Common use of Evidence of Nonrecoverability Clause in Contracts

Evidence of Nonrecoverability. 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 REMIC Mortgage Loans and REO Properties on deposit in the Collection Account. The determination by the Master Servicer or, if applicable, the Trustee, that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance to be made by the Master Servicer, no less than one Business Day prior to the related P&I Advance Date) to the Trustee (or, if applicable, retained thereby) and the Depositor, setting forth the basis for such determination, together with (if such determination is prior to the liquidation of the related REMIC Mortgage Loan or REO Property) a copy of an Appraisal or internal valuation of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the twelve months preceding such determination, and further accompanied by any other information that the Master Servicer may have obtained and that supports such determination. If such an Appraisal or internal valuation shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust payable out of the Collection Account. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular Advance.

Evidence of Nonrecoverability. 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 REMIC Mortgage Loans and REO Properties on deposit in the Collection Account. The determination by the Master Servicer, the Special Servicer or, if applicable, the Trustee, that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance to be made by the Master Servicer, no less than one Business Day prior to the related P&I Advance Date) to the Trustee (or, if applicable, retained thereby) and the Depositor, setting forth the basis for such determination, together with (if such determination is prior to the liquidation of the related REMIC Mortgage Loan or REO Property) a copy of an Appraisal or internal valuation 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 determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained and that supports such determination. If such an Appraisal or internal valuation evaluation shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer or the Special Servicer, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust payable out of the Collection Account. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer or the Special Servicer with respect to a particular Advance, and the Master Servicer shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular Advance and shall have no obligation to make a separate determination of recoverability.

Evidence of Nonrecoverability. 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 REMIC Mortgage Loans and REO Properties on deposit in the Collection Account. The determination by the Master Servicer, the Special Servicer or, if applicable, the TrusteeTrustee or the Fiscal Agent, that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance to be made by the Master Servicer, no less than one Business Day prior to the related P&I Advance Date) to the Trustee (or, if applicable, retained thereby) and the Depositor, setting forth the basis for such determination, together with (if such determination is prior to the liquidation of the related REMIC Mortgage Loan or REO Property) a copy of an Appraisal or internal valuation 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 determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained and that supports such determination. If such an Appraisal or internal valuation evaluation shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer or the Special Servicer, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust payable out of the Collection Account. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular Advance.,

Evidence of Nonrecoverability. 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 REMIC Mortgage Loans and REO Properties on deposit in the Collection Account. The determination by the Master Servicer, the Special Servicer or, if applicable, the TrusteeTrustee or the Fiscal Agent, that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance to be made by the Master Servicer, no less than one Business Day prior to the related P&I Advance Date) to the Trustee (or, if applicable, retained thereby) and the Depositor, setting forth the basis for such determination, together with (if such determination is prior to the liquidation of the related REMIC Mortgage Loan or REO Property) a copy of an Appraisal or internal valuation 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 determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained and that supports such determination. If such an Appraisal or internal valuation evaluation shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer or the Special Servicer, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust payable out of the Collection Account. The Trustee and the Fiscal Agent shall each be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer or the Special Servicer with respect to a particular Advance, the Master Servicer shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular Advance and shall have no obligation to make a separate determination of recoverability, and the Special Servicer shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular AdvanceAdvance and shall have no obligation to make a separate determination of recoverability.