Common use of Collection of Trust Mortgage Loan Payments Clause in Contracts

Collection of Trust Mortgage Loan Payments. (a) The Master Servicers and the Special Servicer shall each undertake reasonable efforts consistent with the Servicing Standard to collect all payments required under the terms and provisions of the Serviced Mortgage Loans it is obligated to service hereunder and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures in accordance with the Servicing Standard; provided, however, nothing herein shall be construed as an express or implied guarantee by a Master Servicer or the Special Servicer of collectability; and provided, further, that with respect to the ARD Trust Mortgage Loans, so long as the related Mortgagor is in compliance with each provision of the related Trust Mortgage Loan documents, the applicable Master Servicer and the Special Servicer (including the Special Servicer in its capacity as a Certificateholder) shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Additional Interest or principal in excess of the principal component of the constant Periodic Payment, other than requests for collection, until the maturity date of the related Trust Mortgage Loan (provided that the applicable Master Servicer or the Special Servicer, as the case may be, may take action to enforce the Trust Fund's right to apply excess cash flow to principal in accordance with the terms of the Trust Mortgage Loan documents). Consistent with the foregoing and subject to Section 3.20, the Special Servicer, with regard to a Specially Serviced Mortgage Loan, or the applicable Master Servicer, with regard to a Serviced Mortgage Loan that is not a Specially Serviced Mortgage Loan, may waive any Penalty Interest or late payment charge in connection with any payment on a Serviced Mortgage Loan. (a) hereof; third, as a recovery of accrued and unpaid interest at the related Mortgage Rate on such Trust Mortgage Loan, to the extent such amounts have not been previously advanced, and exclusive of any portion thereof that constitutes Additional Interest; fourth, as a recovery of principal of such Trust Mortgage Loan then due and owing, to the extent such amounts have not been previously advanced, including, without limitation, by reason of acceleration of the Trust Mortgage Loan following a default thereunder; fifth, in accordance with the normal servicing practices of the applicable Master Servicer, as 106

Collection of Trust Mortgage Loan Payments. (a) The Master Servicers and the Special Servicer shall each undertake reasonable efforts consistent with the Servicing Standard to collect all payments required under the terms and provisions of the Serviced Mortgage Loans it is obligated to service hereunder and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures in accordance with the Servicing Standard; provided, however, nothing herein shall be construed as an express or implied guarantee by a Master Servicer or the Special Servicer of collectability; and provided, further, that with respect to the ARD Trust Mortgage Loans, so long as the related Mortgagor is in compliance with each provision of the related Trust Mortgage Loan documents, the applicable Master Servicer and the Special Servicer (including the Special Servicer in its capacity as a Certificateholder) shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Additional Interest or principal in excess of the principal component of the constant Periodic Payment, other than requests for collection, until the maturity date of the related Trust Mortgage Loan (provided that the applicable Master Servicer or the Special Servicer, as the case may be, may take action to enforce the Trust Fund's right to apply excess cash flow to principal in accordance with the terms of the Trust Mortgage Loan documents). Consistent with the foregoing and subject to Section 3.20, the Special Servicer, with regard to a Specially Serviced Mortgage Loan, or the applicable Master Servicer, with regard to a Serviced Mortgage Loan that is not a Specially Serviced Mortgage Loan, may waive any Penalty Interest or late payment charge in connection with any payment on a Serviced Mortgage Loan. . All amounts collected in respect of any Serviced Mortgage Loan in the form of payments from Mortgagors, Liquidation Proceeds (ainsofar as such Liquidation Proceeds are of the nature described in clauses (i) through (iii) of the definition thereof) or Insurance Proceeds shall be applied to either amounts due and owing under the related Mortgage Note and Mortgage (including, without limitation, for principal