Subservicer Advance definition
Subservicer Advance. Any delinquent installment of principal and interest on a Mortgage Loan which is advanced by the related Subservicer (net of its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicer Advance has the meaning set forth in Section 2.02(a) hereof.
Subservicer Advance means the outstanding moneys that have been advanced by the Subservicer from its funds in connection with its subservicing of a Mortgage Loan (including, but not limited to, taxes, ground rents, assessments, insurance premiums, foreclosure and bankruptcy fees and expenses, and other expenses) (i) in accordance with the applicable Private Investor Agreement or applicable Pooling and Servicing Agreement, (ii) that are recoverable through Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, or that are made at the direction of the Servicer and (iii) for which the Subservicer has a right of reimbursement.
More Definitions of Subservicer Advance
Subservicer Advance. As defined in the Subservicing Agreement.
Subservicer Advance means all customary, reasonable and necessary “out of pocket” moneys that have been advanced by the Subservicer from its funds in connection with its servicing of a Mortgage Loan (including, but not limited to, taxes, ground rents, assessments, insurance premiums, release fees, foreclosure and bankruptcy fees and expenses, and other expenses) (i) that have been made by the Subservicer in accordance with the terms and provisions herein, (ii) that are recoverable through Liquidation Proceeds, Insurance Proceeds and/or Condemnation Proceeds, or that are made at the direction of the Servicer or to preserve its security interest in the related Mortgaged Properties and (iii) for which the Subservicer has a right of reimbursement from Mortgagors, Insurers, the Servicer and/or Subsequent Purchaser, or otherwise.