P&I Advances definition

P&I Advances. Advances made by the servicers or the Master Servicer (including the Trustee as successor master servicer and any other successor master servicer) with respect to delinquent payments of interest and principal on the mortgage loans, less the servicing fee or the master servicing fee, as applicable.

P&I Advances that portion of each P&I Advance that represents the Master Servicing Fee and, if applicable, the Special Servicing Fee;

P&I Advances. With respect to a Mortgage Loan, the payments required to be made by the Servicer with respect to any Distribution Date pursuant to the Servicing Agreement, the amount of any such payment being equal to the aggregate of the payments of principal and interest (net of the applicable Servicing Fee and net of any net income in the case of any REO Property) on the Mortgage Loans (other than Charged-off Loans or Released Mortgage Loans) that were due on the related Due Date and not received as of the Business Day immediately preceding the Distribution Account Deposit Date, less the aggregate amount of any such delinquent payments that the Servicer has determined would constitute Nonrecoverable Advances if advanced.

Examples of P&I Advances in a sentence

• In the event of any such arrangement pursuant to clause (ii) above, the Servicer shall make timely advances on such Mortgage Loan during such extension pursuant to Section 4.01 and in accordance with the amortization schedule of such Mortgage Loan without modification thereof by reason of such arrangements, subject to Section 4.01(d) pursuant to which the Servicer shall not be required to make any such advances that are Nonrecoverable P&I Advances.

• Appraisal Reduction Amounts shall not affect the principal portion of any P&I Advances.

• Notwithstanding the existence of any Advance Facility under which an Advancing Person agrees to fund P&I Advances and/or Servicing Advances on the Servicer's behalf, the Servicer shall remain obligated pursuant to this Agreement to make P&I Advances and Servicing Advances pursuant to and as required by this Agreement, and shall not be relieved of such obligations by virtue of such Advance Facility.

• In accordance with Section 3.05, Monthly P&I Advances are reimbursable to the Master Servicer from cash in the Investment Account or the Certificate Account to the extent that the Master Servicer shall determine that any such advances previously made are Nonrecoverable Advances pursuant to Section 4.03.

• The Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes (together with interest thereon) to the extent permitted pursuant to Section 3.06(a)(ii) of this Agreement and each of the Master Servicer and Special Servicer hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Mortgagors to the extent permitted by applicable law and the related Mortgage Loan.

More Definitions of P&I Advances

P&I Advances. Any advance made by the Servicer of a principal or interest payment with respect to a Mortgage Loan.

P&I Advances. “Monthly Advances,” “Delinquency Advances” or otherwise in the related Master Servicing Agreements), which a Seller has either funded or reimbursed using funds on deposit in a Master Servicing Custodial Account held for distribution on a future distribution date.

P&I Advances means advances of principal and interest on a Mortgage Loan which the Borrower is obligated to make pursuant to the terms of a Pooling and Servicing Agreement in connection with a Specified Securitization Transaction.

P&I Advances shall have the meaning assigned to such term in Section 6.

P&I Advances has the meaning given in Section 2.6 of the ------------ Servicing Agreement.

P&I Advances. “Monthly Advances” (each as defined in the applicable Servicing Agreement) or other advances in respect of principal or interest for which Seller owns a right of reimbursement under the applicable Servicing Agreement as of the date such right is transferred to Purchaser pursuant to this Agreement as supplemented by the related Sale Supplement.

P&I Advances. “Monthly Advances” (each as defined in the applicable Servicing Agreement, Subservicing Agreement or Master Servicing Agreement, as applicable, or any other similar term therein) or other advances in respect of principal or interest payable on a Serviced Mortgage Loan or Master Serviced Mortgage Loan made by a Seller, in each case in accordance with the applicable Servicing Agreement, Subservicing Agreement or Master Servicing Agreement, or made by a Seller in accordance with a Servicing Rights Agreement with respect to any mortgage loan being serviced or subserviced by a third party under such Servicing Rights Agreement.