Servicer Advance definition

Servicer Advance or "Servicing Advance" as defined in the applicable Purchase and Servicing Agreement.

Servicer Advance. An advance of Scheduled Payments made by the Servicer pursuant to Section 6.5.

Servicer Advance means, with respect to any Payment Date, the amounts, if any, deposited by the Servicer in the Collection Account for such Payment Date in respect of Scheduled Payments pursuant to Section 5.14 hereof.

Examples of Servicer Advance in a sentence

• In the event the Servicer is reimbursed for any expense that is not, or cannot be documented as, a Servicer Advance, in the reasonable determination of the Company, the Servicer shall be obligated to refund such amounts to the Company on the Servicer Remittance Date immediately following the Servicer’s receipt of notice from the Company requesting the same.

• In the event the Servicer is reimbursed for any expense that is not, or cannot be documented as, a Servicer Advance, in the reasonable determination of the Company, the Servicer shall be obligated to refund such amounts to the Company on the Service Remittance Date immediately following the Servicer’s receipt of notice from the Company requesting the same.

• No expenses incurred by the Servicer or any Subservicer in connection with its obligations under this Section 8.02 shall constitute a Servicer Advance.

• The Seller has not waived or forgiven any obligation of a Mortgagor to repay any Servicer Advance in any manner that would prevent reimbursement thereof from the related custodial account.

• If, after the Applicable Closing Date, either Seller receives any remittance from any account debtors with respect to the Acquired Accounts Receivables or the Servicer Advance Receivables, such Seller shall endorse such remittance to the order of Purchaser and forward it to Purchaser promptly following receipt thereof, to the extent included in the calculation of the Aggregate Purchase Price or any True-up Payment.

More Definitions of Servicer Advance

Servicer Advance is defined in the Servicing Agreement.

Servicer Advance. A “Servicing Advance” as defined in the applicable Purchase and Servicing Agreement. Service(s)(ing): In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by an entity that meets the definition of “servicer’ set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the residential mortgage-backed securitization market.

Servicer Advance means an advance of Scheduled Payments made by the Servicer pursuant to Section 7.5.

Servicer Advance means amounts, if any, advanced by the Servicer, at its option, to cover any shortfall between (i) the Scheduled Payments on the Pledged Loans (other than Defaulted Loans) for a Due Period and (ii) the amounts actually deposited in the Collection Account on account of such Scheduled Payments on or prior to the Payment Date immediately following such Due Period.

Servicer Advance. Defined in Section 7.5.

Servicer Advance has the meaning assigned to such term in Section 6.19.

Servicer Advance. The meaning ascribed to such term in Section 3.08(d).