Non-Recoverable Advance. Any portion of an Advance previously made or proposed to be made by the Servicer that, in the good faith judgment of the Servicer, will not or, in the case of a current delinquency, would not, be ultimately recoverable by the Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise with respect to the related Mortgage Loan.
Non-Recoverable Advance. Any amount pxxxxxusly advanced by the Servicer with respect to a Mortgage Loan which the Servicer has determined, pursuant to the terms of this Agreement, not to be recoverable from Insurance Proceeds, Liquidation Proceeds or other payments with respect to such Mortgage Loan.
Non-Recoverable Advance. As of any date of determination, any Monthly Advance or Servicing Advance previously made or any Monthly Advance or Servicing Advance proposed to be made in respect of a Mortgage Loan which, in the good faith judgment of the Servicer and in accordance with the servicing standard set forth in Section 5.01, will not or, in the case of a proposed advance, would not be ultimately recoverable pursuant to Section 5.05 (3) or (4) hereof. The determination by the Servicer that it has made a Non-recoverable Advance or that any proposed advance would constitute a Non-recoverable Advance shall be evidenced by an Officer's Certificate satisfying the requirements of Section 6.04 hereof and delivered to the Purchaser on or before the Determination Date in any month.
Examples of Non-Recoverable Advance in a sentence
The Servicer shall be obligated to make any such Advance only to the extent that such advance would not be a Non-Recoverable Advance.
If a Mortgagor does not pay its final Scheduled Payment on a Balloon Loan when due, the Servicer shall Advance (unless it determines in its good faith judgment that such amounts would constitute a Non-Recoverable Advance) a full month of interest (net of the Servicing Fee) on the Stated Principal Balance thereof each month until its Stated Principal Balance is reduced to zero.
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 determination by the Servicer that it has made a Non-Recoverable Advance or a Non-Recoverable Servicing Advance or that any proposed Advance or Servicing Advance, if made, would constitute a Non-Recoverable Advance or a Non-Recoverable Servicing Advance, respectively, shall be evidenced by an Officer's Certificate of the Servicer delivered to the Depositor and the Trustee.
Excess Cashflow Prior to OC Provisions amount takes into account any Non-Recoverable Advance Amounts from Section 6.
More Definitions of Non-Recoverable Advance
Non-Recoverable Advance. As to any Advance that has not yet been made, any portion of the amount of such prospective Advance which the Servicer reasonably determines would not ultimately be recoverable from Related Proceeds. As to any Advance that has been made by the Servicer, any portion of the amount of such Advance that has subsequently been determined by the Servicer to be not ultimately recoverable from Related Proceeds. In determining whether an Advance is or would be a Non-Recoverable Advance, the Servicer need not take into account the possibility that it might recover any amounts as the result of a deficiency judgment against the related Obligor.
Non-Recoverable Advance. Any portion of an Advance previously made or proposed to be made by the Subservicer that, in the good faith judgment of the Subservicer, will not or, in the case of a current delinquency, would not, be ultimately recoverable by the Subservicer from the related Mortgagor, related Liquidation Proceeds or otherwise.
Non-Recoverable Advance means any Advance which the Servicer has determined in its good faith business judgment will not or, in the case of a proposed Advance, would not, be ultimately recoverable by the Servicer from late payments, Insurance Proceeds, Liquidation Proceeds, Condemnation Proceeds and other collections or recoveries in respect of the related Mortgage Loan or REO Property. The determination by the Servicer that it has made a Non-Recoverable Advance shall be evidenced by an Officer’s Certificate delivered to the Owner setting forth such determination and the procedures and considerations of the Servicer forming the basis of such determination, which shall include a copy of any information or reports obtained by the Servicer which may support such determination.
Non-Recoverable Advance. Any Advance or proposed Advance that the Master Servicer or the Trustee, as the case may be, has determined to be non-recoverable in accordance with Section 3.04 hereof.
Non-Recoverable Advance. Any Advance which a Servicer (or subservicer, to the extent such subservicer makes Advances on behalf of a Servicer), the Master Servicer or the Trustee, as applicable, has determined in its good faith business judgment will not or, in the case of a proposed Advance, would not, be ultimately recoverable by such Servicer (or subservicer), the Master Servicer or the Trustee from late payments, Insurance Proceeds, Liquidation Proceeds and other collections or recoveries in respect of the related Mortgage Loan or REO Property. The determination by a Servicer (or subservicer) or the Master Servicer that it has made a Non-Recoverable Advance shall be evidenced by an Officer’s Certificate delivered to the Trustee and the Depositor (and in the case of a Servicer (or subservicer), the Master Servicer) setting forth such determination and the procedures and considerations of such Servicer (or subservicer) or the Master Servicer forming the basis of such determination, which shall include a copy of any information or reports obtained by a Servicer (or subservicer) or the Master Servicer which may support such determination.
Non-Recoverable Advance. A Monthly Advance that the Servicer has previously made or proposed to be made, and has determined would not be recoverable from collections or other recoveries in respect of such Mortgage Loan, such determination to be evidenced by a certificate of a Servicing Officer delivered to the Master Servicer and the NIMS Insurer setting forth such determination and the procedures and considerations employed by the Servicer forming the basis of such determination.
Non-Recoverable Advance means any portion of a Servicing Advance previously made or proposed to be made which, in the case of a Servicing Advance previously made, has not been previously reimbursed to Agent and which, in the reasonable business judgment of Agent taking into account amounts that may be collected or realized on the Mortgaged Property prior to final liquidation and liquidation proceeds, will not, or, in the case of a proposed Servicing Advance, would not, be ultimately recoverable together with interest thereon at a per annum rate equal to the Prime Rate (compounded monthly on each Remittance Date) from amounts to be deposited with Agent under the terms of this Agreement. The judgment or determination by Agent as the case may be, that it has made a Non-Recoverable Advance or that any proposed Servicing Advance, if made, would constitute a Non-Recoverable Advance shall be evidenced by a certificate of an officer of such party delivered to the Holders, which in each case sets forth such judgment or determination and the procedures and considerations of Agent forming the basis of such determination (including, but not limited to, information selected by the person making such judgment or determination in its good faith discretion, such as related income and expense statements, rent rolls, occupancy status, property inspections, Agent inquiries, third party engineering and environmental reports, and an Appraisal or any updated Appraisal thereof conducted within the past 12 months) and copies of such documents are to be included with the certificate of an officer.