Common use of P&I Advances; Advances relating to the Master Servicer Remittance Amount Clause in Contracts

P&I Advances; Advances relating to the Master Servicer Remittance Amount. (a) On or before 1:00 p.m., New York City time, on each P&I Advance Date, the Master Servicer shall, subject to Section 4.03(c) below, either (i) remit from its own funds to the Trustee for deposit into the Distribution Account an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Collection Account on or before the next succeeding Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:00 p.m., New York City time, on any P&I Advance Date, the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c)) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted on such date, then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. ____________ (or such alternative number provided by the Master Servicer to the Trustee in writing) and notice by telephone to the Master Servicer at telephone no. ____________ (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 4:30 p.m., New York City time, on such P&I Advance Date. If after such notice the Trustee does not receive the full amount of such P&I Advances and/or Master Servicer Remittance Amount by 10:00 a.m., New York City time, on the Business Day immediately preceding the related Distribution Date, then (i) the Trustee shall make the portion of such P&I Advances and advance the portion of such Master Servicer Remittance Amount that was required to be, but was not, made or remitted, as the case may be, by the Master Servicer on or prior to such Distribution Date and (ii) such failure shall constitute an Event of Default on the part of the Master Servicer. The Trustee shall be entitled to reimbursement of the amount of any Master Servicer Remittance Amount advanced thereby (together with any interest accrued thereon at the Reimbursement Rate) from general collections on the Mortgage Loans and REO Properties on deposit in the Collection Account, and the defaulting Master Servicer shall indemnify the Trust Fund for any such interest so paid to the Trustee out of the Collection Account.

P&I Advances; Advances relating to the Master Servicer Remittance Amount. [(a) On or before 1:00 p.m., New York City time, on each P&I Advance Date, the Master Servicer shall, subject to Section 4.03(c) below, either (i) remit from its own funds to the Trustee for deposit into the Distribution Bond Account an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Payment Date, (ii) apply amounts held in the Collection Account for future distribution to Certificateholders Bondholders in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Collection Account on or before prior to the next succeeding Determination Master Servicer Remittance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:00 p.m.____, New York City time, on any P&I Advance Date, the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c)) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted on such date, then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. ____________ (or such alternative number provided by the Master Servicer to the Trustee in writing) and notice by telephone to the Master Servicer at telephone no. ____________ (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 4:30 p.m.____, New York City time, on such P&I Advance Date. [If after such notice the Trustee does not receive the full amount of such P&I Advances and/or Master Servicer Remittance Amount by 10:00 a.m._____, New York City time, on the Business Day immediately preceding the related Distribution Payment Date, then (i) the Trustee shall make the portion of such P&I Advances and advance the portion of such Master Servicer Remittance Amount that was required to be, but was not, made or remitted, as the case may be, by the Master Servicer on or prior to such Distribution Payment Date and (ii) such failure shall constitute an Event of Default on the part of the Master Servicer. The Trustee shall be entitled to reimbursement of the amount of any Master Servicer Remittance Amount advanced thereby (together with any interest accrued thereon at the Reimbursement Rate) from general collections on the Mortgage Loans and REO Properties on deposit in the Collection Account, and the defaulting Master Servicer shall indemnify the Trust Fund Estate for any such interest so paid to the Trustee out of the Collection Account.]]

P&I Advances; Advances relating to the Master Servicer Remittance Amount. (a) On or before 1:00 2:00 p.m., New York City time, on each P&I Advance Date, the Master Servicer shall, subject to Section 4.03(c) below), either (i) remit from its own funds to the Trustee for deposit into the Distribution Account an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Collection Account on or before prior to the next succeeding Determination Master Servicer Remittance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:00 3:30 p.m., New York City time, on any P&I Advance Date, the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the Officer's Certificate and other documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c)) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted on such date, then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. ____________ (or such alternative number provided by the Master Servicer to the Trustee in writing) and notice by telephone to the Master Servicer at telephone no. ____________ (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 4:30 p.m., New York City time, on such P&I Advance Date. If after such notice the Trustee does not receive the full amount of such P&I Advances and/or Master Servicer Remittance Amount by 10:00 6:00 p.m., New York City time, on such P&I Advance Date, then the Trustee shall (not later than 11:00 a.m., New York City time, on the Business Day immediately preceding related Distribution Date) make, and if the Trustee fails to do so, any Fiscal Agent shall (not later than 12:00 noon, New York City time, on the related Distribution Date) make, then (i) the Trustee shall make the portion of such P&I Advances and advance the portion of such Master Servicer Remittance Amount that was required to be, but was not, made or remitted, as the case may be, by the Master Servicer on or prior to such Distribution Date and (ii) such failure shall constitute an Event of Default on the part of the Master Servicer. The Trustee shall be entitled to reimbursement of the amount of any Master Servicer Remittance Amount advanced thereby (together with any interest accrued thereon at the Reimbursement Rate) from general collections on the Mortgage Loans and REO Properties on deposit in the Collection Account, and the defaulting Master Servicer shall indemnify the Trust Fund for any such interest so paid respect to the Trustee out of the Collection Accountrelated Distribution Date.

P&I Advances; Advances relating to the Master Servicer Remittance Amount. [(a) On or before 1:00 p.m., New York City time, on each P&I Advance Date, the Master Servicer shall, subject to Section 4.03(c) below, either (i) remit from its own funds to the Trustee for deposit into the Distribution Collection Account an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Payment Date, (ii) apply amounts held in the Collection Custodial Account for future distribution to Certificateholders Bondholders in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection Custodial Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Collection Custodial Account on or before prior to the next succeeding Determination Master Servicer Remittance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:00 p.m.____, New York City time, on any P&I Advance Date, the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c)) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted on such date, then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. ____________ (or such alternative number provided by the Master Servicer to the Trustee in writing) and notice by telephone to the Master Servicer at telephone no. ____________ (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 4:30 p.m.____, New York City time, on such P&I Advance Date. [If after such notice the Trustee does not receive the full amount of such P&I Advances and/or Master Servicer Remittance Amount by 10:00 a.m._____, New York City time, on the Business Day immediately preceding the related Distribution Payment Date, then (i) the Trustee shall make the portion of such P&I Advances and advance the portion of such Master Servicer Remittance Amount that was required to be, but was not, made or remitted, as the case may be, by the Master Servicer on or prior to such Distribution Payment Date and (ii) such failure shall constitute an Event of Default on the part of the Master Servicer. The Trustee shall be entitled to reimbursement of the amount of any Master Servicer Remittance Amount advanced thereby (together with any interest accrued thereon at the Reimbursement Rate) from general collections on the Mortgage Loans and REO Properties on deposit in the Collection Custodial Account, and the defaulting Master Servicer shall indemnify the Trust Fund Estate for any such interest so paid to the Trustee out of the Collection Custodial Account.]]