and accrued and unpaid interest) in accordance with the express provisions of the related Mortgage Note, loan agreement (if any) and Mortgage (and, with respect to any Serviced Loan Combination, the provisions of the related Co-Lender Agreement) or, if required pursuant to the express provisions of the related Mortgage (including as such may be modified), or as determined by the applicable Master Servicer or the Special Servicer in accordance with the Servicing Standard, to the repair or restoration of the related Mortgaged Property, and, with respect to each Serviced Mortgage Loan that is a Trust Mortgage Loan, in the absence of such express provisions, shall be applied for purposes of this Agreement: first, as a recovery of any related and unreimbursed Advances; second, as a recovery of Nonrecoverable Advances (including interest on such Nonrecoverable Advance) that were paid from collections on the other Trust Mortgage Loans and/or REO Trust Mortgage Loans and resulted in principal distributed to the Certificateholders being reduced pursuant to Section 3.05(a) hereof; third, as a recovery of accrued and unpaid interest at the related Mortgage Rate on such Trust Mortgage Loan, to the extent such amounts have not been previously advanced, and exclusive of any portion thereof that constitutes Additional Interest; fourth, as a recovery of principal of such Trust Mortgage Loan then due and owing, to the extent such amounts have not been previously advanced, including, without limitation, by reason of acceleration of the Trust Mortgage Loan following a default thereunder; fifth, in accordance with the normal servicing practices of the applicable Master Servicer, as 106a recovery of any other amounts then due and owing under such Trust Mortgage Loan (other than Additional Interest), including, without limitation, Prepayment Premiums, Yield Maintenance Charges and Penalty Interest; sixth, as a recovery of any remaining principal of such Trust Mortgage Loan to the extent of its entire remaining unpaid principal balance; and seventh, with respect to any ARD Trust Mortgage Loan after its Anticipated Repayment Date, as a recovery of any unpaid Additional Interest. All amounts actually received by the Trust with respect to the Outside Serviced Trust Mortgage Loans shall be allocated among interest, principal and/or prepayment consideration due thereon in accordance with the terms of any distribution date statement or servicer report received from the respective Outside Servicers with respect to such Outside Serviced Trust Mortgage Loans and, in the absence of any such statement or report, in accordance with the related Co-Lender Agreement and, in the absence of any allocation in the related Co-Lender Agreement, in accordance with the preceding sentences as if the subject Trust Mortgage Loan was a Serviced Trust Mortgage Loan (but with interest net of related Outside Servicing Fees). All amounts collected on any Trust Mortgage Loan in the form of Liquidation Proceeds of the nature described in clauses (iv) through (ix) of the definition thereof and Substitution Shortfall Amounts shall be deemed to be applied: first, as a recovery of any related and unreimbursed Advances; second, as a recovery of Nonrecoverable Advances (including interest on such Nonrecoverable Advance) that were paid from collections on the other Trust Mortgage Loans and/or REO Trust Mortgage Loans and resulted in principal distributed to the Certificateholders being reduced pursuant to Section 3.05(a) hereof; third, as a recovery of accrued and unpaid interest at the related Mortgage Rate on such Trust Mortgage Loan (net, in the case of the Outside Serviced Trust Mortgage Loans, of related Outside Servicing Fees) to but not including the Due Date in the Collection Period (or, in the case of an Outside Serviced Trust Mortgage Loan, the Underlying Collection Period) of receipt, to the extent such amounts have not been previously advanced, and exclusive of any portion thereof that constitutes Additional Interest; fourth, as a recovery of principal, to the extent such amounts have not been previously advanced, of such Trust Mortgage Loan to the extent of its entire unpaid principal balance; and fifth, with respect to any ARD Trust Mortgage Loan after its Anticipated Repayment Date, as a recovery of any unpaid Additional Interest; provided that Reserve Collateral (and proceeds thereof) shall not be applied in accordance with the foregoing provisions of this Section 2.04(a) unless and until such amounts are transferred to the Collection Account, and deemed to constitute