Common use of Recovery of P&I Advances and Servicing Advances from Mortgagors Clause in Contracts

Recovery of P&I Advances and Servicing Advances from Mortgagors. The Subservicer shall use commercially reasonable efforts to collect and recover from the Mortgagors, in accordance with Applicable Requirements, all P&I Advances and Servicing Advances made by the Subservicer or any prior subservicer. The recovery of such advances shall be available to first reimburse the Subservicer for unreimbursed Servicing Advances funded by the Subservicer and the balance of such recovery shall be available to reimburse the Owner/Servicer for unreimbursed advances previously funded or reimbursed by the Owner/Servicer. The Subservicer shall provide the Owner/Servicer with a detailed loan-level report in a format mutually acceptable to the parties setting forth on a loan-level and aggregate basis all P&I Advances and Servicing Advances made or reimbursed during the related reporting period and the advances outstanding on a cumulative basis for each Mortgage Loan. The Subservicer shall promptly notify the Owner/Servicer in the event it has determined that any outstanding advances made with respect to a Mortgage Loan are nonrecoverable from related proceeds on the Mortgage Loan and shall take all commercially reasonable efforts to ensure that the Owner/Servicer is fully reimbursed for outstanding P&I Advances and Servicing Advances upon the liquidation of the related Mortgage Loan. The Subservicer shall cooperate in good faith with the Owner/Servicer to pursue full reimbursement of outstanding P&I Advances and Servicing Advances and shall immediately notify the Owner/Servicer upon becoming aware that any such reimbursement is at risk.

Recovery of P&I Advances and Servicing Advances from Mortgagors. The Subservicer shall use commercially reasonable efforts to collect and recover from the related Mortgagors, Investors, or Insurers in accordance with Applicable RequirementsRequirements and the Advance Policy, all P&I Advances Advances, Owner/Servicer Expenses (to the extent applicable) and Servicing Advances made by the Subservicer or any prior servicer or subservicer. The recovery Subservicer shall withdraw funds from the Custodial Accounts to reimburse any Servicing Advances, Owner/Servicer Expenses xxx/xx X&X Advances as soon as possible as permitted under the related Servicing Agreements and the Advance Policy; provided that, the Advance Policy shall allow for certain delays related to the protection of such advances investment grade bonds. Any reimbursements of Servicing Advances xxx/xx X&X Advances shall be available deposited to first reimburse the Subservicer’s clearing account within one (1) Business Day after its receipt thereof. The Subservicer for unreimbursed Servicing Advances funded shall then remit any such reimbursements to such account or accounts designated in writing from time to time by the Subservicer and the balance of such recovery shall be available to reimburse the Owner/Servicer (or any transferee of the rights to reimbursement therefor) no later than two (2) Business Days after such amounts are deposited into the clearing account. To the extent any Servicing Agreement does not have provisions or otherwise contemplate the prioritization for unreimbursed advances previously funded or reimbursed by recovery of Servicing Advances, Servicing Fees xxx/xx X&X Advances, the Owner/Servicer. The Subservicer shall provide calculate any loss at liquidation associated with nonrecoverable advances in a manner that minimizes such loss to the Owner/Servicer with a detailed (i.e., utilizing loan-level report in proceeds to reduce items which do not benefit from a format mutually acceptable to the parties setting forth general collections backstop before items which may be reimbursed on a loanpool-level and aggregate basis all P&I Advances and Servicing Advances made or reimbursed during the related reporting period and the advances outstanding on a cumulative basis for each Mortgage Loan. The Subservicer shall promptly notify the Owner/Servicer in the event it has determined that any outstanding advances made with respect to a Mortgage Loan are nonrecoverable from related proceeds on the Mortgage Loan and shall take all commercially reasonable efforts to ensure that the Owner/Servicer is fully reimbursed for outstanding P&I Advances and Servicing Advances upon the liquidation of the related Mortgage Loanbasis). The Subservicer shall cooperate in good faith with the Owner/Servicer to pursue full reimbursement of outstanding P&I Advances Advances, Owner/Servicer Expense and Servicing Advances and shall immediately notify indicate in the monthly reporting if it determines the recoverability of any such P&I Advances or Servicing Advances is at risk, it being understood that Subservicer may combine any such reporting with the reporting provided to Owner/Servicer under the NRM PLS Subservicing Agreement and delivery of such reporting under such NRZ Subservicing Agreement(s) shall be deemed to constitute delivery hereunder. In the event a P&I Advance or a Servicing Advance is determined to be nonrecoverable under the applicable Servicing Agreement as a result of the Subservicer’s failure to comply with the Advance Policy (other than as a result of Subservicer’s compliance with the instruction of Owner/Servicer in accordance with Section 2.3), the Subservicer shall be required to reimburse the Owner/Servicer upon becoming aware that for the amount of any such reimbursement is at riskadvance that was funded or reimbursed by the Owner/Servicer within ten (10) Business Days following the determination that such advance was nonrecoverable.

