Common use of P&I Advances by Servicer Clause in Contracts

P&I Advances by Servicer. (a) On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Collection Account from its own funds an amount equal to all P&I Payments (with interest on each Mortgage Loan adjusted to the applicable Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent on the Business Day immediately preceding such Remittance Date or which were deferred pursuant to this Agreement. The Servicer's obligation to make such P&I Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan; provided, that the Servicer shall not be obligated to make P&I Advances which the Servicer determines to be Nonrecoverable Advances. The determination by the Servicer that it has made a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate of the Servicer delivered to the Owner and detailing the reasons for such determination. The Servicer shall not be obligated to advance shortfalls of interest resulting from the application of the Servicemembers Civil Relief Act, as amended, or similar state laws. (b) Such P&I Advance shall be made by the Servicer either (i) from its own funds or (ii) from the Collection Account, to the extent of funds held therein for future distribution (in which case, it will cause to be made an appropriate entry in the records of the Collection Account that amounts held for future distribution have been, as permitted by this Section 4.03, used by the Servicer in discharge of any such P&I Advance) or (iii) in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Servicer with respect to the Mortgage Loans and REO Properties. Any amount held for future distribution and so used shall be appropriately reflected in the Servicer's records and replaced by the Servicer by deposit in the Collection Account on or before any future Remittance Date to the extent required.

P&I Advances by Servicer. (a) On the Business Day immediately preceding each Remittance Date, the Servicer shall deposit in the Collection Account from its own funds an amount equal to all P&I Payments (with interest on each Mortgage Loan adjusted to the applicable Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent on the Business Day immediately preceding such Remittance Date or which were deferred pursuant to this Agreement. The Servicer's ’s obligation to make such P&I Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of the Mortgage Loan, or through the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan; provided, that the Servicer shall not be obligated to make P&I Advances which the Servicer determines to be Nonrecoverable Advances. The determination by the Servicer that it has made a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate of the Servicer delivered to the Owner and detailing the reasons for such determination. The Servicer shall not be obligated to advance shortfalls of interest resulting from the application of the Servicemembers Civil Relief Act, as amended, or similar state laws. (b) Such P&I Advance shall be made by the Servicer either (i) from its own funds or (ii) from the Collection Account, to the extent of funds held therein for future distribution (in which case, it will cause to be made an appropriate entry in the records of the Collection Account that amounts held for future distribution have been, as permitted by this Section 4.03, used by the Servicer in discharge of any such P&I Advance) or (iii) in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Servicer with respect to the Mortgage Loans and REO Properties. Any amount held for future distribution and so used shall be appropriately reflected in the Servicer's ’s records and replaced by the Servicer by deposit in the Collection Account on or before any future Remittance Date to the extent required.

P&I Advances by Servicer. (a) On or prior to the Business Day immediately preceding each Remittance Advance Report Date, the Servicer shall deposit in notify the Collection Account from its own funds an Trustee and the Paying Agent if the P&I Advance Amount for such Distribution Date is greater than zero, and the Servicer shall make a P&I Advance of such amount equal to all P&I Payments (with interest on each Mortgage Loan adjusted to no later than the applicable Mortgage Loan Servicer Remittance Rate) which were due on Date. It is understood that the Mortgage Loans during obligation of the applicable Due Period and which were delinquent on the Business Day immediately preceding such Remittance Date or which were deferred pursuant to this Agreement. The Servicer's obligation Servicer to make such P&I Advances as to is mandatory and shall apply through any Mortgage Loan will continue through the last Monthly Payment due prior to the court appointed stay period or similar payment in full delay resulting from any insolvency of the Mortgage LoanMortgagor or related bankruptcy, or through notwithstanding any other provision of this Agreement. Notwithstanding the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan; providedforegoing, that the Servicer shall not be obligated required to make such P&I Advance, if the Servicer determines, in accordance with Section 4.4 below, that any such P&I Advance would be a Nonrecoverable Advance. Such determination shall be conclusive and binding on the Trustee, the Fiscal Agent and the Certificateholders. The Special Servicer shall not be required to make P&I Advances which the Servicer determines to be Nonrecoverable Advances. The determination by the Servicer that it has made a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate of the Servicer delivered to the Owner and detailing the reasons for such determination. The Servicer shall not be obligated to advance shortfalls of interest resulting from the application of the Servicemembers Civil Relief Act, as amended, or similar state lawsunder this Agreement. (b) Such If the Servicer determines that there is a P&I Advance shall be made by Amount for a Distribution Date, the Servicer shall on the Servicer Remittance Date either (iA) from its own funds deposit in the Certificate Account an amount equal to the P&I Advance Amount or (iiB) from utilize funds in the Collection Account, Certificate Account being held for future distributions or withdrawals to make such Advance. Any funds being held in the extent of funds held therein Certificate Account for future distribution (in which case, it will cause to be made an appropriate entry in the records of the Collection Account that amounts held for future distribution have been, as permitted by this Section 4.03, used by the Servicer in discharge of any such P&I Advance) or (iii) in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Servicer with respect to the Mortgage Loans and REO Properties. Any amount held for future distribution withdrawal and so used shall be appropriately reflected in the Servicer's records and replaced by the Servicer from its own funds by deposit in the Collection Certificate Account on or before any future Servicer Remittance Date to the extent requiredthat funds in the Certificate Account on such Servicer Remittance Date shall be less than payments to the Trustee or other Persons required to be made on such date.