Liquidation Proceeds in respect of such Trust Mortgage Loan, in accordance with Section 3.28(c). No such amounts shall be applied to the items constituting additional servicing compensation as described in the first sentence of either Section 3.11(b) or 3.11(d) unless and until all principal and interest then due and payable on such Trust Mortgage Loan has been collected. Amounts collected on any REO Trust Mortgage Loan or REO Serviced Non-Trust Mortgage Loan shall be deemed to be applied in accordance with the respective definitions thereof. The provisions of this paragraph with respect to the application of amounts collected on any Trust Mortgage Loan shall not alter in any way the right of a Master Servicer, the Special Servicer or any other Person to receive payments from the Collection Accounts as set forth in Section 3.05(a) or from an SLC Custodial Account as set forth in Section 3.05(e) from amounts so applied. (b) Promptly following the Closing Date, in the case of each Outside Serviced Trust Mortgage Loan, the Trustee shall send written notice, substantially in the form of Exhibit R hereto, to the related Outside Master Servicer, stating that, as of the Closing Date, the Trustee is the holder of such Outside Serviced Trust Mortgage Loan and directing the related Outside Master Servicer to remit to the applicable Master Servicer all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the applicable Master Servicer all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder of such Outside Serviced Trust Mortgage Loan under the related Co-Lender Agreement and the related Outside Servicing Agreement; provided that, with respect to any Outside Serviced Trust Mortgage Loan, if the Trustee is able to request the day on which such remittances are to be made each month, then the Trustee shall request that such remittances be made on the Business Day following the Determination Date in each month (or the earliest possible date thereafter, but in any event prior to the Distribution Date in each month); and provided, further, that, with respect to any Outside Serviced Trust Mortgage Loan, if the related Outside Master Servicer and the applicable Master Servicer are not both the same entity, and if the timing of monthly remittances with respect to such Outside Serviced Trust Mortgage Loan will be such that the applicable Master Servicer will be unable to timely forward such remittances to the Trustee, then the Trustee shall request that such remittances be made directly to the Trustee, for deposit in the Distribution Account, except that the Trustee shall forward to the applicable Master Servicer for deposit in its Collection Account that portion of such remittances that would have been permitted to be withdrawn from such Collection Account pursuant to any of clauses (ii)-(xxi) of Section 3.05(a) if such portion had been on deposit in such Collection Account. The applicable Master Servicer (or, if applicable, the Trustee) shall promptly deposit into its Collection Account (or, if applicable, the Distribution Account) all amounts received by it from any Outside Servicer or any other party under the related Outside Servicing Agreement and/or the related Co-Lender Agreement with respect to any Outside Serviced Trust Mortgage Loan, the related Mortgaged Property or any related REO Property. In connection with the foregoing, with respect to each Outside Serviced Trust Mortgage Loan, the applicable Master Servicer (or, if applicable, the Trustee) shall provide the Outside Master Servicer wiring instructions for remittances to such Master Servicer (or, if applicable, the Trustee). In the event that, during any calendar month, the applicable Master Servicer (or, if applicable, the Trustee) fails to so receive any amounts due to the holder of an Outside Serviced Trust Mortgage Loan under the related Co-Lender Agreement and/or the related Outside Servicing Agreement by the close of business on the applicable remittance date in such calendar month, then such Master Servicer (or, if applicable, the Trustee) shall promptly (i) notify the related Outside Master Servicer and any related Outside Trustee that such amounts due with respect to such Outside Serviced Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto have not been received (specifying the amount of such deficiency), (ii) make inquiry of the related Outside Master Servicer and any related Outside Trustee (and, to the extent learned, inform the Trustee, if the applicable Master Servicer is making the inquiry, or the applicable Master Servicer, if the Trustee is making the