Delinquency Advances. The Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in the Collection Account from its own funds an amount equal to such Delinquency Advance, (ii) cause to be made an appropriate entry in the records of the Custodial Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to make such Delinquency Advance or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Delinquency Advance. Any such funds being held in the Custodial Account for future distribution and so used shall be replaced by the Servicer from its own funds by deposit in such Custodial Account to the extent required on or before any future Servicer Remittance Date in which such funds would be due. The Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a Delinquency Advance required to be made pursuant to this Section 3.19, the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Serv...
Delinquency Advances. If, on any Servicer Remittance Date, the Servicer determines that any Monthly Payments due during the related Due Period have not been received as of the end of the related Due Period, the Servicer shall determine the amount of any Delinquency Advance required to be made with respect to the related Payment Date. The Servicer shall include in the amount to be deposited in the Payment Account on such Servicer Remittance Date an amount equal to the Delinquency Advance, if any, which deposit may be made in whole or in part from funds in the Collection Account being held for future payment or withdrawal on or in connection with Payment Dates in subsequent months, other than any such amounts which are voluntary Principal Prepayments in full. Any funds being held for future payment to Noteholders and so used shall be replaced by the Servicer from its own funds by deposit in the Collection Account on or before the Business Day preceding any future Servicer Remittance Date to the extent that funds in the Collection Account on such Servicer Remittance Date shall be less than the Servicer Remittance Amount for such Payment Date. The Servicer shall designate on its records the specific Mortgage Loans and related installments (or portions thereof) as to which such Delinquency Advance shall be deemed to have been made, such determination being conclusive for purposes of withdrawals from the Collection Account pursuant to Section 5.03 hereof.
Delinquency Advances. 242 Section 4.04 Allocation of Realized Losses and Additional Trust Fund Expenses......................................... 248 Section 4.05 Statements to Serviced B Note Holders................. 251 ARTICLE V THE CERTIFICATES......................................... 253 Section 5.01 The Certificates...................................... 253 Section 5.02 Registration of Transfer and Exchange of Certificates.......................................... 253 Section 5.03 Book-Entry Certificates............................... 258 Section 5.04 Mutilated, Destroyed, Lost or Stolen Certificates..... 260 Section 5.05 Persons Deemed Owners................................. 260 ARTICLE VI THE DEPOSITOR, THE MASTER SERVICER AND THE SPECIAL SERVICER................................................. 260 Section 6.01 Liability of the Depositor, the Master Servicer and the Special Servicer.................................. 260 Section 6.02 Merger, Consolidation or Conversion of the Depositor, the Master Servicer and the Special Servicer; Assignment of Rights and Delegation of Duties by the Master Servicer and the Special Servicer.............................................. 260 -iii- TABLE OF CONTENTS (continued)
Delinquency Advances. (a) On each Delinquency Advance Date, the Master Servicer shall either (i) deposit into the Distribution Account from its own funds an amount equal to the aggregate amount of Delinquency Advances with respect to the Mortgage Loans (including, without limitation, the Non-Serviced Mortgage Loans), if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account or, with respect to the Mortgage Loans related to the Serviced Whole Loans, the related Serviced Whole Loan Custodial Account allocable to such Mortgage Loans, for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make Delinquency Advances, or
Delinquency Advances. Recourse Provider and MuniMae shall each jointly and severally be obligated to make Delinquency Advances (or reimburse Servicer for Delinquency Advances) for each Mortgage Loan such that the Credit Enhancement Agreement related to such Mortgage Loan will not be called upon for payment by Fxxxxx Mxx (other than, in the case of a Credit Enhancement Agreement in the form of a mortgage-backed security, passing through the amount advanced by Recourse Provider). On and after the earlier of the Expiry Date or the Release Date with respect to a Mortgage Loan, neither Recourse Provider nor MuniMae shall be obligated to make any future Delinquency Advances for that Mortgage Loan. Recourse Provider and MuniMae each acknowledge and agree that they shall not be entitled to make Delinquency Advances directly from any Collateral held in the Collateral Account.
