Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any Advance previously made by the Trustee constitutes, or any proposed Advance, if made by the Trustee, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes. (b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable. (c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 17 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any Advance previously made by the Trustee constitutes, or any proposed Advance, if made by the Trustee, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes. Any determination by the Special Servicer that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes a Nonrecoverable Advance shall be conclusive and binding on the Master Servicer and the Trustee, and the Master Servicer and Trustee shall be entitled to rely conclusively on any such determination by the Special Servicer.
(b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer has previously determined in accordance with the Servicing Standard to be a Nonrecoverable Advance (or and, with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, shall not be required to make an Advance that the related Other Master Servicer) Servicer has previously determined to be a Nonrecoverable Advance). Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be conclusively relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 12 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party mayFiscal Agent, consistent with the Servicing Standard in Paying Agent and the case Operating Adviser similar to the Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 TOP 17)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and ), the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) and, subject to Section 5.7, the Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any Advance previously made by the Trustee constitutes, or any proposed Advance, if made by the Trustee, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and ), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), and subject to Section 5.7, the Rating Agencies, stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by and such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or Properties, and (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or and the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4)
Evidence of Nonrecoverability. (a) If the a Master Servicer or the applicable Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositorapplicable Master Servicer or the applicable Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan PairRating Agencies promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the applicable Master Servicer’s 's or applicable Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls (with respect to mortgaged properties other than residential cooperative properties), occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the applicable Master Servicer or the applicable Special Servicer, as applicable, Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Servicer and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations Officer's Certificate of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the a Master Servicer or the a Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard Servicer described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the applicable Master Servicer or the applicable Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master ServicerServicers, the Special Servicer Servicers or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the applicable Master Servicer or the applicable Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the applicable Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Certificateholders and may, in all cases, be relied on by the Trustee; provided, however, that the applicable Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee notice of such determination; provided, further, however, the applicable Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by the applicable Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the applicable Master Servicer or Trustee, as applicable. Absent bad faith, such determination by the Certificate Administrator applicable Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicers and the Trustee. Absent bad faith or breach of the servicing standard under the 2007-HQ11 Pooling and Servicing Agreement known to the General Master Servicer or the Trustee, as applicable, the determination as to the nonrecoverability of any principal and interest advance made or proposed to be made with respect to the Non-Trust-Serviced Companion Loan pursuant to the 2007-HQ11 Pooling and Servicing Agreement, shall be conclusive and binding on the Certificateholders and may may, in all cases, be relied on by the Trustee and each other. The the General Master Servicer unless the Trustee or the Special General Master Servicer, as applicablethe case may be, has been advised by the 2007-HQ11 Trustee or the 2007-Master Servicer that the party who made such nonrecoverability determination no longer has the required rating under the 2007-HQ11 Pooling and Servicing Agreement. The applicable Master Servicer shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any With respect to the Non-Trust-Serviced Mortgage Loan Pari Passu Loan, the 2007-HQ11 Master Servicer, Nonthe 2007-Serviced Mortgage Loan Trustee or NonHQ11 Special Servicer and the 2007-Serviced Mortgage Loan Fiscal AgentHQ11 Trustee, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and with respect to the extent set forth in the related Non-Trust Serviced Mortgage Pari Passu Loan Intercreditor Agreement serviced by the 2007-HQ11 Master Servicer or the 2007-HQ11 Special Servicer (with, in each case, any accrued and unpaid interest thereon provided for under the related Non2007-Serviced Mortgage Loan HQ11 Pooling and Servicing Agreement) in the manner set forth in Section 5.25.2(a) Subsection (I)(ii) and 5.2(a) Subsection (I)(iii).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq13)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, Master Servicer (in the Certificate Administrator, case of any such determination by the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control PeriodSpecial Servicer), the Controlling Class Representative Special Servicer (during in the case of any Subordinate Control Period such determination by the Master Servicer), the Operating Adviser and any Collective Consultation Period) the Rating Agencies (and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Servicer and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect provided, that the Special Servicer shall have no obligation to other Mortgage Loansmake such determination), A/B Whole Loans or Loan Pairs whichsuch determination shall be evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, at delivered to the time of such considerationDepositor, the reimbursement of which is being deferred or delayed by the Master Servicer, the Trustee and the Operating Adviser similar to the Officer's Certificate of the Master Servicer described above. For the avoidance of doubt, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact shall not have any right to revise any nonrecoverability determination that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of have been made by the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case Trustee. Each of the Master Servicer or and the Special Servicer, obtain from Trustee shall be entitled to rely on any nonrecoverability determination that is made by the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) as aforesaid. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and 's or the Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Trustee and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 HQ5)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer or the Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderOperating Adviser, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Rating Agencies and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole the Serviced Loan or a Loan PairGroup promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls (with respect to mortgaged properties other than residential cooperative properties), occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, Operating Adviser and the holder of any related B Note or the Serviced Companion Loan (if the Advance relates to an A/B Whole the Serviced Loan or a Loan Pair, as applicable), Group similar to the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) prior sentence. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment orand, with respect to the Master Servicer or the Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the TrusteeCertificateholders and, in the case of the Serviced Companion Loan, the Certificate Administrator holder of such Serviced Companion Loan, as applicable, and the Certificateholders and may may, in all cases, be relied on by the Trustee and each otherthe Fiscal Agent; provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee notice of such determination. Absent bad faith, such determination by the Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicer, the Trustee and the Fiscal Agent. Absent bad faith or breach of the servicing standard under the applicable Other Pooling and Servicing Agreement known to the Master Servicer, the Trustee or the Fiscal Agent, as applicable, the determination as to the nonrecoverability of any advance made with respect to any Non-Trust-Serviced Pari Passu Loan pursuant to such applicable Other Pooling and Servicing Agreement, shall be conclusive and binding on the Certificateholders and may, in all cases, be relied on by the Trustee and the Master Servicer. