Common use of Ordinary Recovery Clause in Contracts

Ordinary Recovery. If at any time an advance made by a Servicer hereunder is determined by the Servicer to be a Non-Recoverable Advance, then the Servicer shall be entitled to be reimbursed for such advance by withdrawing from the Custodial P&I Account an amount equal to the Non-Recoverable Advance.

Appears in 73 contracts

Samples: Servicing Agreement (Wells Fargo Asset Securities Corp), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2007-11 Trust), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2006-1 Trust)

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Ordinary Recovery. If at any time an advance Advance made by a Servicer hereunder is determined by the Servicer to be a Non-Recoverable Advance, then the Servicer shall be entitled to be reimbursed for such advance by withdrawing from the Custodial P&I Account an amount equal to the Non-Recoverable Advance. An Advance in respect of principal and/or interest (or other amounts) which are subsequently forgiven as a Servicer Modification shall be deemed a Non-Recoverable Advance. The Servicer shall provide the Master Servicer with an Officer's Certificate upon the determination that any Advance is a Non-Recoverable Advance.

Appears in 2 contracts

Samples: Servicing Agreement (Wells Fargo Mortgage Backed Securities 2008-Ar2 Trust), Servicing Agreement (Wells Fargo Mortgage Backed Securities 2008-Ar1 Trust)

Ordinary Recovery. If at any time an advance made by a Servicer hereunder is determined by the Servicer to be a Non-Recoverable Advance, then the Servicer shall be entitled to be reimbursed for such advance by withdrawing from the Custodial P&I Account an amount equal to the Non-Non- Recoverable Advance.

Appears in 1 contract

Samples: Servicing Agreement (Norwest Structured Assets Inc)

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Ordinary Recovery. If at any time an advance made by a Servicer hereunder is determined by the Servicer to be a Non-Recoverable Advance, then the Servicer shall be entitled to be reimbursed for such advance by withdrawing from the Custodial P&I Account an amount equal to the Non-Recoverable Advance. The Servicer shall provide the Master Servicer with an Officer's Certificate upon the determination that any Advance is a Non-Recoverable Advance.

Appears in 1 contract

Samples: Servicing Agreement (Wells Fargo Mortgage Backed Securities 2008 -1 Trust)

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