Recovery of P&I Advances and Servicing Advances from Mortgagors. The Subservicer shall use commercially reasonable efforts to collect and recover from the related Mortgagors, Investors, or Insurers in accordance with Applicable RequirementsRequirements and the Advance Policy, all P&I Advances Advances, Owner/Servicer Expenses (to the extent applicable) and Servicing Advances made by the Subservicer or any prior servicer or subservicer. The recovery Subservicer shall withdraw funds from the Custodial Accounts to reimburse any Servicing Advances, Owner/Servicer Expenses xxx/xx X&X Advances as soon as possible as permitted under the related Servicing Agreements and the Advance Policy; provided that, the Advance Policy shall allow for certain delays related to the protection of such advances investment grade bonds. Any reimbursements of Servicing Advances xxx/xx X&X Advances shall be available deposited to first reimburse the Subservicer’s clearing account within one (1) Business Day after its receipt thereof. The Subservicer for unreimbursed Servicing Advances funded shall then remit any such reimbursements to such account or accounts designated in writing from time to time by the Subservicer and the balance of such recovery shall be available to reimburse the Owner/Servicer (or any transferee of the rights to reimbursement therefor) no later than two (2) Business Days after such amounts are deposited into the clearing account. To the extent any Servicing Agreement does not have provisions or otherwise contemplate the prioritization for unreimbursed advances previously funded or reimbursed by recovery of Servicing Advances, Servicing Fees xxx/xx X&X Advances, the Owner/Servicer. The Subservicer shall provide calculate any loss at liquidation associated with nonrecoverable advances in a manner that minimizes such loss to the Owner/Servicer with a detailed (i.e., utilizing loan-level report in proceeds to reduce items which do not benefit from a format mutually acceptable to the parties setting forth general collections backstop before items which may be reimbursed on a loanpool-level and aggregate basis all P&I Advances and Servicing Advances made or reimbursed during the related reporting period and the advances outstanding on a cumulative basis for each Mortgage Loan. The Subservicer shall promptly notify the Owner/Servicer in the event it has determined that any outstanding advances made with respect to a Mortgage Loan are nonrecoverable from related proceeds on the Mortgage Loan and shall take all commercially reasonable efforts to ensure that the Owner/Servicer is fully reimbursed for outstanding P&I Advances and Servicing Advances upon the liquidation of the related Mortgage Loanbasis). The Subservicer shall cooperate in good faith with the Owner/Servicer to pursue full reimbursement of outstanding P&I Advances Advances, Owner/Servicer Expense and Servicing Advances and shall immediately notify indicate in the monthly reporting if it determines the recoverability of any such P&I Advances or Servicing Advances is at risk. In the event a P&I Advance or a Servicing Advance is determined to be nonrecoverable under the applicable Servicing Agreement as a result of the Subservicer’s failure to comply with the Advance Policy (other than as a result of Subservicer’s compliance with the instruction of Owner/Servicer in accordance with Section 2.3), the Subservicer shall be required to reimburse the Owner/Servicer upon becoming aware that for the amount of any such reimbursement is at riskadvance that was funded or reimbursed by the Owner/Servicer within ten (10) Business Days following the determination that such advance was nonrecoverable.