inquiry) as to the reason that such amounts have not been timely received, (iii) as and to the extent appropriate, request that the related Outside Master Servicer promptly remedy such failure to make a payment and (iv) make (or, in the case of the Trustee, direct the applicable Master Servicer to make) a P&I Advance with respect to such amounts as and if required by the terms of this Agreement in accordance with Section 4.03 (but only to the extent that the failure to receive such payments from the related Outside Master Servicer was as a result of the related Outside Servicers not receiving those payments). Further, in accordance with Section 4.03, in the event that the applicable Master Servicer fails to make such P&I Advance with respect to an Outside Serviced Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, then the Trustee or, if it fails to do so, any Fiscal Agent, shall make such P&I Advance. Notwithstanding anything herein to the contrary, all amounts received from an Outside Servicer with respect to an Outside Serviced Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto during the period following the Determination Date through and including the P&I Advance Date in any calendar month shall, for purposes of calculating distributions on the Certificates (including the Available Distribution Amount and the Principal Distribution Amount for the applicable Distribution Date, as well as the amount of required P&I Advances and the amount to be remitted by the applicable Master Servicer to the Trustee on the applicable P&I Advance Date), be deemed to have been received by the Trust during the Collection Period ending on such Determination Date, if and to the extent that such amounts are actually received by the applicable Master Servicer no later than 2:00 p.m., New York City time, on the first P&I Advance Date following the end of such Collection Period or by the Trustee no later than the close of business, New York City time, on the first P&I Advance Date following the end of such Collection Period; provided that, if and to the extent that such amounts are not actually so received by the applicable Master Servicer as of 2:00 p.m., New York City time, on the first P&I Advance Date following the end of such Collection Period or by the Trustee no later than the close of business, New York City time, on the first P&I Advance Date following the end of such Collection Period, then such amounts shall be deemed received, for such purposes, during such other Collection Period that they are actually so received by the applicable Master Servicer or the Trustee. (c) Within 60 days after the later of (i) the Closing Date and (ii) the applicable Master Servicer's receipt of the applicable letter of credit, the applicable Master Servicer shall notify each provider of a letter of credit for each Serviced Trust Mortgage Loan identified as having a letter of credit on the Mortgage Loan Schedule, that the Trust Fund in care of the applicable Master Servicer on behalf of the Trustee for the benefit of the Certificateholders shall be the beneficiary under each such letter of credit. If a draw upon a letter of credit is needed before its transfer to the Trust Fund can be completed, the applicable Mortgage Loan Seller shall draw upon such letter of credit for the benefit of the Trust pursuant to written instructions from the applicable Master Servicer. (d) In the event that a Master Servicer or Special Servicer receives Additional Interest in any Collection Period, or receives notice from the related Mortgagor that a Master Servicer or Special Servicer will be receiving Additional Interest in any Collection Period, then such Master Servicer or Special Servicer, as applicable, will promptly notify the Trustee. Subject to the provisions of Section 3.02(a) hereof, none of the Master Servicers, the Trustee or the Special Servicer shall be responsible for any such Additional Interest not collected after notice from the related Mortgagor. (e) With respect to any Serviced Mortgage Loan in connection with which the Mortgagor was required to escrow funds or to post a letter of credit related to obtaining certain performance objectives described in the applicable Serviced Mortgage Loan documents, the applicable Master Servicer shall, to the extent consistent with the Servicing Standard, hold such escrows, letters of credit and proceeds thereof as additional collateral and not apply such items to reduce the principal balance of such Serviced Mortgage Loan unless otherwise required to do so pursuant to the applicable Serviced Mortgage Loan documents.

