Common use of Monthly P & I Advance Clause in Contracts

Monthly P & I Advance. The Master Servicer shall make a Monthly P & I Advance to the Master Custodial P & I Account, in the amount, if any, of the aggregate scheduled installments of principal and interest (less applicable servicing fees) on the Mortgage Loans that were due on the Due Date but which were not received or advanced by the Servicers and remitted to the Master Custodial P & I Account on or prior to the Master Servicer Remittance Date. Each Monthly P & I Advance shall be remitted in immediately available funds to the Master Custodial P & I Account no later than the Master Servicer Remittance Date for the month in which the Due Date occurs. Prior to the close of business on the Master Servicer Remittance Date, the Master Servicer shall determine whether and to what extent any Servicers have failed to make any advances of principal or any interest in respect to scheduled installments of principal and interest that were due on the Due Date and whether such deficiencies, if advanced by the Master Servicer, would be reimbursable from Insurance Proceeds, Liquidation Proceeds or subsequent payments by the Borrower of the related Mortgage Loans.

Monthly P & I Advance. The Master Servicer shall make a Monthly P & I --------------------- Advance to the Master Custodial P & I Account, in the amount, if any, of the aggregate scheduled installments of principal and interest (less applicable servicing fees) on the Mortgage Loans that were due on the Due Date but which were not received or advanced by the Servicers and remitted to the Master Custodial P & I Account on or prior to the Master Servicer Remittance Date. Each Monthly P & I Advance shall be remitted in immediately available funds to the Master Custodial P & I Account no later than the Master Servicer Remittance Date for the month in which the Due Date occurs. Prior to the close of business on the Master Servicer Remittance Date, the Master Servicer shall determine whether and to what extent any Servicers have failed to make any advances of principal or any interest in respect to scheduled installments of principal and interest that were due on the Due Date and whether such deficiencies, if advanced by the Master Servicer, would be reimbursable from Insurance Proceeds, Liquidation Proceeds or subsequent payments by the Borrower of the related Mortgage Loans.

Monthly P & I Advance. The Master Servicer shall make a Monthly --------------------- P & I Advance to the Master Custodial P & I Account, in the amount, if any, of the aggregate scheduled installments of principal and interest (less applicable servicing fees) on the Mortgage Loans that were due on the Due Date but which were not received or advanced by the Servicers and remitted to the Master Custodial P & I Account on or prior to the Master Servicer Remittance Date. Each Monthly P & I Advance shall be remitted in immediately available funds to the Master Custodial P & I Account no later than the Master Servicer Remittance Date for the month in which the Due Date occurs. Prior to the close of business on the Master Servicer Remittance Date, the Master Servicer shall determine whether and to what extent any Servicers have failed to make any advances of principal or any interest in respect to scheduled installments of principal and interest that were due on the Due Date and whether such deficiencies, if advanced by the Master Servicer, would be reimbursable from Insurance Proceeds, Liquidation Proceeds or subsequent payments by the Borrower of the related Mortgage Loans.