Common use of Advances by Master Servicer Clause in Contracts

Advances by Master Servicer. (a) 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 due during the related Due 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. The Master Servicer shall: (i) remit Advances to the Trustee from funds advanced by the applicable Servicer (or from its own funds to the extent it is successor Servicer) for deposit in the Certificate Account in 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 5.04, used by the Master Servicer to make such Advance, and remit such immediately available funds to the Trustee for deposit in the Certificate 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 distribution to Certificateholders and so used shall be replaced by the Master Servicer from its own funds by remittance to the Trustee for deposit in the Certificate Account on or before any future Deposit Date to the extent that funds in the Certificate Account on such Deposit Date shall be less than payments to Certificateholders required to be made on the related Distribution 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 4.02. 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 Section 5.04(a) on or before the Deposit Date, the Trustee, solely in its capacity as successor Master Servicer pursuant to Section 6.14, shall, on or before the related Distribution Date, deposit in the Certificate Account an amount equal to the excess of (a) Advances required to be made by the Master Servicer or any Servicer that would have been deposited in such Certificate Account over (b) the amount of any Advance made by the Master Servicer or such Servicer with respect to such Distribution Date; provided, however, that the 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 Trustee shall be entitled to be reimbursed from the Certificate Account for Advances made by it pursuant to this Section 5.04 as if it were the Master Servicer.

Advances by Master Servicer. (a) 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 due during the related Due 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. The Master Servicer shall: (i) remit Advances to the Trustee Securities Administrator from funds advanced by the applicable Servicer (or from its own funds to the extent it is successor Servicer) for deposit in the Certificate Account in 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 5.04, used by the Master Servicer to make such Advance, and remit such immediately available funds to the Trustee Securities Administrator for deposit in the Certificate 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 distribution to Certificateholders and so used shall be replaced by the Master Servicer from its own funds by remittance to the Trustee Securities Administrator for deposit in the Certificate Account on or before any future Deposit Date to the extent that funds in the Certificate Account on such Deposit Date shall be less than payments to Certificateholders required to be made on the related Distribution 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 4.02. 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 Section 5.04(a) on or before the Deposit Date, the Trustee, solely in its capacity as successor Master Servicer pursuant to Section 6.14, shall, on or before the related Distribution Date, deposit in the Certificate Account an amount equal to the excess of (a) Advances required to be made by the Master Servicer or any Servicer that would have been deposited in such Certificate Account over (b) the amount of any Advance made by the Master Servicer or such Servicer with respect to such Distribution Date; provided, however, that the 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 Trustee shall be entitled to be reimbursed from the Certificate Account for Advances made by it pursuant to this Section 5.04 as if it were the Master Servicer. The Securities Administrator shall not later than 5:00 P.M. (Chicago time) on the Deposit Date notify the Trustee in writing of the Master Servicer’s failure to make any Advance required to be made under this Agreement on the Deposit Date and the amount of such Advance. By no later than 10:00 A.M. (Chicago time) on the relevant Distribution Date, the Securities Administrator shall notify the Trustee of the continuance of such failure and the occurrence of an Event of Default under Section 6.14 or that the Master Servicer has made the Advance, as the case may be.

Advances by Master Servicer. (a) 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 due during If the related Due 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 Administrator fails to remit Advances any Advance required to be made funded under this Agreement or the applicable Servicing Agreement, the Master Servicer shall itself (in its capacity as successor Servicer) makefund, or shall cause the successor to such Servicer or successor Servicing Administrator to make fund, such advance Advance. If the Master Servicer determines that an Advance is required, it shall on the Deposit Business Day preceding the related Distribution Date immediately following such Determination Date. The Master Servicer shall: (i) Date remit Advances to the Trustee from funds advanced by the applicable Servicer (or Securities Administrator from its own funds to the extent it is successor Servicer) for deposit in the Certificate Distribution Account in 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 5.04, used by the Master Servicer to make such Advance, and remit such immediately available funds to the Trustee for deposit in the Certificate 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 distribution to Certificateholders and so used shall be replaced by the Master Servicer from its own funds by remittance to the Trustee for deposit in the Certificate Account on or before any future Deposit Date to the extent that funds in the Certificate Account on such Deposit Date shall be less than payments to Certificateholders required to be made on the related Distribution Date. The Master Servicer, the Servicer and each Servicer the Servicing Administrator shall be entitled to be reimbursed from the Collection Account for all Advances made funded by it as provided in Section 4.02it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverablea Nonrecoverable Advance, 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 Section 5.04(a) is a Nonrecoverable Advance, it shall, on or before prior to the Deposit related Distribution Date, deliver an Officer’s Certificate to the TrusteeTrustee to such effect. In connection with a Servicing Modification where an amount equal to Advances and/or Servicing Advances are capitalized and added to the Stated Principal Balance of a Mortgage Loan, each of the Servicers, the Servicing Administrator and the Master Servicer, solely in its capacity as successor Master Servicer pursuant to Section 6.14servicer (if applicable), shall, on or before the related Distribution Date, deposit in the Certificate Account an amount equal to the excess may reimburse itself for such Advances and/or Servicing Advances. Reimbursements of (ai) Advances required to be made by the Master Servicer on the one hand and the Servicing Administrator or any Servicer that would have been deposited in such Certificate Account over on the other hand, and (bii) Servicing Advances to the Servicing Administrator or any Servicer will be allocated pro rata based on the amount of any Advance made by unreimbursed Advances and Servicing Advances reimbursable to the Master Servicer (solely with respect to Advances) the Servicing Administrator or such any Servicer with respect to such Distribution Date; provided, however, that the 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 related Mortgage Loan, including late payments, Liquidation Proceeds, Insurance Proceeds, or otherwise. The Trustee shall be entitled to be reimbursed from the Certificate Account for Advances made by it pursuant to this Section 5.04 as if it were the Master Servicer.