Collection of Trust Mortgage Loan Payments. (a) The Master Servicers and the Special Servicer shall each undertake reasonable efforts consistent with the Servicing Standard to collect all payments required under the terms and provisions of the Serviced Mortgage Loans it is obligated to service hereunder and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures in accordance with the Servicing Standard; provided, however, nothing herein shall be construed as an express or implied guarantee by a Master Servicer or the Special Servicer of collectability; and provided, further, that with respect to the ARD Trust Mortgage Loans, so long as the related Mortgagor is in compliance with each provision of the related Trust Mortgage Loan documents, the applicable Master Servicer and the Special Servicer (including the Special Servicer in its capacity as a Certificateholder) shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Additional Interest or principal in excess of the principal component of the constant Periodic Payment, other than requests for collection, until the maturity date of the related Trust Mortgage Loan (provided that the applicable Master Servicer or the Special Servicer, as the case may be, may take action to enforce the Trust Fund's right to apply excess cash flow to principal in accordance with the terms of the Trust Mortgage Loan documents). Consistent with the foregoing and subject to Section 3.20, the Special Servicer, with regard to a Specially Serviced Mortgage Loan, or the applicable Master Servicer, with regard to a Serviced Mortgage Loan that is not a Specially Serviced Mortgage Loan, may waive any Penalty Interest or late payment charge in connection with any payment on a Serviced Mortgage Loan. . All amounts collected in respect of any Serviced Mortgage Loan in the form of payments from Mortgagors, Liquidation Proceeds (ainsofar as such Liquidation Proceeds are of the nature described in clauses (i) through (iii) of the definition thereof) or Insurance Proceeds shall be applied to either amounts due and owing under the related Mortgage Note and Mortgage (including, without limitation, for principal and accrued and unpaid interest) in accordance with the express provisions of the related Mortgage Note, loan agreement (if any) and Mortgage (and, with respect to any Serviced Loan Combination, the provisions of the related Co-Lender Agreement) or, if required pursuant to the express provisions of the related Mortgage (including as such may be modified), or as determined by the applicable Master Servicer or the Special Servicer in accordance with the Servicing Standard, to the repair or restoration of the related Mortgaged Property, and, with respect to each Serviced Mortgage Loan that is a Trust Mortgage Loan, in the absence of such express provisions, shall be applied for purposes of this Agreement: first, as a recovery of any related and unreimbursed Advances; second, as a recovery of Nonrecoverable Advances (including interest on such Nonrecoverable Advance) that were paid from collections on the other Trust Mortgage Loans and/or REO Trust Mortgage Loans and resulted in principal distributed to the Certificateholders being reduced pursuant to Section 3.05(a) hereof; third, as a recovery of accrued and unpaid interest at the related Mortgage Rate on such Trust Mortgage Loan, to the extent such amounts have not been previously advanced, and exclusive of any portion thereof that constitutes Additional Interest; fourth, as a recovery of principal of such Trust Mortgage Loan then due and owing, to the extent such amounts have not been previously advanced, including, without limitation, by reason of acceleration of the Trust Mortgage Loan following a default thereunder; fifth, in accordance with the normal servicing practices of the applicable Master Servicer, as 106a recovery of any other amounts then due and owing under such Trust Mortgage Loan (other than Additional Interest), including, without limitation, Prepayment Premiums, Yield Maintenance Charges and Penalty Interest; sixth, as a recovery of any remaining principal of such Trust Mortgage Loan to the extent of its entire remaining unpaid principal balance; and seventh, with respect to any ARD Trust Mortgage Loan after its Anticipated Repayment Date, as a recovery of any unpaid Additional Interest. All amounts actually received by the Trust with respect to the Outside Serviced Trust Mortgage Loans shall be allocated among interest, principal and/or prepayment consideration due thereon in accordance with the terms of any distribution date statement or servicer report received from the respective Outside Servicers with respect to such Outside Serviced Trust Mortgage Loans and, in the absence of any such statement or report, in accordance with the related Co-Lender Agreement and, in the absence of any allocation in the related Co-Lender Agreement, in accordance with the preceding sentences as if the subject Trust Mortgage Loan was a Serviced Trust Mortgage Loan (but with interest net of related Outside Servicing Fees). All amounts collected on any Trust Mortgage Loan in the form of Liquidation Proceeds of the nature described in clauses (iv) through (ix) of the definition thereof and Substitution Shortfall Amounts shall be deemed to be applied: