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

P&I Advances by the Master Servicer. (a) On or prior to the Advance Report Date, the Master Servicer shall notify the Trustee and the Paying Agent if the P&I Advance Amount for such Distribution Date is greater than zero, and the Master Servicer shall only make a P&I Advance in respect of each Mortgage Loan of such amount on the Master Servicer Remittance Date. It is understood that the obligation of the Master Servicer to make such P&I Advances is mandatory and shall apply through any court appointed stay period or similar payment delay resulting from any insolvency of the Mortgagor or related bankruptcy, notwithstanding any other provision of this Agreement. Notwithstanding the foregoing, the Master Servicer shall not be required to make such P&I Advance, if the Master Servicer determines, in accordance with Section 4.4 below, that any such P&I Advance would be a Nonrecoverable Advance and shall not make such P&I Advance if such P&I Advance, if made, would be a Nonrecoverable Advance as determined by the Special Servicer in accordance with the Servicing Standard and the Special Servicer has notified the Master Servicer of such determination not later than 24 hours (and on a Business Day) prior to the date on which the Master Servicer would be required to make such P&I Advance in the absence of a recoverability determination. Such determination shall be conclusive and binding on the Trustee, the Fiscal Agent and the Certificateholders. The Master Servicer, the Trustee, and the Fiscal Agent shall not advance default interest, Balloon Payments, Prepayment Premiums, any payments in respect of the Subordinate Notes or any Non-Trust-Serviced Companion Loan.

P&I Advances by the Master Servicer. (a) On or prior to the Advance Report Date, the Master Servicer shall notify the Trustee and the Paying Agent if the P&I Advance Amount for such Distribution Date is greater than zero, and the Master Servicer shall only make a P&I Advance in respect of each Mortgage Loan of such amount on the Master Servicer Remittance Date. It is understood that the obligation of the Master Servicer to make such P&I Advances is mandatory and shall apply through any court appointed stay period or similar payment delay resulting from any insolvency of the Mortgagor or related bankruptcy, notwithstanding any other provision of this Agreement. Notwithstanding the foregoing, the Master Servicer shall not be required to make such P&I Advance, if the Master Servicer determines, in accordance with Section 4.4 below, that any such P&I Advance would be a Nonrecoverable Advance and shall not make such P&I Advance if such P&I Advance, if made, would be a Nonrecoverable Advance as determined by the Special Servicer in accordance with the Servicing Standard and the Special Servicer has notified the Master Servicer of such determination not later than 24 hours (and on a Business Day) prior to the date on which the Master Servicer would be required to make such P&I Advance in the absence of a recoverability determination. Such determination shall be conclusive and binding on the Trustee, the Fiscal Agent Trustee and the Certificateholders. The Master Servicer, the Trustee, Servicer and the Fiscal Agent Trustee shall not advance default interest, Balloon Payments, Payments or Prepayment Premiums, any payments in respect . None of the Subordinate Notes Master Servicer or the Trustee shall advance any Nonamount due to be paid by the Swap Counterparty for distribution to the Class [A-3-Trust-Serviced Companion Loan1FL] Certificates in the event that the Swap Counterparty fails to make a required payment. If the Swap Counterparty fails to make a required payment pursuant to the Swap Contract, the Trustee shall, on the date on which such payment is due and not made, promptly notify the Swap Counterparty and the related Credit Support Provider (as such term is defined in the Swap Contract) of such failure, including the amount of any payment required to be made by the Swap Counterparty.

P&I Advances by the Master Servicer. (a) On or prior to the Advance Report Date, the Master Servicer shall notify the Trustee and the Paying Agent if the P&I Advance Amount for such Distribution Date is greater than zero, and the Master Servicer shall only make a P&I Advance in respect of each Mortgage Loan of such amount on the Master Servicer Remittance Date. It is understood that the obligation of the Master Servicer to make such P&I Advances is mandatory and shall apply through any court appointed stay period or similar payment delay resulting from any insolvency of the Mortgagor or related bankruptcy, notwithstanding any other provision of this Agreement. Notwithstanding the foregoing, the Master Servicer shall not be required to make such P&I Advance, if the Master Servicer determines, in accordance with Section 4.4 below, that any such P&I Advance would be a Nonrecoverable -109- Advance and shall not make such P&I Advance if such P&I Advance, if made, would be a Nonrecoverable Advance as determined by the Special Servicer in accordance with the Servicing Standard and the Special Servicer has notified the Master Servicer of such determination not later than 24 hours (and on a Business Day) prior to the date on which the Master Servicer would be required to make such P&I Advance in the absence of a recoverability determination. Such determination shall be conclusive and binding on the Trustee, the Fiscal Agent Trustee and the Certificateholders. The Master Servicer, the Trustee, Servicer and the Fiscal Agent Trustee shall not advance default interest, Balloon Payments, Payments or Prepayment Premiums, any payments in respect . None of the Subordinate Notes Master Servicer or the Trustee shall advance any Nonamount due to be paid by the Swap Counterparty for distribution to the Class [A-3-Trust-Serviced Companion Loan1FL] Certificates in the event that the Swap Counterparty fails to make a required payment. If the Swap Counterparty fails to make a required payment pursuant to the Swap Contract, the Trustee shall, on the date on which such payment is due and not made, promptly notify the Swap Counterparty and the related Credit Support Provider (as such term is defined in the Swap Contract) of such failure, including the amount of any payment required to be made by the Swap Counterparty.