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any With respect to each Non-Serviced Mortgage Loan Master Servicer, NonTrust-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal AgentPari Passu Loan, as applicable, each Other Master Servicer and Other Special Servicer shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and with respect to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement Pari Passu Loans serviced by such Other Master Servicer or Other Special Servicer (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan applicable Other Pooling and Servicing Agreement) in the manner set forth in Section 5.25.2(a) Subsection (I)(ii) and 5.2(a) Subsection (I)(iii).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 IQ8)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party mayFiscal Agent, consistent with the Servicing Standard in Paying Agent and the case Operating Adviser similar to the Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor 107 shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Top16), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2004-Top16)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any Advance previously made by the Trustee constitutes, or any proposed Advance, if made by the Trustee, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Special Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information ProviderOperating Adviser (and, solely with respect to a Pari Passu Loan, the Trust Advisor related Other Operating Adviser, if any) and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or B Note P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate AdministratorPaying Agent and the Operating Adviser (and, solely with respect to a Pari Passu Loan, the 17g-5 Information Providerrelated Other Operating Adviser, if any) similar to the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or prior sentence. If the Special Servicer (among other things), future expenses and/or the timing determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or Trustee, the Trustee because there is insufficient principal available for such reimbursementFiscal Agent, in light of the fact that proceeds on Paying Agent and the Operating Adviser (and, solely with respect to a Pari Passu Loan, the related Mortgage LoanOther Operating Adviser, A/B Whole Loan or Loan Pair are a source of recovery not only for if any) similar to the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to the Paying Agent and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2Certificateholders.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9)
Evidence of Nonrecoverability. (a) If Notwithstanding anything herein to the contrary, no Advance shall be required to be made hereunder if such Advance would, if made, constitute a Nonrecoverable Advance. In addition, Nonrecoverable Advances shall be reimbursable pursuant to Section 5.2 out of general collections on the Mortgage Loans and REO Properties on deposit in the Collection Account. The determination by the Master Servicer or Servicer, the Special Servicer determines at any timeor, in its sole discretionif applicable, exercised in good faiththe Trustee or the Fiscal Agent, that any it has made a Nonrecoverable Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or that any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) be made by the Master Servicer, no less than one Business Day prior to the Distribution related P&I Advance Date. Such Officer’s Certificate shall set ) to the Trustee (or, if applicable, retained thereby) and the Depositor, setting forth the reasons basis for such determination of nonrecoverabilitydetermination, together with, with (if such determination is prior to the extent liquidation of the related Mortgage Loan or REO Property) a copy of an Appraisal or internal evaluation of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the twelve months preceding such informationdetermination, report or document is in and further accompanied by any other information that the Master Servicer’s Servicer or the Special Servicer’s possessionServicer may have obtained and that supports such determination. If such an Appraisal or internal evaluation shall not have been required and performed pursuant to the terms of this Agreement, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicablethe case may be, may, subject to determine its reasonable and good faith determination that any P&I Advance or Servicing such Appraisal will demonstrate the nonrecoverability of the related Advance, as applicable, would be a Nonrecoverable Advance, any related financial information obtain an Appraisal for such as related income and purpose at the expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any Advance previously made by the Trustee constitutes, or any proposed Advance, if made by the Trustee, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate of a Responsible Officer of the Trust payable out of the Collection Account. The Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party Fiscal Agent shall each be entitled (i) to consider (among other things) the obligations rely on any determination of the Mortgagor under the terms of the Mortgage Loan as it nonrecoverability that may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified made by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery with respect to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable particular Advance, and the Master Servicer shall be entitled to give due regard to the existence rely on any determination of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed nonrecoverability that may have been made by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in particular Advance and shall have no obligation to make a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision separate determination of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicablerecoverability.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Com Mort Ps THR Cer Se 1998-Cf1), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced WestShore Plaza Companion Loan (if the Advance relates to an A/B Whole Loan or a the Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party mayFiscal Agent, consistent with the Servicing Standard in Paying Agent and the case Operating Adviser similar to the Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a the Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Ii Inc), Pooling and Servicing Agreement (Bear Stearns Commercial Mort Sec Tru 2003-Top12)
Evidence of Nonrecoverability. (a) If the a Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositorapplicable Master Servicer or the Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, Operating Adviser and the Trust Advisor Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or a Serviced Companion Loan (Loan, if the Advance relates to an A/B Whole the related Serviced Loan or a Loan PairGroup) promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the applicable Master Servicer’s 's or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the applicable Master Servicer or the Special Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the applicable Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations Officer's Certificate of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the a Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) prior sentence. The Trustee shall not be required to make an Advance that the applicable Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master ServicerServicers, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the applicable Master Servicer or the Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the applicable Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may may, in all cases, be relied on by the Trustee; provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee and each other. The notice of such determination; provided, further, however, the Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by the Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the applicable Master Servicer or the Special ServicerTrustee, as applicable. Absent bad faith, such determination by the Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicers and the Trustee. The applicable Master Servicer shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to the Paying Agent and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2Certificateholders.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2002 Top6)
Evidence of Nonrecoverability. 104-
(a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party mayFiscal Agent, consistent with the Servicing Standard in Paying Agent and the case Operating Adviser similar to the Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top18), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top18)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, Operating Adviser and the Trust Advisor Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to the Paying Agent and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2Certificateholders.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
