Servicer Advance Receivable definition

Servicer Advance Receivable means, with respect to any Servicer Advances, the contractual right to reimbursement pursuant to the terms of the applicable Servicing Agreement, Subservicing Agreement or Master Servicing Agreement for such Servicer Advances made by a Seller in its capacity as Servicer or Master Servicer pursuant to such Servicing Agreement, Subservicing Agreement or Master Servicing Agreement, which Servicer Advances have not previously been reimbursed, and including all rights of the Servicer or Master Servicer to enforce payment of such obligation under the related Servicing Agreement, Subservicing Agreement or Master Servicing Agreement. A “Servicer Advance Receivable” shall remain a “Servicer Advance Receivable” unless and until the Servicer has actually received cash in reimbursement of that Servicer Advance Receivable.
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Servicer Advance Receivable means, with respect to any Servicer Advances, the contractual right to reimbursement pursuant to the terms of the applicable Servicing Agreement for such Servicer Advances made by the Seller in its capacity as servicer or subservicer pursuant to such Servicing Agreement, which Servicer Advances have not previously been reimbursed, and including all rights of the servicer to enforce payment of such obligation under the related Servicing Agreement.
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Servicer Advance Receivable means, with respect to any Servicer Advances, the contractual right to reimbursement pursuant to the terms of the applicable Servicing Agreement for such Servicer Advances made by a Seller in its capacity as Servicer pursuant to such Servicing Agreement, which Servicer Advances have not previously been reimbursed, and including all rights of the Servicer to enforce payment of such obligation under the related Servicing Agreement. A “Servicer Advance Receivable” shall remain a “Servicer Advance Receivable,” and shall not be deemed to have been converted into cash unless and except to the extent that cash has been deposited into the collection account established pursuant to the Servicing Advance Financing A greements (in the case of Securitization Servicing Agreements) or the Secured Loan Facility Agreements (in the case of the Whole Loan Contracts) for reimbursement of that Servicer Advance Receivable.
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Examples of Servicer Advance Receivable in a sentence

  • If, with respect to a Clawback (2) Event, the Sellers disagree with the Purchaser’s determination that a Servicer Advance Receivable is a Non-Qualified Servicer Advance Receivable, the Purchaser shall immediately engage The Capital Markets Company Inc.

  • If the Verification Agent’s determination has not been delivered by the 25th day following the occurrence of the claimed Clawback Event, the Sellers shall pay the related Clawback Payment to the Purchaser on or before such 25th day, but the Purchaser shall promptly refund such Clawback Payment to the Sellers if the Verification Agent subsequently determines that the related Servicer Advance Receivable was not a Non-Qualified Servicer Advance Receivable.

  • If the Purchaser is paid for a Hold back Receivable because it is a Non-Qualified Servicer Advance Receivable pursuant to Section 2.09, such Servicer Advance Receivable shall no longer be considered as a Holdback Receivable.

  • The Sellers have not taken any action that, or failed to take any action the omission of which, would materially impair the rights of Purchaser with respect to any such Servicer Advance Receivable.

  • The Purchaser shall instruct the Verification Agent to submit its determination as to whether the Servicer Advance Receivable at issue constitutes a Non-Qualified Servicer Advance Receivable hereunder to the parties hereto in writing as soon as practicable after submission of the matter to it but no later than twenty-five (25) days after such submission.

  • If the Verification Agent determines that such Servicer Advance Receivable does not constitute a Non-Qualified Servicer Advance Receivable hereunder, then (A) the Sellers shall have no obligation to make any Clawback Payment to the Purchaser with respect to such Servicer Advance Receivable, and (B) the Purchaser shall be solely responsible for all costs and expenses incurred by the Verification Agent and/or the Purchaser in engaging such Verification Agent.

  • No Servicer Advance made by the Sellers or any Prior Servicer under a Servicing Agreement on or before the Closing and not reimbursed or paid to the Sellers prior to the Closing is a Non-Qualified Servicer Advance Receivable.


More Definitions of Servicer Advance Receivable

Servicer Advance Receivable shall remain a “Servicer Advance Receivable” unless and until the Servicer has actually received cash in reimbursement of that Servicer Advance Receivable.
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Servicer Advance Receivable means, with respect to any Servicer Advances, the contractual right to reimbursement pursuant to the terms of the applicable Servicing Agreement for such Servicer Advances made by a Seller in its capacity as Servicer pursuant to such Servicing Agreement, which Servicer Advances have not previously been reimbursed, and including all rights of the Servicer to enforce payment of such obligation under the related Servicing Agreement. A “Servicer Advance Receivable” shall remain a “Servicer Advance Receivable,” and shall not be deemed to have been converted into cash unless and except to the extent that cash has been deposited into the collection account established pursuant to the Servicing Advance Financing Agreements (in the case of Securitization Servicing Agreements) or the Secured Loan Facility Agreements (in the case of the Whole Loan Contracts) for reimbursement of that Servicer Advance Receivable.
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Related to Servicer Advance Receivable

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

  • Master Servicer Advance Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Servicer Custodial Account The separate Eligible Account or Accounts created and maintained by the Servicer pursuant to Section 3.08(b).

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "Xxxxx Fargo Bank, N.A. as Master Servicer for HSBC Bank USA, National Association, as Trustee f/b/o holders of Xxxxxxx Xxxxx Mortgage Investors, Inc., Mortgage Pass-Through Certificates, MANA Series 2007-OAR4 - Master Servicer Collection Account." The Master Servicer Collection Account shall be an Eligible Account.

  • Receivables Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(i) hereof.

  • Servicing Advance Reimbursement Amounts As defined in Section 3.22.

  • Mortgage Receivable means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the rights of collection of all payments thereunder.

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Transferred Receivable means a Purchased Receivable or a Contributed Receivable.

  • Servicing Advances All customary, reasonable and necessary "out of pocket" costs and expenses incurred in the performance by the Master Servicer of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any expenses reimbursable to the Master Servicer pursuant to Section 3.11 and any enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of any REO Property and (iv) compliance with the obligations under Section 3.09.

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.

  • Sold Receivable means a Receivable that was more than 60 days delinquent and was sold to an unaffiliated third party by the Issuer, at the Servicer’s direction, as of the close of business on the last day of a Collection Period and in accordance with the provisions of Section 4.3(c) hereof.

  • Servicing Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

  • Master Servicing Fee As to any Distribution Date, an amount equal to one-twelfth the product of (a) the Master Servicing Fee Rate and (b) the outstanding principal balance of each Mortgage Loan. Master Servicing Fee Rate: 0.00% per annum.

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Finance Charge Receivables means Receivables created in respect of periodic finance charges, late fees, returned check fees and all other similar fees and charges billed or accrued and unpaid on an Account.

  • Purchased Receivable means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c) or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a).

  • Warranty Receivable means a Receivable which the Seller is required to repurchase pursuant to Section 3.02.

  • Monthly P&I Advance An advance of funds by the Master Servicer pursuant to Section 4.02 or a Servicer pursuant to its Selling and Servicing Contract to cover delinquent principal and interest installments.