Common use of Reimbursement of Advances Clause in Contracts

Reimbursement of Advances. (a) On the Transfer Date, the Purchaser agrees to reimburse the Seller for 90% of the amount of the unreimbursed Advances which were outstanding as of the Preliminary Pricing Cut-off Date, which were made pursuant to the terms of any Servicing Agreement and which the Purchaser reasonably believes will be recoverable in accordance with the terms of such Servicing Agreement. Notwithstanding anything in this section to the contrary, the Purchaser shall not reimburse the Seller for any unreimbursed but reimbursable Advances which constitute principal and interest advances pursuant to the Pooling and Servicing Agreements or principal advances pursuant to the Participation Agreements which amounts may be netted from the amount of the Collection Accounts remitted to the Purchaser pursuant to Section 4.01(e)(1). The Seller shall, within two (2) Business Days after the Transfer Date, provide to the Purchaser evidence of the dollar amount of all Advances as of the Preliminary Pricing Cut-off Date, broken down by Servicing Agreement, made by the Seller as servicer which have not been previously reimbursed. As soon as practical following the Transfer Date the Purchaser and Seller shall reconcile the actual amount of Advances that were outstanding as of the Transfer Date and the recoverability status of such Advances and make any monetary adjustments to the amount required to be reimbursed to the Seller. Following such reconciliation, the remaining ten percent (10%) of the reimbursable Advance amount shall be paid to the Seller, as adjusted to reflect any monetary adjustments required to be made as a result of such reconciliation. To the extent that such remaining ten percent (10%) is not sufficient to compensate the Purchaser in connection with such reconciliation, the Seller shall refund to the Purchaser such price differential within three (3) Business Days of a request therefor from the Purchaser. The foregoing true-up is anticipated to be completed within 15 Business Days following the Transfer Date on which date any payment required hereunder shall be made. The Purchaser shall be entitled to retain the full amount of any reimbursements for any Advances or Uncollected Late Charges that are received following the Transfer Date.

Reimbursement of Advances. (a) On the Transfer DateSubject to this Agreement, the Purchaser agrees to shall reimburse the Seller for 90% of the amount of the unreimbursed outstanding Advances which were outstanding as of the Preliminary Pricing Cut-off Date, which were made pursuant to the terms of any Servicing Agreement and which the Purchaser reasonably believes will be recoverable in accordance with the terms of such Servicing Agreement. Notwithstanding anything in this section to the contrary, the Purchaser shall not reimburse the Seller for any unreimbursed but reimbursable (other than Advances which constitute principal and interest advances pursuant to the Pooling and Servicing Agreements or principal advances pursuant to the Participation Agreements which amounts may be netted funded from the amount of amounts in the Collection Accounts remitted to the Purchaser pursuant to Section 4.01(e)(1). The Seller shall, within two (2Custodial Account) Business Days after the Transfer Date, provide to the Purchaser evidence of the dollar amount of all Advances as of the Preliminary Pricing Cut-off Date, broken down by Servicing Agreement, made by the Seller as servicer which have not been previously reimbursed. As soon as practical following the Transfer Date the Purchaser and Seller shall reconcile the actual amount of Advances that were outstanding as of the Transfer Date with respect to the Mortgage Loans, by wire transfer of immediately available funds, within five (5) Business Days after Purchaser’s verification of (i) loan level Advance balances as of the Transfer Date, (ii) information reflecting the date or period such Advances were made, (iii) loan level information related to the type (i.e., delinquency, tax, insurance, attorney fees, property inspection, etc.) and disbursement history of each Advance (which may be in electronic format), (iv) reasonable, customary and required documentation and support sufficient to reasonably enable Purchaser or Purchaser’s designee to make an assessment of the recoverability status eligibility of the Advances for reimbursement by an Investor or Insurers pursuant to Applicable Requirements, (v) with respect to P & I Advances, information necessary to confirm and reconcile the test of expected principal and interest and (vi) the documents