Common use of P&I ADVANCES BY MASTER SERVICER Clause in Contracts

P&I ADVANCES BY MASTER SERVICER. (a) On each P&I Advance Date, the Master Servicer shall, subject to Section 4.4, either (i) deposit into the Distribution Account (or, to the extent made to cover unpaid Servicing Fees, in the Collection Account) from its own funds 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, provided that, if Late Collections of the delinquent principal and interest payments for which P&I Advances are to be made for the related Distribution Date, are on deposit in the Collection Account and available to make such P&I Advances, the Master Servicer shall utilize such Late Collections to make such P&I Advances pursuant to clause (ii) above. 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 advanced 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 4.01(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance), then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. (b) The aggregate amount of P&I Advances to be made by the Master Servicer in respect of the Mortgage Loans (including without limitation Balloon Mortgage Loans delinquent as to their respective Balloon Payments and REO Mortgage Loans) for any Distribution Date shall equal, subject to Section 4.4 below, the aggregate of all Monthly Payments (other than Balloon Payments) and any Assumed Monthly Payments, in each case net of any related Master Servicing Fee and Workout Fee, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Collection Period and that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the last day of the related Collection Period (or otherwise offset as provided in Section 4.1(a) by amounts held in the Collection Account for future distribution to Certificateholders); provided that, if an Appraisal Reduction has occurred (and for so long as it exists) with respect to any Required Appraisal Loan, then, in the event of subsequent delinquencies thereon, the amount of the P&I Advance in respect of such Required Appraisal Loan for the related Distribution Date shall be reduced to an amount equal to the product of (i) the amount of the P&I Advance for such Required Appraisal Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction, if any, and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date. The amount to be advanced by the Master Servicer, Trustee or Fiscal Agent in respect of any Mortgage Loan on any Distribution Date will be reduced by the greater of the reduction in respect of any Appraisal Reduction and the reduction described in the preceding sentence.

P&I ADVANCES BY MASTER SERVICER. (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 4.4, either (i) deposit into the Distribution Account (or, to the extent made to cover unpaid Servicing Fees, in the Collection Account) from its own funds 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, provided that, if Late Collections of the delinquent principal and interest payments for which P&I Advances are to be made for the related Distribution Date, are on deposit in the Collection Account and available to make such P&I Advances, the Master Servicer shall utilize such Late Collections to make such P&I Advances pursuant to clause (ii) above. 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 advanced 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 4.01(a4.1(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance), then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. (b) The aggregate amount of P&I Advances to be made by the Master Servicer in respect of the Mortgage Loans (including without limitation Balloon Mortgage Loans delinquent as to their respective Balloon Payments and REO Mortgage Loans) for any Distribution Date shall equal, subject to Section 4.4 below, the aggregate of all Monthly Payments (other than Balloon Payments) and any Assumed Monthly Payments, in each case net of any related Master Servicing Fee and Workout Fee, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Collection Period and that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the last day of the related Collection Period (or otherwise offset as provided in Section 4.1(a) by amounts held in the Collection Account for future distribution to Certificateholders); provided that, if an Appraisal Reduction has occurred (and for so long as it exists) with respect to any Required Appraisal Loan, then, in the event of subsequent delinquencies thereon, the amount of the P&I Advance in respect of such Required Appraisal Loan for the related Distribution Date shall be reduced to an amount equal to the product of (i) the amount of the P&I Advance for such Required Appraisal Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction, if any, and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date. In addition, and without duplication, the Master Servicer shall make only one P&I Advance in respect of each Mortgage Loan for the benefit of the most subordinate Class of Certificates then outstanding unless the related defaulted Monthly Payment is cured prior to the following Due Date on any Mortgage Loan. The amount to be advanced by the Master Servicer, Trustee or Fiscal Agent in respect of any Mortgage Loan on any Distribution Date will be reduced by the greater of the reduction in respect of any Appraisal Reduction and the reduction described in the preceding sentence. Notwithstanding the foregoing, the Master Servicer will not be required to advance Default Interest, Excess Interest or prepayment or yield maintenance premiums.