first, as a recovery of any related and unreimbursed Advances; second, as a recovery of Nonrecoverable Advances (including interest on such Nonrecoverable Advance) that were paid from collections on the other Trust Mortgage Loans and/or REO Trust Mortgage Loans and resulted in principal distributed to the Certificateholders being reduced pursuant to Section 3.05(a) hereof; third, as a recovery of accrued and unpaid interest at the related Mortgage Rate on such Trust Mortgage Loan (net, in the case of the Outside Serviced Trust Mortgage Loans, of related Outside Servicing Fees) to but not including the Due Date in the Collection Period (or, in the case of an Outside Serviced Trust Mortgage Loan, the Underlying Collection Period) of receipt, to the extent such amounts have not been previously advanced, and exclusive of any portion thereof that constitutes Additional Interest; fourth, as a recovery of principal, to the extent such amounts have not been previously advanced, of such Trust Mortgage Loan to the extent of its entire unpaid principal balance; fifth, as a recovery of any applicable Early Defeasance Yield Maintenance Payments; and sixth, with respect to any ARD Trust Mortgage Loan after its Anticipated Repayment Date, as a recovery of any unpaid Additional Interest. No such amounts shall be applied to the items constituting additional servicing compensation as described in the first sentence of either Section 3.11(b) or 3.11(d) unless and until all principal and interest then due and payable on such Trust Mortgage Loan has been collected. Amounts collected on any REO Trust Mortgage Loan or REO Serviced Non-Trust Mortgage Loan shall be deemed to be applied in accordance with the respective definitions thereof. The provisions of this paragraph with respect to the application of amounts collected on any Trust Mortgage Loan shall not alter in any way the right of a Master Servicer, the Special Servicer or any other Person to receive payments from the Collection Accounts as set forth in Section 3.05(a) or from an SLC Custodial Account as set forth in Section 3.05(e) from amounts so applied. (b) Promptly following the Closing Date, in the case of the Outside Serviced Trust Mortgage Loans, the Trustee shall send written notice, substantially in the form of Exhibit R hereto, to the related Outside Master Servicers, stating that, as of the Closing Date, the Trustee is the holder of each Outside Serviced Trust Mortgage Loan and directing such Outside Master Servicer to remit to Master Servicer No. 1 all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Master Servicer No. 1 all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder of such Outside Serviced Trust Mortgage Loan under the related Co-Lender Agreement and the related Outside Servicing Agreement; provided that, with respect to the Ala Moana Portfolio Trust Mortgage Loan, if the Trustee is able to request the day on which such remittances are to be made each month, then the Trustee shall request that such remittances be made on the Business Day following the Determination Date in each month (or the earliest possible date thereafter, but in any event prior to the Distribution Date in each month); and provided, further, that, with respect to the Ala Moana Portfolio Trust Mortgage Loan, if the related Outside Master Servicer and Master Servicer No. 1 are not both the same entity, and if the timing of monthly remittances with respect to any Outside Serviced Mortgage Loans will be such that Master Servicer No. 1 will be unable to timely forward such remittances to the Certificate Administrator, then the Trustee shall request that such remittances be made directly to the Certificate Administrator, for deposit in the Distribution Account, except that the Certificate Administrator shall forward to Master Servicer No. 1, for deposit in Master Servicer No. 1's Collection Account, that portion of such remittances that would have been permitted to be withdrawn from such Collection Account pursuant to any of clauses (ii)-(xxi) of Section 3.05(a) if such portion had been on deposit in the Collection Account. Master Servicer No. 1 (or, if applicable, the Certificate Administrator) shall promptly deposit into its Collection Account (or, if applicable, the Distribution Account) all amounts received by it from any Outside Servicer or any other party under the related Outside Servicing Agreement and/or the related Co-Lender Agreement with respect to any Outside Serviced Trust Mortgage Loans, the related Mortgaged Property or any related REO Property. In connection with the foregoing, Master Servicer No. 1 (or, if applicable, the Certificate Administrator) shall provide the Outside Master Servicer wiring instructions for remittances to Master Servicer No. 1 (or, if applicable, the Certificate Administrator). In the event that, during any calendar month, Master Servicer No. 1 (or, if applicable, the Certificate Administrator) fails to so receive any amounts due to the holder of an Outside Serviced Trust Mortgage Loan under the related Co-Lender Agreement and/or the related Outside Servicing Agreement by the close of business on the applicable remittance date in such calendar month, then Master Servicer No. 1 (or, if applicable, the Certificate Administrator) shall promptly (i) notify