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

P&I Advances by the Master Servicers. (a) The applicable Master Servicer shall make a P&I Advance in respect of each Mortgage Loan of the P&I Advance Amount (if greater than zero) on the Master Servicer Remittance Date. It is understood that the obligation of each 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 the foregoing, the applicable Master Servicer shall not be required to make such P&I Advance, if such 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 applicable Special Servicer in accordance with the Servicing Standard and the Special Servicer has notified the Master Servicer of such determination not later than 10:00 a.m. (and on a Business Day) on the date 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 and the Certificateholders. The applicable Master Servicer and the Trustee shall not advance default interest, Balloon Payments, Prepayment Premiums or any principal and interest payments in respect of the Non-Trust Serviced Companion Loan.

P&I Advances by the Master Servicers. (a) The applicable Master Servicer shall make a P&I Advance in respect of each Mortgage Loan of the P&I Advance Amount (if greater than zero) on the Master Servicer Remittance Date. It is understood that the obligation of each 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 the foregoing, the applicable Master Servicer shall not be required to make such P&I Advance, if such 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 applicable Special Servicer in accordance with the Servicing Standard and the such Special Servicer has notified the such Master Servicer of such determination not later than 10:00 a.m. (and on a Business Day) on the date prior to the date on which the such Master Servicer would be required to make such P&I Advance in the absence of a recoverability determinationdetermination (it being understood that such Master Servicer shall have no obligation to confirm such Special Servicer's determination of non-recoverability). Such determination shall be conclusive and binding on the Trustee and the Certificateholders. The Neither the applicable Master Servicer and nor the Trustee shall not advance default interest, Balloon Payments, Prepayment Premiums or any principal and interest payments in respect of the Non-Trust Serviced Companion LoanLoans or Serviced Companion Loans. The Special Servicers shall not make P&I Advances under this Agreement.