Evidence of Nonrecoverability. (a) If Notwithstanding anything herein to the contrary, no Advance shall be required to be made hereunder if such Advance would, if made, constitute a Nonrecoverable Advance. In addition, Nonrecoverable Advances shall be reimbursable pursuant to Section 5.2 out of general collections on the Mortgage Loans and REO Properties on deposit in the Collection Account. The determination by the Master Servicer or Servicer, the Special Servicer determines at any timeor, in its sole discretionif applicable, exercised in good faiththe Trustee or the Fiscal Agent, that any it has made a Nonrecoverable Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or that any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) be made by the Master Servicer, no less than one Business Day prior to the Distribution related P&I Advance Date. Such Officer’s Certificate shall set ) to the Trustee (or, if applicable, retained thereby) and the Depositor, setting forth the reasons basis for such determination of nonrecoverabilitydetermination, together with, with (if such determination is prior to the extent liquidation of the related Mortgage Loan or REO Property) a copy of an Appraisal or internal evaluation of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the twelve months preceding such informationdetermination, report or document is in and further accompanied by any other information that the Master Servicer’s Servicer or the Special Servicer’s possessionServicer may have obtained and that supports such determination. If such an Appraisal or internal evaluation shall not have been required and performed pursuant to the terms of this Agreement, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicablethe case may be, may, subject to determine its reasonable and good faith determination that any P&I Advance or Servicing such Appraisal will demonstrate the nonrecoverability of the related Advance, as applicable, would be a Nonrecoverable Advance, any related financial information obtain an Appraisal for such as related income and purpose at the expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any Advance previously made by the Trustee constitutes, or any proposed Advance, if made by the Trustee, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate of a Responsible Officer of the Trust payable out of the Collection Account. The Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party Fiscal Agent shall each be entitled (i) to consider (among other things) the obligations rely on any determination of the Mortgagor under the terms of the Mortgage Loan as it nonrecoverability that may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified made by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery with respect to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable particular Advance, and the Master Servicer shall be entitled to give due regard to the existence rely on any determination of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed nonrecoverability that may have been made by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable particular Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any Advance previously made by the Trustee constitutes, or any proposed Advance, if made by the Trustee, would constitute, a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by and such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or Properties, and (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or and the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Servicing Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorSpecial Servicer, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Servicer and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital 1 Inc Series 2000-Prin)
Evidence of Nonrecoverability. (a) If the applicable Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, applicable Master Servicer (in the Certificate Administrator, case of any such determination by the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control PeriodSpecial Servicer), the Controlling Class Representative Paying Agent, the Special Servicer (during in the case of any Subordinate Control Period such determination by the applicable Master Servicer), the Operating Adviser and any Collective Consultation Period) the Rating Agencies (and the holder of the related Serviced Companion Mortgage Loan if the Advance relates to a Loan Pair, and the holder of the B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicableMortgage Loan) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the applicable Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the applicable Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the applicable Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations Officer's Certificate of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the applicable Master Servicer or the Special Servicer described in the prior sentence. If the Special Servicer determines at any time that any portion of an Advance previously made would constitute a Nonrecoverable Advance (among other thingsprovided, that the Special Servicer shall have no obligation to make such determination), future expenses and/or such determination shall be evidenced by an Officer's Certificate of a Responsible Officer of the timing Special Servicer, delivered to the Depositor, the applicable Master Servicer, the Trustee, the Fiscal Agent, the Paying Agent and the Operating Adviser similar to the Officer's Certificate of recovery the applicable Master Servicer described above. For the avoidance of doubt, the Special Servicer shall not have any right to such partyrevise any nonrecoverability determination that may have been made by the applicable Master Servicer, the Trustee or the Fiscal Agent. In additionEach of the applicable Master Servicer, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, the Trustee and the Fiscal Agent shall be entitled to give due regard to the existence of rely on any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which nonrecoverability determination that is being deferred or delayed made by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayedaforesaid. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the applicable Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the applicable Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the A Master Servicer’s and 's or the Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The applicable Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq6), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq6)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Special Servicer by the Business Day prior to the Distribution Date. Such Officer’s Certificate 's Certificates shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals appraisals performed in accordance with MAI standards within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advancethe Fiscal Agent is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or an officer of the Fiscal Agent delivered to the Depositor, the Master Servicer, Servicer and the Special Servicer, Servicer similar to the Officer's Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or Neither the Trustee because there is insufficient principal available for such reimbursement, in light of nor the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of neither the Master Servicer, the Special Servicer or Trustee, nor the Trustee Fiscal Agent, as applicable, shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced RSA Companion Loan (if the Advance relates to an A/B Whole Loan or a the Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party mayFiscal Agent, consistent with the Servicing Standard in Paying Agent and the case Operating Adviser similar to the Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage the Xxxx Xxxxxxx Tower Pari Passu Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to the Paying Agent and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2Certificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Trust 2003-Top 11)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the 116 Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party may, consistent with Paying Agent and the Servicing Standard in Operating Adviser similar to the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) set forth above. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the Master Servicer or the Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance; provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee notice of such determination; provide, further, however, the Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by the Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the Master Servicer or Trustee, as applicable. Absent bad faith, such determination by the Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicer and the Trustee. The Master Servicer’s 's and the Special Servicer’s 's determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or and the Special Servicer, as applicable, Servicer shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Hq12)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Trustee and the holder of Paying Agent, and the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Special Servicer by the Business Day prior to the Distribution Date. Such Officer’s Certificate 's Certificates shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals appraisals performed in accordance with MAI standards within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard similar to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light Officer's Certificate of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard Servicer described in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) prior sentence. