Advances by Seller. On the Business Day immediately preceding each Remittance Date, the Seller shall deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date or which were deferred pursuant to Section 2.01. The Seller's obligation to make such advances as to any Mortgage Loan will continue through the date of foreclosure sale or sale of any property acquired through foreclosure or by deed in lieu of foreclosure, whichever is later with respect to each of the Mortgage Loans or until the Seller deems such an advance to be nonrecoverable. Except as otherwise provided herein, the Seller shall be entitled to first priority reimbursement pursuant to Section 2.05 hereof for principal and interest advances and for Servicing Advances from recoveries from the related Mortgagor or from all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the related Mortgage Loan.
Advances by Seller. On the Business Day immediately preceding each Remittance Date, Seller shall deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date. This deposit may be offset by any funds held for a future distribution not due on the current Remittance Date. Seller's obligation to make such Monthly Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including REO Disposition Proceeds, Insurance Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan, provided, however, that such obligation shall cease if (a) there has been a final disposition of the Mortgage Loan or (b) if Seller, in its good faith judgment, determines that such advances would not be recoverable.pursuant to Section 10.10(d). The determination by Seller that an advance, if made, would be nonrecoverable, shall be evidenced by an Officer's Certificate of Seller, delivered to Purchaser, which details the reasons for such determination and contains an appraisal of the value of the Mortgaged Property.
Advances by Seller. To the extent payment of a Note has not been made by the mortgagor as of the date when due, the Seller will advance from its own funds such payment; provided, however, that Seller shall not be obligated to make more than one such advance for which it has not been reimbursed.
Advances by Seller. On the Business Day immediately preceding each Remittance Date, Seller shall either (a) deposit in the Custodial Account from its own funds an amount equal to the aggregate amount of all Monthly Payments (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period, and which were delinquent on the close of business on the immediately preceding Determination Date (each such advance, a “P&I Advance”), (b) cause to be made an appropriate entry in the records of the Custodial Account that amounts held for future distribution have been, as permitted by this Section 11.17, used by Seller in discharge of any such P&I Advance or (c) make P&I Advances in the form of any combination of (a) or (b) aggregating the total amount of advances to be made. Any amounts held for future distribution and so used shall be replaced by Seller by deposit in the Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less than payments to Purchaser required to be made on such Remittance Date. Seller’s obligation to make P&I Advances as to any Mortgage Loan will continue through the latter to occur of (a) the last Monthly Payment due prior to the payment in full of a Mortgage Loan, or (b) the last Remittance Date following the ultimate liquidation of the Mortgage Loan and related REO Property and the distribution of all other payments or recoveries (including proceeds under any title, hazard or other insurance policy, or condemnation awards) with respect to a Mortgage Loan; provided, however, that such obligation shall cease if Seller, in its good faith judgment, determines that P&I Advances would not be recoverable pursuant to Section 11.05(d). The determination by Seller that an advance, if made, would be nonrecoverable, shall be evidenced by an Officer’s Certificate of Seller delivered to Purchaser and detailing the reasons for such determination.
Advances by Seller. 18 ARTICLE IV
Advances by Seller. On the Business Day immediately preceding each Remittance Date, the Seller shall deposit in the Custodial Account from its own funds an amount equal to all Monthly Payments which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date or which were deferred pursuant to Section 2.01, provided that the Seller shall only be required to make such advances with respect to a Mortgage Loan until such advances are, in the Seller's good faith determination as evidenced by an Officer's Certificate of the Seller delivered to the Purchaser on the Business Day next following the Determination Date on or prior to which said determination is or was made, deemed to be a Nonrecoverable Advance. The Seller's obligation to make such advances as to any Mortgage Loan will continue through the earlier of (i) the disposition of such Mortgage Loan and (ii) the date of foreclosure sale with respect to such Mortgage Loan. Except as otherwise provided herein, the Seller shall be entitled to first priority reimbursement pursuant to Section 2.05 hereof for principal and interest advances and for servicing advances from recoveries from the related mortgagor or from all Liquidation
Advances by Seller. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Seller may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Seller may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Seller may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Makers on a joint and several basis (subject to Sections 9.1 and 9.2 of the Note) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date payment of said amounts is demanded at the Default Rate. No such performance of any covenant or agreement by the Seller on behalf of Grantor, and no such advance or expenditure therefor, shall relieve the Grantor of any default under the terms of this Security Agreement, the other Note Documents or any other documents relating to the Secured Obligations. The Seller may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Advances by Seller. Upon any failure of Purchaser to observe or perform any covenant or condition of this Agreement, or if any suit, proceeding or other contingency shall arise or be threatened relating to the property, Seller may make any advances or incur such expenses or otherwise act as may in Seller's judgment seem advisable to protect Seller's interest hereunder. Purchaser shall reimburse Seller on demand for costs or expenses which Seller may pay or incur under any provision of this Agreement for the protection of the property or any of Seller's rights hereunder, including reasonable attorneys' fees. Interest shall accrue on such sums at the rate of percent ( %) per annum from the date of demand until paid.
Advances by Seller. On the date of remittance to Participant under Section 3.2(f) hereof, Seller shall, to the extent such payment has not been made by the mortgagor as of such date, advance from its own funds such payment; provided, however, that Seller shall not be obligated to make more than one such advance for which it has not been reimbursed.
Advances by Seller. The Seller shall have the right (but not the obligation) to deposit to the Purchaser's Account, on any Settlement Date, by way of a loan to the Purchaser, the amount, if any by which:
(1) the aggregate of all Xxxxxxxx for the immediately preceding Settlement Period, exceeds
(2) the sum of
(A) Collections received with respect to Loan Receivables owing in connection with the Related Secured Loan Rights for the immediately preceding Settlement Period, and
(B) Net Proceeds received in such immediately preceding Settlement Period.
