Common use of Advances by Trustee Clause in Contracts

Advances by Trustee. (a) In the event the Servicer fails to make any required Periodic Advances of principal and interest on a Mortgage Loan as required by the Servicing Agreement prior to the Distribution Date occurring in the month during which such Periodic Advance is due, the Trustee shall, to the extent required by Section 8.15, make such Periodic Advance to the extent provided hereby, provided that the Trustee has previously received the certificate of the Master Servicer described in the following sentence. The Master Servicer shall certify to the Trustee with respect to any such Distribution Date (i) the amount of Periodic Advances required of the Servicer (ii) the amount actually advanced, (iii) the amount that the Trustee is required to advance hereunder and (iv) whether the Master Servicer has determined that it reasonably believes that such Periodic Advance is a Nonrecoverable Advance. Amounts advanced by the Trustee shall be deposited in the Certificate Account on the related Distribution Date. Notwithstanding the foregoing, the Trustee will not be obligated to make a Periodic Advance that it reasonably believes to be a Nonrecoverable Advance. The Trustee may conclusively rely for any determination to be made by it hereunder upon the determination of the Master Servicer as set forth in its certificate. (b) To the extent the Servicer fails to make an advance on account of the taxes or insurance premiums with respect to a Mortgage Loan required pursuant to the Servicing Agreement, the Master Servicer shall, if the Master Servicer knows of such failure of the Servicer, certify to the Trustee that such failure has occurred. Upon receipt of such certification, the Trustee shall advance such funds and take such steps as are necessary to pay such taxes or insurance premiums. (c) The Trustee shall be entitled to be reimbursed from the Certificate Account for any Periodic Advance made by it under Section 3.03(a) to the extent described in Section 3.02(a)(i) and (a)(ii). The Trustee shall be entitled to be reimbursed pursuant to Section 3.02(a)(v) for any advance by it pursuant to Section 3.03(b). The Master Servicer shall diligently pursue restoration of such amount to the Certificate Account from the Servicer. The Master Servicer shall, to the extent it has not already done so, upon the request of the Trustee, withdraw from the Certificate Account and remit to the Trustee any amounts to which the Trustee is entitled as reimbursement pursuant to Section 3.02 (a)(i), (ii) and (v). (d) Except as provided in Section 3.03(a) and (b), the Trustee shall not be required to pay or advance any amount which the Servicer was required, but failed, to deposit in the Certificate Account.

Advances by Trustee. (a) In To the event extent that the Master Servicer fails to make any required Periodic Advances of principal and interest a P&I Advance by 11:00 a.m. New York City time on the Business Day following the related P&I Advance Date (other than a Mortgage Loan as required by P&I Advance that the Servicing Agreement prior to the Distribution Date occurring in the month during which such Periodic Advance Master Servicer determines is duea Nonrecoverable Advance), the Trustee shallshall make such P&I Advance unless the Trustee determines that such P&I Advance, to if made, would be a Nonrecoverable Advance. To the extent required by Section 8.15, make such Periodic Advance to the extent provided hereby, provided that the Trustee has previously received the certificate of the Master Servicer described in the following sentence. The Master Servicer shall certify to the Trustee with respect to any such Distribution Date (i) the amount of Periodic Advances required of the Servicer (ii) the amount actually advanced, (iii) the amount that the Trustee is required hereunder to advance hereunder and (iv) whether make P&I Advances, it shall deposit the Master Servicer has determined that it reasonably believes that such Periodic Advance is a Nonrecoverable Advance. Amounts advanced by the Trustee shall be deposited amount thereof in the Certificate Distribution Account on the related relevant Distribution Date. Notwithstanding the foregoing, the Trustee will not be obligated to make a Periodic Advance that it reasonably believes to be a Nonrecoverable Advance. The Trustee may conclusively rely for any determination to be made by it hereunder upon the determination of the Master Servicer as set forth in its certificate. (b) To the extent that the Servicer Trustee fails to make an advance a P&I Advance required to be made by the Trustee hereunder by 12:00 p.m., New York City time, on account of any Distribution Date (other than a P&I Advance that the taxes Trustee determines is or insurance premiums with respect to would be a Mortgage Loan required pursuant to the Servicing AgreementNonrecoverable Advance), the Master Servicer shallFiscal Agent will advance such P&I Advance unless the Fiscal Agent determines that any such P&I Advance, if made, would be a Nonrecoverable Advance. To the Master Servicer knows of extent that the Fiscal Agent is required hereunder to make P&I Advances, it shall deposit the amount thereof in the Distribution Account on such failure of the Servicer, certify to the Trustee that such failure has occurred. Upon receipt of such certification, the Trustee shall advance such funds and take such steps as are necessary to pay such taxes or insurance premiumsDistribution Date. (c) The To the extent that the Master Servicer or Special Servicer fails to make a Servicing Advance by the fifteenth day after such Servicing Advance is required to be made (other than a Servicing Advance that the Master Servicer or Special Servicer determines is or would be a Nonrecoverable Advance), if the Trustee has actual knowledge of such failure, the Trustee will be required to give the defaulting party notice of such failure and, if such failure continues for three (3) more Business Days, the Trustee shall be entitled to be reimbursed from the Certificate Account for any Periodic make such Servicing Advance made by it under Section 3.03(a) to the extent described in Section 3.02(a)(i) and (a)(ii). The Trustee shall be entitled to be reimbursed pursuant to Section 3.02(a)(v) for any advance by it pursuant to Section 3.03(b). The Master Servicer shall diligently pursue restoration of such amount to the Certificate Account from the Servicer. The Master Servicer shall, to the extent it has not already done so, upon the request of the Trustee, withdraw from the Certificate Account and remit to unless the Trustee any amounts to which the Trustee is entitled as reimbursement pursuant to Section 3.02 (a)(i)determines that such Servicing Advance, (ii) and (v)if made, would be a Nonrecoverable Advance. (d) Except as provided in Section 3.03(aTo the extent that the Trustee fails to make a Servicing Advance required to be made by the Trustee hereunder by the later of (i) the date such Servicing Advance is required to be made and (bii) five Business Days after the date the Trustee has actual knowledge of such failure pursuant to subsection (c) above, that such Servicing Advance has not been made by the Master Servicer (other than a Servicing Advance that the Trustee determines is or would be a Nonrecoverable Advance), the Trustee Fiscal Agent will advance such Servicing Advance, unless the Fiscal Agent determines that such Servicing Advance, if made, would be a Nonrecoverable Advance. (e) The initial Trustee's failure to make any Advance required to be made by it hereunder shall not be required to pay or advance any amount which constitute a default by the Servicer was required, but failed, to deposit in initial Trustee hereunder if the Certificate Accountinitial Fiscal Agent makes such Advance.

