Common use of Servicing Advances and Advances of Principal and Interest Clause in Contracts

Servicing Advances and Advances of Principal and Interest. The Servicer shall be reimbursed for any Servicing Advances or advances of principal and interest in relation to any Mortgage Loan no later than five (5) Business Days following the related Transfer Date, notwithstanding the fact that the Servicer or the successor servicer has not received a Monthly Payment or Liquidation Proceeds in relation to such Mortgage Loan. At such time, the Servicer shall be entitled to be reimbursed for all unreimbursed Servicing Advances and/or advances of principal and interest with respect to such Mortgage Loan on a first priority basis from the Monthly Payment or Liquidation Proceeds received with respect to such Mortgage Loan. This Section 6.02(b) shall survive each Transfer Date.