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master The Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Evidence of Nonrecoverability. (a) If the a Master Servicer or the applicable Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositorapplicable Master Servicer or the applicable Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan PairRating Agencies promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the applicable Master Servicer’s 's or applicable Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls (with respect to mortgaged properties other than residential cooperative properties), occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the applicable Master Servicer or the applicable Special Servicer, as applicable, Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations Officer's Certificate of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the a Master Servicer or the a Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard Servicer described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the applicable Master Servicer or the applicable Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master ServicerServicers, the Special Servicer Servicers or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the applicable Master Servicer or the applicable Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the applicable Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may may, in all cases, be relied on by the Trustee; provided, however, that the applicable Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee and each other. The notice of such determination; provided, further, however, the applicable Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by the applicable Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the applicable Master Servicer or the Special ServicerTrustee, as applicable. Absent bad faith, such determination by the applicable Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicers and the Trustee. The applicable Master Servicer shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ10)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(cb) Any NonThe 2000-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, WF2 Servicer shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable P&I Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Pari Passu Loan Intercreditor Agreement Nonrecoverable Servicing Advances (with, in each case, any accrued and unpaid interest thereon provided for under the related Non2000-Serviced Mortgage Loan WF2 Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Ser 2001-Top1)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ " reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to the Paying Agent and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2Certificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Series 2001-Top)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, Operating Adviser and the Trust Advisor Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Federal Center Plaza Companion Loan (if the Advance relates to an A/B Whole Loan or a the Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or prior sentence. If the Special Servicer (among other things), future expenses and/or the timing determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party mayFiscal Agent, consistent with the Servicing Standard in Paying Agent and the case Operating Adviser similar to the Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(cb) Any NonThe 2003-Serviced Mortgage Loan TOP9 Master Servicer, Nonthe 2003-Serviced Mortgage Loan TOP9 Trustee or Nonthe 2003-Serviced Mortgage Loan TOP9 Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable P&I Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Pari Passu Loan Intercreditor Agreement Nonrecoverable Servicing Advances (with, in each case, any accrued and unpaid interest thereon provided for under the related Non2003-Serviced Mortgage Loan TOP9 Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2003-Top10)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorSpecial Servicer, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Servicer and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, determines in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Trustee and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Trust 2001-PPM)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party may, consistent with Paying Agent and the Servicing Standard in Operating Adviser similar to the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s 's and Special Servicer’s 's determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2006-Top24)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the 115 Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party may, consistent with Paying Agent and the Servicing Standard in Operating Adviser similar to the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) set forth above. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or Servicer, the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the Master Servicer or the Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s 's and the Special Servicer’s 's determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Hq11)
Evidence of Nonrecoverability. (a) If the a Master Servicer or the a Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositorapplicable Master Servicer or the applicable Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, Operating Adviser and the Trust Advisor Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or a Serviced Companion Loan (Loan, if the Advance relates to an A/B Whole the related Serviced Loan or a Loan PairGroup) promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the applicable Master Servicer’s 's or the applicable Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the applicable Master Servicer or the applicable Special Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations Officer's Certificate of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the a Master Servicer or the a Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard Servicer described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the applicable Master Servicer or the applicable Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master ServicerServicers, the Special Servicer Servicers or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the applicable Master Servicer or the applicable Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the applicable Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Certificateholders and may, in all cases, be relied on by the Trustee; provided, however, that the applicable Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to such Master Servicer and the Trustee notice of such determination; provided, further, however, such Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by such Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the applicable Master Servicer or Trustee, as applicable. Absent bad faith, such determination by the Certificate Administrator applicable Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicers and the Trustee and the applicable Master Servicer shall have no obligation to verify such Special Servicer's determination that an Advance would be non-recoverable. Absent bad faith or breach of the servicing standard under the 2006-PWR14 Pooling and Servicing Agreement known to the applicable Master Servicer or the Trustee, as applicable, the determination as to the nonrecoverability of any principal and interest advance made or proposed to be made with respect to the Non-Trust Serviced Companion Loan pursuant to the 2006-PWR14 Pooling and Servicing Agreement, shall be conclusive and binding on the Certificateholders and may may, in all cases, be relied on by the Trustee and each other. The the applicable Master Servicer unless the Trustee or the Special applicable Master Servicer, as applicablethe case may be, has been advised by the 2006-PWR14 Trustee or the 2006-PWR14 Master Servicer that the party who made such nonrecoverability determination no longer has the required rating under the 2006-PWR14 Pooling and Servicing Agreement. The applicable Master Servicer shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any With respect to the Non-Trust Serviced Mortgage Loan Pari Passu Loan, the 2006-PWR14 Master Servicer, Nonthe 2006-Serviced Mortgage Loan Trustee or NonPWR14 Special Servicer and the 2006-Serviced Mortgage Loan Fiscal AgentPWR14 Trustee, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Servicing Advances pursuant to and with respect to the extent set forth in the related Non-Trust Serviced Mortgage Pari Passu Loan Intercreditor Agreement serviced by the 2006-PWR14 Master Servicer or the 2006-PWR14 Special Servicer (with, in each case, any accrued and unpaid interest thereon provided for under the related Non2006-Serviced Mortgage Loan PWR14 Pooling and Servicing Agreement) in the manner set forth in Section 5.25.2(a) Subsection (I)(ii) and 5.2(a) Subsection (I)(iii).