Advances by Trustee. (a) Advances shall be made in respect of each Remittance Date as provided in the Servicing Agreement and herein. If on any Determination Date the Servicer determines that any Scheduled Payments due during the related Collection Period (other than Balloon Payments) have not been received, the Servicer will advance such amount, less an amount, if any, to be set forth in an Officer's Certificate to be delivered to the Trustee on such Determination Date, in accordance with the terms of the Servicing Agreement. If the Servicer determines that an Advance is required, it will on the Remittance Date immediately following such Determination Date remit to the Trustee from its own funds for deposit in the Certificate Account, in accordance with the terms of the Servicing Agreement, immediately available funds in an amount equal to such Advance. The Servicer shall be entitled to be reimbursed from the Certificate Account for all Advances made by it as provided in Section 4.04. (b) In the event that the Servicer fails for any reason to make any an Advance required Periodic Advances of principal and interest on a Mortgage Loan as required by to be made pursuant to the Servicing Agreement prior to on or before the Distribution Date occurring in the month during which such Periodic Advance is dueRemittance Date, the Trustee shall, in its capacity as successor Servicer, on or before the related Distribution Date, deposit in the Certificate Account an amount equal to the extent excess of (a) Advances required to be made by Section 8.15, make the Servicer that would have been deposited in such Periodic Advance to the extent provided hereby, provided that the Trustee has previously received the certificate of the Master Servicer described in the following sentence. The Master Servicer shall certify to the Trustee with respect to any such Distribution Date Certificate Account over (ib) the amount of Periodic Advances required of any Advance made by the Servicer (ii) the amount actually advancedwith respect to such Distribution Date; provided, (iii) the amount however, that the Trustee is required to advance hereunder and (iv) whether the Master Servicer has determined that it reasonably believes that such Periodic Advance is a Nonrecoverable Advance. Amounts advanced by the Trustee shall be deposited in the Certificate Account on the related Distribution Date. Notwithstanding the foregoing, the Trustee will not be obligated required to make a Periodic such Advance only if it is not prohibited by law from doing so and it has determined that it reasonably believes such Advance would be recoverable from amounts to be a Nonrecoverable Advance. The Trustee may conclusively rely for any determination to be made by it hereunder upon the determination of the Master Servicer as set forth in its certificate. (b) To the extent the Servicer fails to make an advance on account of the taxes or insurance premiums received with respect to a such Mortgage Loan required pursuant to the Servicing AgreementLoan, the Master Servicer shallincluding late payments, if the Master Servicer knows of such failure of the ServicerLiquidation Proceeds, certify to the Trustee that such failure has occurredInsurance Proceeds, or otherwise. Upon receipt of such certification, the Trustee shall advance such funds and take such steps as are necessary to pay such taxes or insurance premiums. (c) The Trustee shall be entitled to be reimbursed from the Certificate Account for any Periodic Advance Advances made by it under Section 3.03(a) to the extent described in Section 3.02(a)(i) and (a)(ii). The Trustee shall be entitled to be reimbursed pursuant to Section 3.02(a)(v) for any advance by it pursuant to this Section 3.03(b). The Master Servicer shall diligently pursue restoration of such amount to the Certificate Account from 5.04 as if it were the Servicer. The Master Servicer shall, to the extent it has not already done so, upon the request of the Trustee, withdraw from the Certificate Account and remit to the Trustee any amounts to which the Trustee is entitled as reimbursement pursuant to Section 3.02 (a)(i), (ii) and (v). (d) Except as provided in Section 3.03(a) and (b), the Trustee shall not be required to pay or advance any amount which the Servicer was required, but failed, to deposit in the Certificate Account.