in the related Mortgage File necessary to support such Advances. Notwithstanding the foregoing, Seller may net T & I Advances from Custodial Funds representing escrow funds pursuant to Section 3.4. Purchaser shall use reasonable efforts to complete such verification 14 within thirty (30) days of receipt of such Advances and make any monetary adjustments to the amount required to be reimbursed to the documentation from Seller. Following such reconciliation, the remaining ten percent (10%) of the reimbursable Advance amount shall be paid to the Seller, as adjusted to reflect any monetary adjustments required to be made as a result of such reconciliation. To the extent that such remaining ten percent (10%) is not sufficient to compensate the Purchaser in connection with such reconciliationSeller subsequently recovers any Advances, the Seller shall refund remit such recoveries to the Purchaser such price differential within three five (35) Business Days of a request therefor receipt thereof. For the avoidance of doubt, Purchaser shall not have any obligation to reimburse Seller for any Advance or portion of any Advance except to the extent such Advance or portion of such Advance is reimbursable by or recoverable from the Purchaserapplicable Agency pursuant to Applicable Requirements. The foregoing true-up is anticipated Notwithstanding any provisions in this Agreement to be completed within 15 Business Days following the contrary, Purchaser shall not reimburse Seller for any Corporate Advances for Mortgage Loans that are less than thirty (30) days delinquent as of the Transfer Date on which date any payment required hereunder Date; provided, however, the foregoing shall be made. The Purchaser shall be entitled not apply to retain the full amount of any reimbursements for any Advances or Uncollected Late Charges that are received following pending reimbursement from the related Investor as of the Transfer Date.

Reimbursement of Advances. Notwithstanding the foregoing, the Advancing Agent and the Trustee will each be entitled on each Payment Date to reimbursement of any Interest Advance made by it, together with interest thereon, in accordance with this paragraph. Interest Advances and interest thereon, will be reimbursable from payments and other collections on all Collateral Interests, including in the form of related proceeds consisting of liquidation proceeds, insurance proceeds and condemnation proceeds, in any event on or in respect of such Collateral Interests or, to the extent allocated and paid to the Issuer as the holder of a Collateral Interest, the related Mortgage Property. Prior to an Interest Advance being determined to be a Nonrecoverable Interest Advance, (a) On the Transfer Advancing Agent and the Trustee will each be entitled on a Payment Date to reimbursement of any such Interest Advance from Interest Proceeds to the extent such reimbursement would not trigger an additional Interest Shortfall on such Payment Date, (b) such right of reimbursement will be junior in priority to the Purchaser agrees payment of interest due on the Class A Notes and the Class B Notes on such Payment Date, and (c) if Interest Proceeds are insufficient to reimburse the Seller Advancing Agent or the Trustee, as applicable, for 90% of the amount of the all such unreimbursed Interest Advances which were outstanding as of the Preliminary Pricing Cut-off Date, which were made pursuant to the terms of any Servicing Agreement and which the Purchaser reasonably believes will be recoverable on such Payment Date in accordance with the terms foregoing, then the Advancing Agent and the Trustee, as applicable, will be entitled on such Payment Date to reimbursement from Principal Proceeds to the extent of such Servicing Agreementshortfall without regard to the priorities set forth in the Priority of Payments above. Notwithstanding anything in this section to the contraryforegoing, the Purchaser shall not reimburse the Seller for if at any unreimbursed but reimbursable Advances which constitute principal and interest advances pursuant to the Pooling and Servicing Agreements or principal advances pursuant to the Participation Agreements which amounts may be netted from the amount of the Collection Accounts remitted to the Purchaser pursuant to Section 4.01(e)(1). The Seller shall, within two (2) Business Days after the Transfer Date, provide to the Purchaser evidence of the dollar amount of all Advances as of the Preliminary Pricing Cut-off Date, broken down by Servicing Agreement, time an Interest Advance made by the Seller as servicer which have not been previously reimbursed. As soon as practical