P&I ADVANCES BY MASTER SERVICER. (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 4.4, either (i) deposit into the Distribution Account (or, to the extent made to cover unpaid Servicing Fees, in the Collection Account) from its own funds 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, provided that, if Late Collections of the delinquent principal and interest payments for which P&I Advances are to be made for the related Distribution Date, are on deposit in the Collection Account and available to make such P&I Advances, the Master Servicer shall utilize such Late Collections to make such P&I Advances pursuant to clause (ii) above. 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 advanced 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 4.01(a4.1(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance), then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such dayP&I Advance Date. (b) The aggregate amount of P&I Advances to be made by the Master Servicer in respect of the Mortgage Loans (including without limitation Balloon Mortgage Loans delinquent as to their respective Balloon Payments and REO Mortgage Loans) for any Distribution Date shall equal, subject to Section 4.4 below, the aggregate of all Monthly Payments (other than Balloon Payments) and any Assumed Monthly Payments, in each case net of any related Master Servicing Fee and Workout Fee, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Collection Period and that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the last day of Business Day immediately preceding the related Collection Period (P&I Advance Date, or otherwise offset as provided in Section 4.1(a) by amounts held in the Collection Account for future distribution to Certificateholders); provided that, if an Appraisal Reduction has occurred (and for so long as it exists) with respect to any Required Appraisal Loan, then, in the event of subsequent delinquencies thereon, the amount of the P&I Advance in respect of such Required Appraisal Loan for the related Distribution Date shall be reduced to an amount equal to the product of (i) the amount of the P&I Advance for such Required Appraisal Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction, if any, and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date. The amount to be advanced by Notwithstanding the foregoing, the Master ServicerServicer will not be required to advance Penalty Charges, Trustee Default Interest, Late Fees, Excess Interest or Fiscal Agent in respect of any Mortgage Loan on any Distribution Date will be reduced by the greater of the reduction in respect of any Appraisal Reduction and the reduction described in the preceding sentencePrepayment Premiums or Yield Maintenance Charges.

P&I ADVANCES BY MASTER SERVICER. (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 4.4, either (i) deposit into the Distribution Account (or, to the extent made to cover unpaid Servicing Fees, in the Collection Account) from its own funds 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, provided that, if Late Collections of the delinquent principal and interest payments for which P&I Advances are to be made for the related Distribution Date, are on deposit in the Collection Account and available to make such P&I Advances, the Master Servicer shall utilize such Late Collections to make such P&I Advances pursuant to clause (ii) above. 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 advanced 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 4.01(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance), then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. (b) The aggregate amount of P&I Advances to be made by the Master Servicer in respect of the Mortgage Loans (including without limitation Balloon Mortgage Loans delinquent as to their respective Balloon Payments and REO Mortgage Loans) for any Distribution Date shall equal, subject to Section 4.4 below, the aggregate of all Monthly Payments (other than Balloon Payments) and any Assumed Monthly Payments, in each case net of any related Master Servicing Fee and Workout Fee, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Collection Period and that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the last day of the related Collection Period (or otherwise offset as provided in Section 4.1(a) by amounts held in the Collection Account for future distribution to Certificateholders)Period; provided that, if an Appraisal Reduction has occurred (and for so long as it exists) with respect to any Required Appraisal Loan, then, in the event of subsequent delinquencies thereon, the amount of the P&I Advance in respect of such Required Appraisal Loan for the related Distribution Date shall be reduced to an amount equal to the product of (i) the amount of the P&I Advance for such Required Appraisal Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction, if any, and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date. In addition, and without duplication, the Master Servicer shall make only one P&I Advance in respect of each Mortgage Loan for the benefit of the most subordinate Class of Certificates then outstanding unless the related defaulted Monthly Payment is cured prior to the following Due Date on any Mortgage Loan. The amount to be advanced by the Master Servicer, Trustee or Fiscal Agent in respect of any Mortgage Loan on any Distribution Date will be reduced by the greater of the reduction in respect of any Appraisal Reduction and the reduction described in the preceding sentence.