Advance Facility. The Master Servicer is hereby authorized to enter into a facility with any Person which provides that such Person (an "Advancing Person") may fund P&I Advances and/or Servicing Advances under this Agreement, although no such facility shall reduce or otherwise affect the Master Servicer's obligation to fund such P&I Advances and/or Servicing Advances. To the extent that an Advancing Person funds any P&I Advance or any Servicing Advance and provides the Trustee with notice, such Advancing Person shall be entitled to receive reimbursement pursuant to this Agreement for such amount to the same extent that the Master Servicer would be so reimbursed had the Master Servicer funded such amount. An Advancing Person whose obligations are limited to the funding of P&I Advances and/or Servicing Advances shall not be required to meet the qualifications of a Sub-Servicer pursuant to Section 3.02 hereof.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp), Pooling and Servicing Agreement (Argent Securities Inc), Pooling and Servicing Agreement (New Century Mortgage Securities LLC)