the related Outside Master Servicer and any related Outside Trustee that such amounts due with respect to such Outside Serviced Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto have not been received (specifying the amount of such deficiency), (ii) make inquiry of the related Outside Master Servicer and any related Outside Trustee (and, to the extent learned, inform the Trustee and either the Certificate Administrator, if Master Servicer No. 1 is making the inquiry, or Master Servicer No. 1, if the Certificate Administrator is making the inquiry) as to the reason that such amounts have not been timely received, (iii) as and to the extent appropriate, request that the related Outside Master Servicer promptly remedy such failure to make a payment and (iv) make (or, in the case of the Certificate Administrator, direct Master Servicer No. 1 to make) a P&I Advance with respect to such amounts as and if required by the terms of this Agreement in accordance with Section 4.03 (but only to the extent that the failure to receive such payments from the related Outside Master Servicer was as a result of the related Outside Servicers not receiving those payments). Further, in accordance with Section 4.03, in the event that Master Servicer No. 1 fails to make such P&I Advance with respect to an Outside Serviced Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto, then the Trustee or, if it fails to do so, any Fiscal Agent, shall make such P&I Advance. Notwithstanding anything herein to the contrary, all amounts received from an Outside Servicer with respect to an Outside Serviced Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto during the period following the Determination Date through and including the P&I Advance Date in any calendar month shall, for purposes of calculating distributions on the Certificates (including the Available Distribution Amount, the Net Available Distribution Amount, the Net Principal Distribution Amount and the Principal Distribution Amount for the applicable Distribution Date, as well as the amount of required P&I Advances and the amount to be remitted by Master Servicer No. 1 to the Certificate Administrator on the applicable P&I Advance Date), be deemed to have been received by the Trust during the Collection Period ending on such Determination Date, if and to the extent that such amounts are actually received by Master Servicer No. 1 no later than 2:00 p.m., New York City time, on the first P&I Advance Date following the end of such Collection Period or by the Certificate Administrator no later than the close of business, New York City time, on the first P&I Advance Date following the end of such Collection Period; provided that, if and to the extent that such amounts are not actually so received by Master Servicer No. 1 as of 2:00 p.m., New York City time, on the first P&I Advance Date following the end of such Collection Period or by the Certificate Administrator no later than the close of business, New York City time, on the first P&I Advance Date following the end of such Collection Period, then such amounts shall be deemed received, for such purposes, during such other Collection Period that they are actually so received by Master Servicer No. 1 or the Certificate Administrator. (c) Within 60 days after the later of (i) the Closing Date and (ii) the applicable Master Servicer's receipt of the applicable letter of credit, the applicable Master Servicer shall notify each provider of a letter of credit for each Serviced Trust Mortgage Loan identified as having a letter of credit on the Mortgage Loan Schedule, that the applicable Master Servicer or the Special Servicer on behalf of the Trustee for the benefit of the Certificateholders shall be the beneficiary under each such letter of credit. If a draw upon a letter of credit is needed before its transfer to the Trust Fund can be completed, the applicable Mortgage Loan Seller shall draw upon such letter of credit for the benefit of the Trust pursuant to written instructions from the applicable Master Servicer. (d) In the event that a Master Servicer or Special Servicer receives Additional Interest in any Collection Period, or receives notice from the related Mortgagor that a Master Servicer or Special Servicer will be receiving Additional Interest in any Collection Period, then such Master Servicer or Special Servicer, as applicable, will promptly notify the Certificate Administrator. Subject to the provisions of Section 3.02(a) hereof, none of the Master Servicers, the Certificate Administrator or the Special Servicer shall be responsible for any such Additional Interest not collected after notice from the related Mortgagor. (e) With respect to any Serviced Mortgage Loan in connection with which the Mortgagor was required to escrow funds or to post a letter of credit related to obtaining certain performance objectives described in the applicable Serviced Mortgage Loan documents, the applicable Master Servicer shall, to the extent consistent with the Servicing Standard, hold such escrows, letters of credit and proceeds thereof as additional collateral and not apply such items to reduce the principal balance of such Serviced Mortgage Loan unless otherwise required to do so pursuant to the applicable Serviced Mortgage Loan documents.