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq15)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer or the Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan PairRating Agencies promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or the Special Servicer’s possession, any related financial information such as related income and expense statements, rent rolls (with respect to mortgaged properties other than residential cooperative properties), occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such partyOfficer’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) prior sentence. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the Master Servicer or the Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may may, in all cases, be relied on by the Trustee; provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee notice of such determination; provided, further, however, the Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by the Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the Master Servicer or Trustee, as applicable. Absent bad faith, such determination by the Special Servicer shall be conclusive and each otherbinding on the Certificateholders, the Master Servicer and the Trustee. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc.)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party may, consistent with Paying Agent and the Servicing Standard in Operating Adviser similar to the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.the
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Top25)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer or the Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan PairRating Agencies promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or the Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls (with respect to mortgaged properties other than residential cooperative properties), occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) prior sentence. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the Master Servicer or the Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may may, in all cases, be relied on by the Trustee; provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee notice of such determination; provided, further, however, the Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by the Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the Master Servicer or Trustee, as applicable. Absent bad faith, such determination by the Special Servicer shall be conclusive and each otherbinding on the Certificateholders, the Master Servicer and the Trustee. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, Operating Adviser and the Trust Advisor Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Loan (if the Advance advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or B Note P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Paying Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep Series 2002-Hq)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, Master Servicer (in the Certificate Administrator, case of any such determination by the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control PeriodSpecial Servicer), the Controlling Class Representative Special Servicer (during in the case of any Subordinate Control Period such determination by the Master Servicer), the Operating Adviser and any Collective Consultation Period) the Rating Agencies (and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Servicer and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) prior sentence. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and 's or Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance Advances were a P&I Advance Advances or Servicing AdvanceAdvances, as applicable.
(cb) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.the
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Capital I Tr 2004-Hq3)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderFiscal Agent, the Trust Advisor (other than during any Subordinate Control Period)Special Servicer, the Controlling Class Representative Operating Adviser, the Lakeforest Mall Mortgage Loan Operating Adviser (during any Subordinate Control Period with respect only to the Lakeforest Mall Mortgage Loan) and any Collective Consultation Period) the Rating Agencies (and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative Operating Adviser (during any Subordinate Control Period and any Collective Consultation Period), stating or the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Lakeforest Mall Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change Operating Adviser with respect only to such Mortgaged Properties and/or (iiithe Lakeforest Mall Mortgage Loan) similar to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer Trustee, the Fiscal Agent, the Paying Agent and the Operating Adviser (or the Trustee because there is insufficient principal available for such reimbursement, in light of Lakeforest Mall Mortgage Loan Operating Adviser with respect only to the fact that proceeds on the related Lakeforest Mall Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for ) similar to the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top20)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special ServicerPaying Agent, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Special Servicer and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to the Paying Agent and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2Certificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2000 Life1)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(cb) Any NonThe 2001-Serviced Mortgage Loan TOP3 Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, Servicer shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable P&I Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Pari Passu Loan Intercreditor Agreement Nonrecoverable Servicing Advances (with, in each case, any accrued and unpaid interest thereon provided for under the related Non2001-Serviced Mortgage Loan TOP3 Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2001-Top4)
Evidence of Nonrecoverability. (a) If the a Master Servicer or the applicable Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositorapplicable Master Servicer or the applicable Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, Operating Adviser and the Trust Advisor Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or a Serviced Companion Loan (Loan, if the Advance relates to an A/B Whole the related Serviced Loan or a Loan PairGroup) promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the applicable Master Servicer’s 's or applicable Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls (with respect to mortgaged properties other than residential cooperative properties), occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the applicable Master Servicer or the applicable Special Servicer, as applicable, Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations Officer's Certificate of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the a Master Servicer or the a Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard Servicer described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the applicable Master Servicer or the applicable Special Servicer (or or, with respect to a Mortgage Serviced Loan included in a Loan Pair or any Non-Serviced Mortgage LoanGroup, the related Other Master Servicer, if the related Serviced Companion Loan has been deposited into an Other Securitization) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master ServicerServicers, the Special Servicer Servicers or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the applicable Master Servicer or the applicable Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the applicable Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may may, in all cases, be relied on by the Trustee; provided, however, that the applicable Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee and each other. The notice of such determination; provided, further, however, the applicable Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by the applicable Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the applicable Master Servicer or the Special ServicerTrustee, as applicable. Absent bad faith, such determination by the applicable Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicers and the Trustee. The applicable Master Servicer shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq11)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, Operating Adviser and the Trust Advisor Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Xxxx Xxxxx Companion Loan (if the Advance relates to an A/B Whole Loan or a the Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(cb) Any NonThe 2003-Serviced Mortgage Loan TOP9 Master Servicer, Nonthe 2003-Serviced Mortgage Loan TOP9 Trustee or Nonthe 2003-Serviced Mortgage Loan TOP9 Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable P&I Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Pari Passu Loan Intercreditor Agreement Nonrecoverable Servicing Advances (with, in each case, any accrued and unpaid interest thereon provided for under the related Non2003-Serviced Mortgage Loan TOP9 Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Ser 2003 Hq2)
