate and shall be repaid on each Settlement Date in the order of priority of payments set forth in the applicable provisions of Section 2.07(c).
Examples of Servicer Advances in a sentence
All such amounts not recovered from Borrowers or Obligors and all other Servicer Advances will be reimbursed only in accordance with the terms set forth on Schedule 3, as the same may be amended from time to time by the Manager (without the consent of the Initial Member) and the Servicer.
Except as otherwise directed by the Manager, the Servicer must use (and cause each applicable Subservicer to so use) its reasonable best efforts to recover from Borrowers and Obligors all amounts of Servicing Expenses that are advanced by the Servicer (as permitted or required pursuant to the Servicing Obligations) as Servicer Advances to the extent that the Borrowers and Obligors are responsible for such Servicing Expenses under the Asset Documents.
No Servicer Advances will bear interest chargeable in any way to the Company or deductible from any Asset Proceeds.
More Definitions of Servicer Advances
Servicer Advances has the meaning specified in Section 7.01(g) of the Sale and Servicing Agreement.
Servicer Advances has the meaning provided in Section 4 of the Servicing Agreement.
Servicer Advances means, with respect to a Mortgage Loan, servicing advances for delinquent principal, interest, tax or insurance payments or for property protection expenses or other servicing advances of any type.
Servicer Advances means (a) advances made by or on behalf of the Servicer to fund Borrower Reimbursable Costs or Post-Acquisition Costs, but shall not include, without the prior written consent of the Company (in the Company’s sole and absolute discretion), any such advances for fees, costs, expenses or indemnified amounts (i) that are not incurred in accordance with the Servicing Standard, or (ii) except as is otherwise expressly permitted pursuant to this Agreement, that are paid to any Affiliate of the Servicer, a Subservicer or any Affiliate of any Subservicer, or (iii) that are incurred to pay fees or other compensation to or expenses of financial advisers; and (b) fees and expenses of the Custodian, and (c) to the extent not covered by either of clause (a) or (b), all legal fees and expenses (including judgments, settlements and reasonable attorneys fees) incurred by the Servicer in its defense of claims asserted against the Company that (x) relate to one or more Loans, and (y) arise out of the acts or omissions of the Failed Bank or the Receiver in connection with the origination or servicing of such Loans prior to the Servicing Transfer Date.
Servicer Advances means any contributions received from the Servicers (at their discretion) into the Collections Account in respect of any unpaid Basic Rent or maintenance reserves for the purpose of improving the Interest Coverage Ratio for any Calculation Period; provided that, not more than two consecutive monthly contributions may be made and not more than four cumulative contributions may be made after the Effective Date.
Servicer Advances means (a) advances made by or on behalf of the Servicer to fund Servicing Expenses, and (b) to the extent not covered by clause (a), any and all legal fees and expenses (including judgments, settlements and reasonable attorneys’ fees) incurred by the Servicer in its defense of claims asserted against the Company that (x) relate to one or more Loans, and (y) arise out of the acts or omissions of the Failed Thrift, the Conservator or the Receiver in connection with the origination or servicing of such Loans prior to the Effective Date.
Servicer Advances has the meaning set forth in Section 3.05(e).