Recovery of P&I Advances and Servicing Advances from Mortgagors. The Subservicer Seller shall use commercially reasonable efforts to collect and recover from the related Mortgagors, Investors, or Insurers in accordance with Applicable RequirementsRequirements and the Advance Policy, all P&I Advances Advances, Holdings Expenses (to the extent applicable) and Servicing Advances made by the Subservicer Seller or any prior servicer or subservicer. The Seller shall withdraw funds from the Custodial Accounts to reimburse any Holdings Expenses and to otherwise remit collections related to any Servicing Advances xxx/xx X&X Advances purchased by Holdings under this Addendum, in each case, as soon as possible as permitted under the related Servicing Agreements and the Advance Policy; provided that, the Advance Policy shall allow for certain delays related to the protection of investment grade bonds. Any remittances of collections related to Servicing Advances xxx/xx X&X Advances shall be deposited to the Seller’s clearing account within one (1) Business Day after its receipt thereof. The Seller shall then remit any such collections to such account or accounts designated in writing from time to time by Holdings (or any transferee of the rights to reimbursement therefor) no later than two (2) Business Days after such amounts are deposited into the clearing account. To the extent any Servicing Agreement does not have provisions or otherwise contemplate the prioritization for recovery of Servicing Advances, Servicing Fees xxx/xx X&X Advances, the Seller shall calculate any loss at liquidation associated with nonrecoverable advances in a manner that minimizes such advances shall be available loss to first reimburse the Subservicer for unreimbursed Servicing Advances funded by the Subservicer and the balance of such recovery shall be available to reimburse the Owner/Servicer for unreimbursed advances previously funded or reimbursed by the Owner/Servicer. The Subservicer shall provide the Owner/Servicer with a detailed Holdings (i.e., utilizing loan-level report in proceeds to reduce items which do not benefit from a format mutually acceptable to the parties setting forth general collections backstop before items which may be reimbursed on a loanpool-level and aggregate basis all P&I Advances and Servicing Advances made or reimbursed during the related reporting period and the advances outstanding on a cumulative basis for each Mortgage Loanbasis). The Subservicer shall promptly notify the Owner/Servicer in the event it has determined that any outstanding advances made with respect to a Mortgage Loan are nonrecoverable from related proceeds on the Mortgage Loan and shall take all commercially reasonable efforts to ensure that the Owner/Servicer is fully reimbursed for outstanding P&I Advances and Servicing Advances upon the liquidation of the related Mortgage Loan. The Subservicer Seller shall cooperate in good faith with the Owner/Servicer Purchasers to pursue full reimbursement of outstanding Holdings Expense. The Seller shall cooperate in good faith with Holdings to pursue full reimbursement of outstanding P&I Advances and Servicing Advances and shall immediately notify indicate in the Owner/Servicer upon becoming aware that monthly reporting if it determines the recoverability of any such reimbursement P&I Advances or Servicing Advances is at risk, it being understood that Seller may combine any such reporting with the reporting provided to any NRZ O/S Entity under any NRZ Subservicing Agreement and delivery of such reporting under such NRZ Subservicing Agreement(s) shall be deemed to constitute delivery hereunder. In the event a P&I Advance or a Servicing Advance is determined to be nonrecoverable under the applicable Servicing Agreement as a result of the Seller’s failure to comply with the Advance Policy (other than as a result of Seller’s compliance with the instruction of Holdings in accordance with Section 2.3), the Seller shall be required to repurchase from Holdings such P&I Advance or Servicing Advance (at cash purchase price equal to 100% of the amount of any such advance that was purchased by Holdings) within ten (10) Business Days following the determination that such advance was nonrecoverable.