Evidence of Nonrecoverability. (a) If the a Master Servicer or the applicable Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositorapplicable Master Servicer or the applicable Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan PairRating Agencies promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the applicable Master Servicer’s 's or applicable Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls (with respect to mortgaged properties other than residential cooperative properties), occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the applicable Master Servicer or the applicable Special Servicer, as applicable, Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations Officer's Certificate of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the a Master Servicer or the a Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard Servicer described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the applicable Master Servicer or the applicable Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master ServicerServicers, the Special Servicer Servicers, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment orand, with respect to the applicable Master Servicer or the applicable Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the applicable Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may may, in all cases, be relied on by the Trustee and each otherthe Fiscal Agent; provided, however, that the applicable Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee notice of such determination. Absent bad faith, such determination by the applicable Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicers, the Trustee and the Fiscal Agent. The applicable Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ9)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Special Servicer and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals appraisals performed in accordance with MAI standards within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, Servicer and the Special Servicer, Servicer similar to the Officer's Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Ser 1999-Life1)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Trustee and the holder of Paying Agent, and the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Special Servicer by the Business Day prior to the Distribution Date. Such Officer’s Certificate 's Certificates shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals appraisals performed in accordance with MAI standards within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Special Servicer similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Trustee and the holder of Paying Agent, and the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Special Servicer by the Business Day prior to the Distribution Date. Such Officer’s Certificate 's Certificates shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals appraisals performed in accordance with MAI standards within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such party. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard similar to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light Officer's Certificate of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard Servicer described in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) prior sentence. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master The Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicableCertificateholders.
(cb) Any NonThe 99-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, C1 Servicer shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable P&I Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Pari Passu Loan Intercreditor Agreement Nonrecoverable Servicing Advances (with, in each case, any accrued and unpaid interest thereon provided for under the related Non99-Serviced Mortgage Loan C1 Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party may, consistent with Paying Agent and the Servicing Standard in Operating Adviser similar to the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s 's and Special Servicer’s 's determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Top23)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, Master Servicer (in the Certificate Administrator, case of any such determination by the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control PeriodSpecial Servicer), the Controlling Class Representative Paying Agent, the Special Servicer (during in the case of any Subordinate Control Period such determination by the Master Servicer), the Operating Adviser and any Collective Consultation Period) the Rating Agencies (and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect provided, that the Special Servicer shall have no obligation to other Mortgage Loansmake such determination), A/B Whole Loans or Loan Pairs whichsuch determination shall be evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, at delivered to the time of such considerationDepositor, the reimbursement Master Servicer, the Trustee, the Fiscal Agent, the Paying Agent and the Operating Adviser similar to the Officer's Certificate of which is being deferred or delayed the Master Servicer described above. For the avoidance of doubt, the Special Servicer shall not have any right to revise any nonrecoverability determination that may have been made by the Master Servicer, the Special Servicer Trustee or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayedFiscal Agent. Furthermore, the relevant party may, consistent with the Servicing Standard in the case Each of the Master Servicer or the Special Servicer, update or change its the Trustee and the Fiscal Agent shall be entitled to rely on any nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from determination that is made by the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) as aforesaid. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and 's or the Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party may, consistent with Paying Agent and the Servicing Standard in Operating Adviser similar to the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the Master Servicer or the Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance; provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Serivcing Standard that any P&I Advance or Servicing Advance, if made, cxx would be a Nonrecoverable Advance and shall deliver to the Master Servicer and the Trustee notice of such determination; provide, further, however, the Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by the Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the Master Servicer or Trustee, as applicable. Absent bad faith, such determination by the Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicer and the Trustee. The Master Servicer’s 's and the Special Servicer’s 's determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or and the Special Servicer, as applicable, Servicer shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Hq10)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party may, consistent with Paying Agent and the Servicing Standard in Operating Adviser similar to the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or Servicer, the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the Master Servicer or the Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s 's and the Special Servicer’s 's determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006 - HQ9)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorMaster Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information ProviderSpecial Servicer, the Trust Advisor Operating Adviser and the Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, such determination shall be entitled to give due regard evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, delivered to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage LoansDepositor, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. FurthermoreTrustee, the relevant party may, consistent with Paying Agent and the Servicing Standard in Operating Adviser similar to the case Officer's Certificate of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) described above. The Trustee shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer or Servicer, the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005-Hq7)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositor, Master Servicer (in the Certificate Administrator, case of any such determination by the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control PeriodSpecial Servicer), the Controlling Class Representative Paying Agent, the Special Servicer (during in the case of any Subordinate Control Period such determination by the Master Servicer), the Operating Adviser and any Collective Consultation Period) the Rating Agencies (and the holder of the related B Note or Serviced Companion Mortgage Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s 's or Special Servicer’s 's possession, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last 12 months on the Mortgaged Property, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) months on the Mortgaged Property, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer (among other things), future expenses and/or described in the timing prior sentence. If the Special