P&I Advances by Servicer. (a) On or prior to the Business Day immediately preceding each Remittance Advance Report Date, the Servicer shall deposit in notify the Collection Account from its own funds an Trustee and the Paying Agent if the P&I Advance Amount for such Distribution Date is greater than zero, and the Servicer shall make a P&I Advance of such amount equal to all P&I Payments (with interest on each Mortgage Loan adjusted to no later than the applicable Mortgage Loan Servicer Remittance Rate) which were due on Date. It is understood that the Mortgage Loans during obligation of the applicable Due Period and which were delinquent on the Business Day immediately preceding such Remittance Date or which were deferred pursuant to this Agreement. The Servicer's obligation Servicer to make such P&I Advances as to is mandatory and shall apply through any Mortgage Loan will continue through the last Monthly Payment due prior to the court appointed stay period or similar payment in full delay resulting from any insolvency of the Mortgage LoanMortgagor or related bankruptcy, or through notwithstanding any other provision of this Agreement. Notwithstanding the last Remittance Date prior to the Remittance Date for the distribution of all Liquidation Proceeds and other payments or recoveries (including Insurance Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan; providedforegoing, that the Servicer shall not be obligated required to make such P&I Advance, if the Servicer determines, in accordance with Section 4.4 below, that any such P&I Advance would be a Nonrecoverable Advance. Such determination shall be conclusive and binding on the Trustee, the Fiscal Agent and the Certificateholders. The Special Servicer shall not be required to make P&I Advances which under this Agreement. In the case of each Loan Pair, the Servicer determines shall notify the Trustee and Fiscal Agent and the related Companion Noteholder by a certificate of a Servicing Officer delivered on or before each Determination Date of (i) the amount of any Advances that the Servicer has determined to be Nonrecoverable AdvancesAdvances for such Loan Pair and the related Collection Period and the portion thereof that is allocable to the related Companion Loan and (ii) the aggregate amount of P&I Advances for such Loan Pair for the related Distribution Date and the portion thereof that is allocable to such Companion Loan. The determination by information set forth in the Servicer that it has made a Nonrecoverable Advance, preceding sentence of this paragraph shall also be evidenced by an Officer's Certificate of the Servicer delivered provided to the Owner and detailing the reasons for such determination. The Servicer shall not be obligated to advance shortfalls of interest resulting from the application of the Servicemembers Civil Relief Act, as amended, Paying Agent on or similar state lawsbefore each Determination Date. (b) Such If the Servicer determines that there is a P&I Advance shall be made by Amount for a Distribution Date, the Servicer shall on the Servicer Remittance Date either (iA) from its own funds deposit in the Certificate Account an amount equal to the P&I Advance Amount or (iiB) from utilize funds in the Collection Certificate Account (or, in the case of a Companion Loan, the related Companion Loan Custodial Account, ) being held for future distributions or withdrawals to make such Advance. The Servicer shall make any such P&I Advance on a Companion Loan to the extent of related Companion Noteholder. Any funds being held therein in the Certificate Account (or a Companion Loan Custodial Account) for future distribution (in which case, it will cause to be made an appropriate entry in the records of the Collection Account that amounts held for future distribution have been, as permitted by this Section 4.03, used by the Servicer in discharge of any such P&I Advance) or (iii) in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Servicer with respect to the Mortgage Loans and REO Properties. Any amount held for future distribution withdrawal and so used shall be appropriately reflected in the Servicer's records and replaced by the Servicer from its own funds by deposit in the Collection Certificate Account (or Companion Loan Custodial Account) on or before any future Servicer Remittance Date to the extent requiredthat funds in the Certificate Account (or Companion Loan Custodial Account) on such Servicer Remittance Date shall be less than payments to the Trustee or other Persons required to be made on such date.