Nonrecoverable Advances Clause Samples

Nonrecoverable Advances. Any advance previously made by a Servicer pursuant to its Selling and Servicing Contract with respect to a Mortgage Loan or by the Master Servicer that the Master Servicer shall determine in its good faith judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation Proceeds or otherwise with respect to such Mortgage Loan or recoverable as late Monthly Payments with respect to such Mortgage Loan shall be a Nonrecoverable Advance. The determination by the Master Servicer that it or the applicable Servicer has made a Nonrecoverable Advance or that any advance would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate of the Master Servicer delivered to the Trustee on the Determination Date and detailing the reasons for such determination. Notwithstanding any other provision of this Agreement, any insurance policy relating to the Mortgage Loans, or any other agreement relating to the Mortgage Loans to which the Company or the Master Servicer is a party, (a) the Master Servicer and each Servicer shall not be obligated to, and shall not, make any advance that, after reasonable inquiry and in its sole discretion, the Master Servicer or such Servicer shall determine would be a Nonrecoverable Advance, and (b) the Master Servicer and each Servicer shall be entitled to reimbursement for any advance as provided in Section 3.05(a)(i), (ii) and (iv) of this Agreement.

Nonrecoverable Advances. The determination by the Servicer that it has made a Nonrecoverable Advance shall be evidenced by an Officers' Certificate of the Servicer promptly delivered to the Trustee setting forth the reasons for such determination. Following the Trustee's receipt of the Officers' Certificate, the Servicer shall be entitled to reimbursement for such Nonrecoverable Advance as provided in Section 3.09 hereof.

Nonrecoverable Advances. Notwithstanding anything herein to the contrary, no Advance or Servicing Advance shall be required to be made hereunder by the Servicer if such Advance or Servicing Advance would, if made, constitute a Nonrecoverable Advance. The determination by the Servicer that it has made a Nonrecoverable Advance or that any proposed Advance or Servicing Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate of the Servicer delivered to the NIMS Insurer, the Company and the Trustee.

Nonrecoverable Advances. 17 Note............................................................ 17

Nonrecoverable Advances. 102 SECTION 4.04 Distributions to Holders of REMIC II Regular Interests and Class R-2 Residual Interest................................................102 SECTION 4.05 Distributions to Certificateholders; Payment of Special Primary Insurance Premiums.........................................102 SECTION 4.06 Statements to Certificateholders...........................................103 ARTICLE V The Certificates.........................................................................104 SECTION 5.01 The Certificates...........................................................104 SECTION 5.02 Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations.........................................111 SECTION 5.03 Registration of Transfer and Exchange of Certificates......................111 SECTION 5.04 Mutilated, Destroyed, Lost or Stolen Certificates..........................112 SECTION 5.05 Persons Deemed Owners......................................................112 SECTION 5.06 Temporary Certificates.....................................................112 SECTION 5.07 Book-Entry for Book-Entry Certificates.....................................113 SECTION 5.08 Notices to Clearing Agency.................................................114 SECTION 5.09 Definitive Certificates....................................................114 SECTION 5.10 Office for Transfer of Certificates........................................114 SECTION 5.11 Nature of Certificates.....................................................114

Nonrecoverable Advances. If the Master Servicer determines at any time that any Advance previously made by it constitutes, or any proposed Advance, if made, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer's Certificate of a Servicing Officer delivered to the Trustee and the Depositor by the third Business Day following the next succeeding Determination Date, but in no event (in the case of a Monthly Advance) later than three Business Days preceding the Distribution Date on which such Advance would otherwise be paid to Holders of the Certificates. Such Officer's Certificate shall set forth such determination of nonrecoverability and the procedure and considerations of the Master Servicer forming the basis of such determination (which shall include, but not be limited to, an opinion of counsel with respect to the occurrence of an FHA Insurance Nonexistence Event (in the case of a Servicing Advance) and, with respect to any Mortgage Loan, financial or non-financial information such as related income and expense statements, rent rolls, occupancy status, property inspections, Master Servicer inquiries, an appraisal performed by an MAI appraiser in accordance with MAI standards and methodologies (the cost of which appraisal, if done externally, to be recoverable as a Servicing Advance, subject to the limitations in Section 3.09) or notification of material environmental concern). The Master Servicer shall withdraw funds from the Custodial Account pursuant to and subject to the limitations in Section 3.09 to reimburse itself for any Nonrecoverable Advance it has made. If the Trustee determines at any time that any Monthly Advance previously made by it constitutes, or any proposed Monthly Advance, if made, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer's Certificate of a Responsible Officer delivered to the Depositor no later than the Distribution Date on which such Monthly Advance would otherwise be paid to Holders of the Certificates. If the Trustee determines that a proposed Monthly Advance, if made, would constitute a Nonrecoverable Advance despite the fact that the Master Servicer had not previously made any such determination, such Officer's Certificate shall set forth such determination of nonrecoverability and the procedure and consider- ations of the Trustee forming the basis of such determination (which shall include, but not be limited to, with respect to any Mortgage Loan, an MAI a...

Nonrecoverable Advances. Any advance previously made by a Servicer pursuant to its Selling and Servicing Contract with respect to a Mortgage Loan or by the Master Servicer that the Master Servicer shall determine in its good faith judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation Proceeds or otherwise with respect to such Mortgage Loan or recoverable as late Monthly Payments with respect to such Mortgage Loan shall be a Nonrecoverable Advance. The determination by the Master Servicer that it or the applicable Servicer has made a Nonrecoverable Advance or that any advance would constitute a

Nonrecoverable Advances. The determination by the Master Servicer that it has made a Nonrecoverable Advance shall be evidenced by a certificate of a Servicing Officer promptly delivered to the Trustee setting forth the reasons for such determination. Following the Trustee's receipt of such certificate, the Master Servicer shall be entitled to reimbursement for such Nonrecoverable Advance as provided in Section 3.09 and 4.01 hereof.

Nonrecoverable Advances. 67 Section 4.5 Foreclosure Reports...........................................67 Section 4.6 Adjustment of Servicing Fees with Respect to Payoffs..........67 Section 4.7 Prohibited Transactions Taxes and Other Taxes.................68 Section 4.8