following Advancing Agent or the Transfer Date Trustee is determined to be a Nonrecoverable Interest Advance, then the Purchaser and Seller shall reconcile the actual amount of Advances that were outstanding as of the Transfer Date Advancing Agent and the recoverability status of such Advances and make any monetary adjustments to the amount required to be reimbursed to the Seller. Following such reconciliation, the remaining ten percent (10%) of the reimbursable Advance amount shall be paid to the Seller, as adjusted to reflect any monetary adjustments required to be made as a result of such reconciliation. To the extent that such remaining ten percent (10%) is not sufficient to compensate the Purchaser in connection with such reconciliation, the Seller shall refund to the Purchaser such price differential within three (3) Business Days of a request therefor from the Purchaser. The foregoing true-up is anticipated to be completed within 15 Business Days following the Transfer Date on which date any payment required hereunder shall be made. The Purchaser shall Trustee each will be entitled to retain recover all such outstanding Interest Advances made by such party, together with interest thereon, prior to any payment of interest or principal on the full amount Notes; provided, that reimbursement for Nonrecoverable Interest Advances will be made (i) first, from Interest Proceeds and (ii) second, from Principal Proceeds. Xxxxxxx used for the reimbursement of any reimbursements Nonrecoverable Interest Advances and interest thereon will not be included in the Available Distribution Amount for any Advances or Uncollected Late Charges that are received following Payment Date. The Advancing Agent will be entitled to reimbursement from the Transfer DateTrustee in respect of collections on Collateral Interests.

Reimbursement of Advances. (a) On the Transfer Closing Date, the Purchaser agrees to reimburse the Seller for 90% of the amount of the unreimbursed Advances made by the Seller which were outstanding as of the Preliminary Pricing Cut-off date which is three (3) Business Days prior to the Closing Date, which were made pursuant to the terms of any MBS Servicing Agreement and which the Purchaser reasonably believes will be are recoverable in accordance with under the terms of such MBS Servicing Agreement. Notwithstanding anything in this section to the contrary, the Purchaser shall not reimburse the Seller for any unreimbursed but reimbursable Advances which constitute principal and interest advances pursuant to the Pooling and Servicing Agreements or principal advances pursuant to the Participation Agreements which amounts may be netted from the amount of the Collection Accounts remitted to the Purchaser pursuant to Section 4.01(e)(1). The Seller shall, within two (2) Business Days after the Transfer Closing Date, provide to the Purchaser evidence of the dollar amount of all Advances as of the Preliminary Pricing Cut-off Closing Date, broken down by MBS Servicing Agreement, made by the Seller as servicer which have had not been previously reimbursed. As soon as practical following the Transfer Date Date, but in no event more than fifteen (15) Business Days following the Transfer Date, the Purchaser and Seller shall reconcile the actual amount of Advances that were outstanding as of the Transfer Closing Date and the recoverability status of such Advances under the terms of any MBS Servicing Agreement and make any monetary adjustments to the amount required to be reimbursed to the Seller. Following such reconciliation, the remaining ten percent (10%) of the reimbursable Advance amount due the Seller shall be paid to the Seller, as adjusted to reflect any monetary adjustments required to be made as a result of such reconciliation. To the extent that such remaining ten percent (10%) is not sufficient to compensate the Purchaser in connection with such reconciliation, the Seller shall refund to the Purchaser such price differential within three (3) Business Days of a request therefor from the Purchaser. The foregoing true-up is anticipated to be completed within 15 Business Days following the Transfer Date on which date any payment required hereunder shall be made. The Purchaser shall be entitled to retain the full amount of any reimbursements for any Advances or Uncollected Late Charges that are received following the Transfer Cut-off Date and all Ancillary Income and Servicing Fees received after the Cut-off Date; provided that, the Seller shall be entitled to retain any investment earnings on any Collection Account, distribution account or REO account which accrues prior to the Cut-off Date.