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.

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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

• Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan), shall continue until the Distribution Date on which the proceeds, if any, received in connection with a Liquidation Event or the disposition of the REO Property, as the case may be, with respect thereto are to be distributed.

• Thereafter, in either case, the Master Servicer and the Trustee shall not be required to make any additional P&I Advances with respect to the related Serviced Mortgage Loan unless and until the Master Servicer or the Trustee, as the case may be, determines that any such additional P&I Advances with respect to the related Serviced Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination may be as a result of consultation with the related Other Servicer, as the case may be, or otherwise.

• The Master Servicer shall notify the Certificate Administrator of (i) the aggregate amount of P&I Advances to be made by the Master Servicer for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution Date, on or before two (2) Business Days prior to such Distribution Date.

• For the avoidance of doubt, the Master Servicer shall make P&I Advances on the basis of the original terms of any Mortgage Loan, including Mortgage Loans subject to forbearance agreements or other temporary deferrals, unless (a) the terms of the Mortgage Loan have been permanently modified to change or forgive a monetary obligation or (b) such advance has been determined to be non-recoverable.

• Any amounts held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit in the Collection Account on or before the next succeeding P&I Advance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made).

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 shall have the meaning assigned to such term (or analogous term) used in the Servicing Agreement.

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 has the meaning given in Section 2.6 of the ------------ Servicing Agreement.

P&I Advances. Escrow Advances" and "Liquidation Expenses."

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 has the meaning provided under the Pooling and Servicing Agreements or, with respect to the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Pooling Agreement, shall mean "Monthly Advances" as defined therein.