Delinquency Advances. Subsequent to the execution of this Transfer Agreement, AgFirst shall no longer be obligated to make Central Servicer Delinquency Advances with respect to the Loans. AgFirst will continue to report such information as may be required to the bond administrator for Xxxxxx Mac, currently American Southwest Financial, or such other administrator as may be later designated by Xxxxxx Mac.
Delinquency Advances. 130 SECTION 4.04 Allocation of Realized Losses and Additional Trust Fund Expenses............132 ARTICLE V THE CERTIFICATES..............................................133 SECTION 5.01 The Certificates..........................133 SECTION 5.02 Registration of Transfer and Exchange of Certificates...........................134 SECTION 5.03 Book-Entry Certificates...................140 SECTION 5.04 Mutilated, Destroyed, Lost or Stolen Certificates.......................141 SECTION 5.05 Persons Deemed Owners.....................141
Delinquency Advances. The Servicer in its sole and absolute discretion may, not later than a Payment Date, deposit into the Note Payment Account from its own funds an amount equal to any amounts due, but not collected, with respect to overdue Contract Payments, and may do so if and only if, in its good faith business judgment, the Servicer reasonably believes that such amount will ultimately be recovered from the related Contract Obligation. Such amounts are “Delinquency Advances.” The Servicer shall not make any such Delinquency Advances in the event that an Event of Default by the applicable Borrower under the related Promissory Note has occurred and is continuing. In the event any Contract Payments related to such a Delinquency Advance remain overdue for 60 days from the respective due date, the Trust and Noteholder(s) (if applicable) will, upon written request from the Servicer, repay to the Servicer the amount of the related Delinquency Advance, if the amounts due from the Borrower or the Contract Payment to which the Delinquency Advance relates has not been received by the Servicer from the Borrower or on the Contract Obligation. The Servicer shall in any event be permitted to reimburse itself for any Delinquency Advances paid from the Servicer’s own funds, first, from late collections on, or in respect to, the related overdue Contract Payment for which the Delinquency Advance was made, and, second, only after receipt of the final recovery from the related Government Obligor and/or the related Vendor that the Servicer reasonably expects to receive with respect to such Contract Payment pursuant to §5.11.
Delinquency Advances. No holder of such Mortgage Loan has, to CRIIMI MAE's knowledge, advanced funds or induced, solicited or knowingly received any advance of funds from a party other than the owner of the related Mortgaged Property, directly or indirectly, for the payment of any amount required by such Mortgage Loan.
Delinquency Advances. If a Delinquency by Participant occurs, then Lender shall be obligated to fund such Delinquent Amount. For the purposes hereof, any such advance by Lender (to the extent not repaid) shall be referred to as a “Delinquency Advance.” Any Delinquency Advance shall bear interest at the delinquency rate provided in the Note. Participant shall be obligated to repay to Lender on demand any Delinquency Advance. During any period of Delinquency (until its Delinquent Amount(s) and interest thereon shall have been repaid in full), Participant shall not be entitled to any payments under this Agreement; instead, such payments shall be applied in reduction of Participant’s Delinquent Amount(s) (and interest thereon) and distributed to or retained by Lender. For so long as such Delinquency Advance is not repaid in full with interest thereon, Lender shall have the option to increase the amount of its commitment by the unadvanced portion of Participant’s commitment (including the amount of the Delinquency Advance, which shall be deemed unadvanced for such purpose) and simultaneously to reduce the amount of Participant’s commitment by such unadvanced portion, at which time the Delinquent Participant shall have no further right to fund such future Advances, but shall otherwise not be relieved of any of its liabilities to the Lender pursuant to this Agreement; notwithstanding anything to the contrary in this Agreement, the Shares of Lender and Participant shall be simultaneously adjusted to reflect the change in the commitment amount of such parties.
