Common use of Advances by Master Servicer and Servicers Clause in Contracts

Advances by Master Servicer and Servicers. (a) Subject to Section 4.10, Advances shall be made in respect of each Deposit Date as provided herein. If, on any Determination Date, any Servicer determines that any Scheduled Payments (or in the case of Simple Interest Mortgage Loans, the amount of any scheduled interest payments) due during the related Collection Period (other than Balloon Payments) have not been received, such Servicer shall advance such amount to the extent provided in the applicable Servicing Agreement. If any Servicer fails to remit Advances required to be made under the applicable Servicing Agreement, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Advance on the Deposit Date immediately following such Determination Date. If the Master Servicer determines that an Advance is required, it shall on the Deposit Date immediately following such Determination Date either (i) remit to the Indenture Trustee from its own funds (or funds advanced by the applicable Servicer) for deposit in the Note Account immediately available funds in an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 5.09, used by the Master Servicer to make such Advance, and remit such immediately available funds to the Indenture Trustee for deposit in the Note Account or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any funds being held in the Collection Account for future payment to Securityholders and so used shall be replaced by the Master Servicer from its own funds by remittance to the Indenture Trustee for deposit in the Note Account on or before any future Deposit Date to the extent that funds in the Note Account on such Deposit Date shall be less than payments to Securityholders required to be made on the related Payment Date. The Master Servicer and each Servicer shall be entitled to be reimbursed from the Collection Account for all Advances made by it as provided in Section 4.08. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Advance. (b) In the event that the Master Servicer or Servicer fails for any reason to make an Advance required to be made pursuant to this Section 5.09 on or before the Deposit Date, the Securities Administrator, as successor Master Servicer pursuant to Section 6.01, shall, on or before the related Payment Date, deposit in the Note Account an amount equal to the excess of (a) Advances required to be made by the Master Servicer or the Servicers that would have been deposited in such Note Account over (b) the amount of any Advance made by the Master Servicer or any Servicer with respect to such Payment Date; provided, however, that the Indenture Trustee shall be required to make such Advance only if it is not prohibited by law from doing so and it has determined that such Advance would be recoverable from amounts to be received with respect to such Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds, or otherwise. The Indenture Trustee shall be entitled to be reimbursed from the Note Account for Advances made by it pursuant to this Section 5.09 as if it were the Master Servicer.

Advances by Master Servicer and Servicers. (a) Subject to Section 4.10, Advances shall be made in respect of each Deposit Date as provided herein. If, on any Determination Date, any Servicer determines that any Scheduled Payments (or in the case of Simple Interest Mortgage Loans, the amount of any scheduled interest payments) due during the related Collection Period (other than Balloon Payments) have not been received, such Servicer shall advance such amount to the extent provided in the applicable Servicing Agreement. If any Servicer fails to remit Advances required to be made under the applicable Servicing Agreement, the Master Servicer shall itself (in its capacity as successor Servicer) make, or shall cause the successor Servicer to make, such Advance on the Deposit Date immediately following such Determination Date. If the The Master Servicer determines that an Advance is required, it shall on the Deposit Date immediately following such Determination Date either shall: (i) remit Advances to the Indenture Trustee from its own funds (or funds advanced by the applicable Servicer (or from its own funds to the extent it is successor Servicer) for deposit in the Note Account immediately available funds in an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 5.095.11, used by the Master Servicer to make such Advance, and remit such immediately available funds to the Indenture Trustee for deposit in the Note Account or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any funds being held in the Collection Account for future payment distribution to Securityholders and so used shall be replaced by the Master Servicer from its own funds by remittance to the Indenture Trustee for deposit in the Note Account on or before any future Deposit Date to the extent that funds in the Note Account on such Deposit Date shall be less than payments to Securityholders required to be made on the related Payment Date. The Master Servicer and each Servicer shall be entitled to be reimbursed from the Collection Account for all Advances made by it as provided in Section 4.08. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Advance. (b) In the event that . If the Master Servicer or Servicer fails for any reason to make determines that an Advance required to be made pursuant to this Section 5.09 is non-recoverable, it shall, on or before prior to the Deposit Date, the Securities Administrator, as successor Master Servicer pursuant deliver an Officer’s Certificate to Section 6.01, shall, on or before the related Payment Date, deposit in the Note Account an amount equal to the excess of (a) Advances required to be made by the Master Servicer or the Servicers that would have been deposited in such Note Account over (b) the amount of any Advance made by the Master Servicer or any Servicer with respect to such Payment Date; provided, however, that the Indenture Trustee shall be required to make such Advance only if it is not prohibited by law from doing so and it has determined that such Advance would be recoverable from amounts to be received with respect to such Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds, or otherwise. The Indenture Trustee shall be entitled to be reimbursed from the Note Account for Advances made by it pursuant to this Section 5.09 as if it were the Master Servicereffect.

Advances by Master Servicer and Servicers. (a) Subject to Section 4.10, Advances shall be made in respect of each Deposit Date as provided herein. If, on any Determination Date, any Servicer determines that any Scheduled Payments (or in the case of Simple Interest Mortgage Loans, the amount of any scheduled interest payments) due during the related Collection Period (other than Balloon Payments) have not been received, such Servicer shall advance such amount to the extent provided in the applicable Servicing Agreement. If any Servicer fails to remit Advances required to be made under the applicable Servicing Agreement, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Advance on the Deposit Date immediately following such Determination Date. If the Master Servicer determines that an Advance is required, it shall on the Deposit Date immediately following such Determination Date either (i) remit to the Indenture Trustee from its own funds (or funds advanced by the applicable Servicer) for deposit in the Note Account immediately available funds in an amount equal to such Advance, (ii) cause to be made an appropriate entry in the records of the Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 5.09, used by the Master Servicer to make such Advance, and remit such immediately available funds to the Indenture Trustee for deposit in the Note Account or (iii) make Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Advance. Any funds being held in the Collection Account for future payment distribution to Securityholders and so used shall be replaced by the Master Servicer from its own funds by remittance to the Indenture Trustee for deposit in the Note Account on or before any future Deposit Date to the extent that funds in the Note Account on such Deposit Date shall be less than payments to Securityholders required to be made on the related Payment Date. The Master Servicer and each Servicer shall be entitled to be reimbursed from the Collection Account for all Advances made by it as provided in Section 4.08. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Advance. (b) In the event that the Master Servicer or Servicer fails for any reason to make an Advance required to be made pursuant to this Section 5.09 on or before the Deposit Date, the Securities Administrator, as successor Master Servicer pursuant to Section 6.01, shall, on or before the related Payment Date, deposit in the Note Account an amount equal to the excess of (a) Advances required to be made by the Master Servicer or the Servicers that would have been deposited in such Note Account over (b) the amount of any Advance made by the Master Servicer or any Servicer with respect to such Payment Date; provided, however, that the Indenture Trustee shall be required to make such Advance only if it is not prohibited by law from doing so and it has determined that such Advance would be recoverable from amounts to be received with respect to such Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds, or otherwise. The Indenture Trustee shall be entitled to be reimbursed from the Note Account for Advances made by it pursuant to this Section 5.09 as if it were the Master Servicer.