Servicer determines at any time that any portion of recovery to such party. In addition, any Person, in considering whether any proposed P&I an Advance or Servicing Advance previously made would be constitute a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect provided, that the Special Servicer shall have no obligation to other Mortgage Loansmake such determination), A/B Whole Loans or Loan Pairs whichsuch determination shall be evidenced by an Officer's Certificate of a Responsible Officer of the Special Servicer, at delivered to the time of such considerationDepositor, the reimbursement Master Servicer, the Trustee, the Fiscal Agent, the Paying Agent and the Operating Adviser similar to the Officer's Certificate of which is being deferred or delayed the Master Servicer described above. For the avoidance of doubt, the Special Servicer shall not have any right to revise any nonrecoverability determination that may have been made by the Master Servicer, the Special Servicer Trustee or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayedFiscal Agent. Furthermore, the relevant party may, consistent with the Servicing Standard in the case Each of the Master Servicer or the Special Servicer, update or change its the Trustee and the Fiscal Agent shall be entitled to rely on any nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from determination that is made by the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) as aforesaid. The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the The Master Servicer’s and 's or the Special Servicer’s determinations 's determination in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator Fiscal Agent, the Paying Agent and the Certificateholders and may be relied on by the Trustee and each otherCertificateholders. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability nonrecoverablility determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal AgentTrustee, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2004 HQ4)
Evidence of Nonrecoverability. (a) If the Master Servicer or the Special Servicer determines at any time, in its sole discretion, exercised in good faith, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the DepositorPaying Agent, the Certificate AdministratorSpecial Servicer, the 17g-5 Information Provider, the Trust Advisor (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) Operating Adviser and the holder of the related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable) Rating Agencies by the Business Day prior to the Distribution Date. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the Master Servicer’s or Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the Master Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee or the Fiscal Agent, as applicable, determines at any time that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutesor the Fiscal Agent, or any proposed Advanceas applicable, is required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee or the Fiscal Agent, as applicable, delivered to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case Officer's Certificate of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee and the Fiscal Agent shall not be required to make an Advance that the Master Servicer or the Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, determines in its good faith business judgment or, with respect to the Master Servicer or Special Servicer, in accordance with the Servicing Standard that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the Master Servicer’s and Special Servicer’s determinations in accordance with the above provisions shall be conclusive and binding on the Trustee, the Certificate Administrator and the Certificateholders and may be relied on by the Trustee and each other. The Master Servicer or the Special Servicer, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(c) Any Non-Serviced Mortgage Loan Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agent, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Advances pursuant to and to the extent set forth in the related Non-Serviced Mortgage Loan Intercreditor Agreement (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement) in the manner set forth in Section 5.2.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Series 2002 Top7)
Evidence of Nonrecoverability. (a) If the a Master Servicer or the a Special Servicer determines at any time, in its sole discretion, exercised in good faithaccordance with the Servicing Standard, that any Advance previously made (or Unliquidated Advance in respect thereof) constitutes, or any proposed Advance, if made, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate delivered to the other such party, the Trustee, the Depositorapplicable Master Servicer or the applicable Special Servicer, the Certificate AdministratorPaying Agent, the 17g-5 Information Provider, Operating Adviser and the Trust Advisor Rating Agencies (other than during any Subordinate Control Period), the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period) and the holder of the related B Note or a Serviced Companion Loan (Loan, if the Advance relates to an A/B Whole the related Serviced Loan or a Loan PairGroup) promptly upon making such determination, as applicable) by but in no event later than the Business Day prior to following the Distribution Datedate of such determination. Such Officer’s 's Certificate shall set forth the reasons for such determination of nonrecoverability, together with, to the extent such information, report or document is in the applicable Master Servicer’s 's or the applicable Special Servicer’s 's possession, and, if such information, reports or documents are used by the Master Servicer or the Special Servicer, as applicable, to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any related financial information such as related income and expense statements, rent rolls, occupancy status, property inspections and any Appraisals performed within the last twelve (12) 12 months on the Mortgaged Property, and, if such reports are used by the applicable Master Servicer or the applicable Special Servicer to determine that any P&I Advance or Servicing Advance, as applicable, would be a Nonrecoverable Advance, any engineers’ ' reports, environmental surveys, internal final valuations or other information relevant thereto which support such determination. If the Trustee determines at any time time, in its sole discretion, exercised in good faith, that any portion of an Advance previously made by or a portion of a proposed Advance that the Trustee constitutes, or any proposed Advanceis required to make pursuant to this Agreement, if made by the Trusteemade, would constitute, constitute a Nonrecoverable Advance, such determination shall be evidenced by an Officer’s 's Certificate of a Responsible Officer of the Trustee Trustee, delivered to the Depositor, the applicable Master Servicer, the applicable Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the holder of any related B Note or Serviced Companion Loan (if the Advance relates to an A/B Whole Loan or a Loan Pair, as applicable), the Trust Advisor (other than during any Subordinate Control Period) Paying Agent and the Controlling Class Representative (during any Subordinate Control Period and any Collective Consultation Period), stating Operating Adviser similar to the reasons for such determination. In making any nonrecoverability determination as set forth above, the relevant party shall be entitled (i) to consider (among other things) the obligations Officer's Certificate of the Mortgagor under the terms of the Mortgage Loan as it may have been modified, (ii) to consider (among other things) the related Mortgaged Properties in their “as is” or then-current conditions and occupancies as they actually are or may be modified by such party’s assumptions (consistent with the Servicing Standard in the case of the a Master Servicer or the a Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties and/or (iii) to estimate and consider, consistent with the Servicing Standard Servicer described in the case of the Master Servicer or the Special Servicer (among other things), future expenses and/or the timing of recovery to such partyprior sentence. In addition, any Person, in considering whether any proposed P&I Advance or Servicing Advance would be a Nonrecoverable Advance, shall be entitled to give due regard to the existence of any Nonrecoverable Advance (including any related Advance Interest) or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, A/B Whole Loans or Loan Pairs which, at the time of such consideration, the reimbursement of which is being deferred or delayed by the Master Servicer, the Special Servicer or the Trustee because there is insufficient principal available for such reimbursement, in light of the fact that proceeds on the related Mortgage Loan, A/B Whole Loan or Loan Pair are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or delayed. Furthermore, the relevant party may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, update or change its nonrecoverability determinations at any time in accordance with the terms hereof and may, consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer, obtain from the Special Servicer any analysis, appraisals or other information in the possession of the Special Servicer for such purposes.
