Making and Reimbursement of Servicing Advances Sample Clauses

Making and Reimbursement of Servicing Advances. The Master Servicer or the Primary Servicer will make Servicing Advances as and to the extent provided in the Servicing Contract. The Master Servicer may, but is not required to, make Servicing Advances. Each of the Primary Servicer and the Master Servicer is entitled to reimbursement of Servicing Advances made by it from collections received from the related Borrower or otherwise with respect to the related Mortgage Loan and Mortgaged Property or Supplemental Collateral, including interest on such Servicing Advances to the extent that interest on the amounts advanced is collected from the Borrower pursuant to the Mortgage Documents. Servicing Advances may not be recovered out of Pool Proceeds except from amounts received with respect to the Mortgage Loan as to which such Servicing Advances were made, or as otherwise permitted under the related Mortgage Documents or Servicing Contract. The Master Servicer may provide in the Servicing Contract for reimbursement of Servicing Advances to the Primary Servicer other than out of Pool Proceeds.‌
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
Making and Reimbursement of Servicing Advances. The Master Servicer or the Direct Servicer will make Servicing Advances as and to the extent provided in the Servicing Contract. Servicing Advances may not be recovered out of Pool Proceeds except from amounts received with respect to the Mortgage Loan as to which such Servicing Advances were made, or as otherwise permitted under the related Mortgage Documents or Servicing Contract.
Sample 1Sample 2Sample 3See All (4)
Making and Reimbursement of Servicing Advances. The Direct Servicer will make Servicing Advances as and to the extent provided in the Servicing Contract. The Master Servicer may, but is not required to, make Servicing Advances. Each of the Direct Servicer and the Master Servicer is entitled to reimbursement of Servicing Advances made by it from collections received from the related Borrower or otherwise with respect to the related Mortgage Loan and Mortgaged Property. Servicing Advances may not be recovered out of Pool Proceeds except from amounts received with respect to the Mortgage Loan as to which such Servicing Advances were made, or as otherwise permitted under the related Mortgage Documents or Servicing Contract. The Master Servicer may provide in the Servicing Contract for reimbursement of Servicing Advances to the Direct Servicer other than out of Pool Proceeds.
Sample 1Sample 2Sample 3

Related to Making and Reimbursement of Servicing Advances

  • Servicing Advances The Master Servicer and, if the Master Servicer does not, the Trustee to the extent the Trustee receives written notice from the Certificate Administrator that such Advance has not been made by the Master Servicer, shall make Servicing Advances to the extent provided in this Agreement, except to the extent that the Master Servicer or the Trustee as applicable, determines in accordance with Section 4.4 below, that any such Advance would be a Nonrecoverable Advance and, subject to the last sentence of this paragraph, except to the extent the Special Servicer determines in accordance with the Servicing Standard and Section 4.4 that such Advance, if made, would be a Nonrecoverable Advance, in which event the Special Servicer shall promptly direct the Master Servicer not to make such Advance; provided that the Special Servicer has no obligation to make such determination. Such determination by the Master Servicer or the Special Servicer shall be conclusive and binding on the Trustee and the Certificateholders and, in the case of any B Note, the holder of the related B Note and, in the case of any Serviced Pari Passu Mortgage Loan, the holder of the related Serviced Companion Loan. The Special Servicer shall not be required to make Servicing Advances under this Agreement but may make such Servicing Advances (on an emergency basis) at its option in which event the Master Servicer shall reimburse the Special Servicer for such Servicing Advance (together with Advance Interest) promptly (but no later than five (5) days) following receipt of a statement therefor. Promptly after discovering that the Master Servicer has failed to make a Servicing Advance that the Master Servicer is required to make hereunder, the Certificate Administrator shall promptly notify the Trustee (if the Certificate Administrator is not also the Trustee) in writing of the failure by the Master Servicer to make such Servicing Advance. The Master Servicer may make Servicing Advances in its own discretion if it determines that making such Servicing Advance is in the best interest of the Certificateholders, as a collective whole (and, in the case of any A/B Whole Loan, in the best interest of the holder of the related B Note and the Trust as a collective whole and, in the case of any Loan Pair, in the best interest of the holder of the related Serviced Companion Loan and the Trust as a collective whole), even if the Master Servicer or the Special Servicer has determined, in accordance with Section 4.4 below, that any such Advance would be a Nonrecoverable Advance. The applicable Non-Serviced Mortgage Loan Master Servicer is obligated to make Servicing Advances pursuant to the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement with respect to any Non-Serviced Mortgage Loan, and the Master Servicer shall have no obligation or authority to make Servicing Advances with respect to such Mortgage Loan.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!