Servicing Advance definition

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

Servicing Advance shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

Servicing Advance means “Servicing Advance” or other analogous term as defined in the Lead Servicing Agreement.

Examples of Servicing Advance in a sentence

• Any Servicing Advance will not, for the purpose of calculating monthly distributions to Holders, be added to the Stated Principal Balance of the related Mortgage Loan, even though the terms of the Mortgage Loan may permit increases to the outstanding principal balance of the Mortgage Loan as a result of certain defaulted payments and may permit the Master Servicer or Direct Servicer, as applicable, to pursue recovery of those amounts from the Borrower.

• Any Servicing Advance will not, for the purpose of calculating monthly distributions to Holders, be added to the Stated Principal Balance of the related Mortgage Loan, even though the terms of the Mortgage Loan may permit increases to the outstanding principal balance of the Mortgage Loan as a result of certain defaulted payments and may permit the Master Servicer or Primary Servicer, as applicable, to pursue recovery of those amounts from the Borrower.

• Any cost incurred by the Direct Servicer in maintaining any insurance required by this Section 5.7 as a Servicing Advance may be recovered by the Direct Servicer from the related Borrower to the extent provided under the terms of the related Mortgage Documents and the related Servicing Contract.

• Each Servicing Advance is a valid and subsisting amount owing to a Seller, made in accordance with and payable at the times and in accordance with the provisions of the applicable Servicing Agreement, and is a legal, valid and binding reimbursement right, and is enforceable against such securitization trust or owner in accordance with its terms, and is not subject to any Claims, defenses or set-off arising from acts or omissions of the Sellers that could be asserted against Purchaser.

• No Servicing Advance has been sold, transferred, assigned or pledged (other than a pledge that has been released as of the Closing including pursuant to the DIP Financing Agreements) by the related Seller to any Person other than the Purchaser.

More Definitions of Servicing Advance

Servicing Advance means “Property Protection Advances” as defined in the Lead Securitization Servicing Agreement.

Servicing Advance. As defined in Section 8.09(b) and Section 8.13(a) hereof.

Servicing Advance as defined in the applicable Purchase and Servicing Agreement.

Servicing Advance. With respect to the Non-Designated Mortgage Loans, all customary, reasonable and necessary “out of pocket” costs and expenses incurred in the performance by a Servicer of its servicing obligations related to such Mortgage Loans, including, but not limited to, the cost (including reasonable attorneys’ fees and disbursements) of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) compliance with the obligations under Section 3.11 and any enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of any REO Property (including default management and similar services, appraisal services and real estate broker services), (iv) any expenses incurred by a Servicer in connection with obtaining an environmental inspection or review pursuant to the second paragraph of Section 3.11(a), (v) compliance with the obligations under Section 3.09, (vi) locating any documents missing from the Trustee’s Mortgage File and (vii) obtaining broker price opinions. With respect to the Designated Mortgage Loans, Servicing Advance shall have the meaning assigned to such term in the related Designated Servicing Agreement.

Servicing Advance means any cost or expense of the Master Servicer, the Special Servicer or the Trustee, as the case may be, designated as a Servicing Advance pursuant to this Agreement and any other costs and expenses incurred by the Master Servicer, the Special Servicer or the Trustee, as the case may be, to protect and preserve the security for such Mortgage Loan and/or (if applicable) the related Serviced Companion Loan or B Note.

Servicing Advance means any cost or expense of the Master Servicer, the Special Servicer or the Trustee, as the case may be, designated as a Servicing Advance pursuant to this Agreement and any other costs and expenses incurred by the Master Servicer, the Special Servicer or the Trustee, as the case may be, to protect and preserve the security for such Mortgage Loan and/or (if applicable) the related Serviced Companion Mortgage Loan or B Note.

Servicing Advance shall have the meaning given thereto in the Servicing Agreement.