(b) The Trustee shall not be required to make an Advance that the applicable Master Servicer or the applicable Special Servicer (or with respect to a Mortgage Loan included in a Loan Pair or any Non-Serviced Mortgage Loan, the related Other Master Servicer) has previously determined to be a Nonrecoverable Advance. Notwithstanding any other provision of this Agreement, none of the Master ServicerServicers, the Special Servicer Servicers or the Trustee shall be obligated to, nor shall it, make any Advance or make any payment that is designated in this Agreement to be an Advance, if it determines, with regard to the Trustee, Trustee determines in its good faith business judgment orand, with respect to the applicable Master Servicer or the applicable Special Servicer, in accordance with the Servicing Standard Standard, that such Advance or such payment (including interest accrued thereon at the Advance Rate) would be a Nonrecoverable Advance. Absent bad faith, the applicable Master Servicer’s and Special Servicer’s determinations in accordance with 's determination as to the above provisions nonrecoverability of any Advance shall be conclusive and binding on the Certificateholders and may, in all cases, be relied on by the Trustee; provided, however, that the applicable Special Servicer may, at its option, make a determination in accordance with the Servicing Standard that any P&I Advance or Servicing Advance, if made, would be a Nonrecoverable Advance and shall deliver to such Master Servicer and the Trustee notice of such determination; provided, further, however, such Special Servicer shall have no right to make an affirmative determination that any P&I Advance is or would be recoverable and, in the absence of a determination by such Special Servicer that such Advance is or would be a Nonrecoverable Advance, the decision that a P&I Advance is recoverable shall remain with the applicable Master Servicer or Trustee, as applicable. Absent bad faith, such determination by the Certificate Administrator applicable Special Servicer shall be conclusive and binding on the Certificateholders, the Master Servicers and the Trustee and the applicable Master Servicer shall have no obligation to verify such Special Servicer's determination that an Advance would be non-recoverable. Absent bad faith or breach of the servicing standard under the related Other Pooling and Servicing Agreement known to the applicable Master Servicer or the Trustee, as applicable, the determination as to the nonrecoverability of any principal and interest advance made or proposed to be made with respect to the related Non-Trust Serviced Companion Loan pursuant to the related Other Pooling and Servicing Agreement, shall be conclusive and binding on the Certificateholders and may may, in all cases, be relied on by the Trustee and each other. The the applicable Master Servicer unless the Trustee or the Special applicable Master Servicer, as applicablethe case may be, has been advised by the related Other Trustee or the related Other Master Servicer that the party who made such nonrecoverability determination no longer has the required rating under the related Other Pooling and Servicing Agreement. The applicable Master Servicer shall consider Unliquidated Advances in respect of prior P&I Advances and Servicing Advances as outstanding Advances for purposes of nonrecoverability determinations as if such Unliquidated Advance were a P&I Advance or Servicing Advance, as applicable.
(cb) Any With respect to a Non-Trust Serviced Mortgage Loan Pari Passu Loan, the related Other Master Servicer, Non-Serviced Mortgage Loan Trustee or Non-Serviced Mortgage Loan Fiscal Agentthe related Other Special Servicer and the related Other Trustee, as applicable, shall be entitled to reimbursement for Pari Passu Loan Nonrecoverable Servicing Advances pursuant with respect to and to the extent set forth in such Non-Trust Serviced Pari Passu Loan serviced by the related Non-Serviced Mortgage Loan Intercreditor Agreement Other Master Servicer or the related Other Special Servicer (with, in each case, any accrued and unpaid interest thereon provided for under the related Non-Serviced Mortgage Loan Other Pooling and Servicing Agreement) in the manner set forth in Section 5.25.2(a) Subsection (I)(ii) and 5.2(a) Subsection (I)(iii).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq16)