P&I Advances definition

P&I Advances. Advances made by the servicers or the Master Servicer (including the Trustee as successor master servicer and any other successor master servicer) with respect to delinquent payments of interest and principal on the mortgage loans, less the servicing fee or the master servicing fee, as applicable.

P&I Advances that portion of each P&I Advance that represents the Master Servicing Fee and, if applicable, the Special Servicing Fee;

P&I Advances. With respect to a Mortgage Loan, the payments required to be made by the Servicer with respect to any Distribution Date pursuant to the Servicing Agreement, the amount of any such payment being equal to the aggregate of the payments of principal and interest (net of the applicable Servicing Fee and net of any net income in the case of any REO Property) on the Mortgage Loans (other than Charged-off Loans or Released Mortgage Loans) that were due on the related Due Date and not received as of the Business Day immediately preceding the Distribution Account Deposit Date, less the aggregate amount of any such delinquent payments that the Servicer has determined would constitute Nonrecoverable Advances if advanced.

Examples of P&I Advances in a sentence

• P&I Advances serve to facilitate the cash flows paid to holders of securities issued by the residential MBS trust.

• P&I Advances cover scheduled payments of principal and interest that have not been timely paid by borrowers.

• Advancing Person: The Person to whom the Servicer's rights under this Agreement to be reimbursed for any P&I Advances or Servicing Advances have been assigned pursuant to Section 10.07.

• The following types of shortfalls in available funds will be allocated first to reduce distributions of principal to the extent collected, and then distributions of interest: (i) shortfalls resulting from the reimbursement of non-recoverable P&I Advances and interest thereon; (ii) shortfalls resulting from the reimbursement of non-recoverable Property Advances and interest thereon; and (iii) shortfalls resulting from Unanticipated Trust Fund Expenses and Tax Expenses.

• The Seller shall, from time to time during the term of this Addendum, make P&I Advances as required under the applicable Servicing Agreement and Applicable Requirements, provided, however, that such P&I Advances shall be made in compliance with the Advance Policy.

More Definitions of P&I Advances

P&I Advances. Any advance made by the Servicer of a principal or interest payment with respect to a Mortgage Loan.

P&I Advances. “Monthly Advances,” “Delinquency Advances” or otherwise in the related Master Servicing Agreements), which a Seller has either funded or reimbursed using funds on deposit in a Master Servicing Custodial Account held for distribution on a future distribution date.

P&I Advances shall have the meaning assigned to such term in Section 6.

P&I Advances has the meaning given in Section 2.6 of the Servicing Agreement.

P&I Advances means advances of principal and interest on a Mortgage Loan which the Borrower is obligated to make pursuant to the terms of a Pooling and Servicing Agreement in connection with a Specified Securitization Transaction.

P&I Advances has the meaning given in Section 2.6 of the ------------ Servicing Agreement.

P&I Advances. “Monthly Advances” (each as defined in the applicable Servicing Agreement, Subservicing Agreement or Master Servicing Agreement, as applicable, or any other similar term therein) or other advances in respect of principal or interest payable on a Serviced Mortgage Loan or Master Serviced Mortgage Loan made by a Seller, in each case in accordance with the applicable Servicing Agreement, Subservicing Agreement or Master Servicing Agreement, or made by a Seller in accordance with a Servicing Rights Agreement with respect to any mortgage loan being serviced or subserviced by a third party under such Servicing Rights Agreement.