Common use of Remittances; P&I Advances Clause in Contracts

Remittances; P&I Advances. (a) On the Remittance Date immediately preceding each Distribution Date, the Master Servicer shall: (i) remit to the Trustee from the Collection Account for deposit in the Distribution Accounts an amount equal to the Prepayment Premiums received by the Master Servicer in the Collection Period preceding such Remittance Date; (ii) remit to the Trustee from the Collection Account the Trustee Fee payable on such Remittance Date; (iii) remit to the Trustee from the Collection Account for deposit in the Distribution Accounts an amount equal to the Available Distribution Amount for such Distribution Date (excluding P&I Advances); and (iv) make any required P&I Advance, by deposit into the Collection Account, and remit such amount to the Trustee for deposit in the REMIC I Distribution Account. (b) If, as of 5:00 p.m., New York City time, on any Remittance Date the Master Servicer shall not (i) have made a P&I Advance required to have been made on such date pursuant to the definition of such term or delivered the certificate and documentation related to a determination of nonrecoverability, the Trustee shall immediately notify the Fiscal Agent by telephone promptly confirmed in writing, and the Trustee shall no later than 10:00 a.m., New York City time, on the related Distribution Date deposit into the Distribution Account in immediately available funds an amount equal to the P&I Advances otherwise required to have been made by the Master Servicer. If the Trustee fails to make any P&I Advance required to be made under this Section 4.8, the Fiscal Agent shall make such P&I Advance not later than 12:00 p.m., New York City time, on such Distribution Date and, thereby, the Trustee shall not be in default under this Agreement. (c) Anything to the contrary in this Agreement notwithstanding, none of the Master Servicer, the Trustee or the Fiscal Agent shall be obligated to make a P&I Advance on any date on which a P&I Advance is otherwise required to be made by this Section 4.8 if the Master Servicer, the Trustee or the Fiscal Agent, as applicable, determines that such Advance will be a Nonrecoverable Advance. The Trustee and the Fiscal Agent shall be entitled to rely, conclusively, on any determination by the Master Servicer that a P&I Advance, if made, would be a Nonrecoverable Advance. The Trustee and the Fiscal Agent, in determining whether or not a P&I Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable Advance shall be subject to the standards applicable to the Master Servicer hereunder. (d) The Master Servicer, the Trustee or the Fiscal Agent, as applicable, shall be entitled to, and the Master Servicer hereby covenants and agrees to promptly seek and effect, the reimbursement of P&I Advances it makes, together with any related Advance Interest Amount in respect of such P&I Advances to the extent permitted pursuant to Section 3.7(iii).

Remittances; P&I Advances. (a) On the each Remittance Date immediately preceding each Distribution Date, the Master Servicer shallshall (1) withdraw from the Collection Account and remit to the Trustee, by wire transfer of immediately available funds to the Certificate Account, all amounts on deposit in the Collection Account as of the close of business on the Determination Date prior to such Remittance Date; minus: (i) any permitted charges against or withdrawals from the Collection Account pursuant to clauses (ii) through (xii) of Section 3.06 hereof; and (ii) any amounts on deposit in the Collection Account representing a Monthly Payment due on a Due Date following the Collection Period for such Determination Date net of any reduction in the aggregate amount of P&I Advances for such Determination Date pursuant to Section 4.06(c) (which amounts shall be remitted pursuant to this Agreement on -107- 121 the Remittance Date immediately following the Collection Period in which such Monthly Payment was due). and (2) remit to the Trustee from any P&I Advances required to be made on or prior to such Remittance Date pursuant to Section 4.06(b). (b) To the Collection Account extent that as of the Determination Date for any month, the full amount of the Monthly Payment due in such month with respect to any Mortgage Loan has not been received by the Master Servicer, the Master Servicer shall remit to the Trustee on the Remittance Date for deposit into the Certificate Account, a P&I Advance in the Distribution Accounts an amount equal to the Prepayment Premiums received by excess of such Monthly Payment (net of any Escrow Payment component, the Servicing Fee and any Retained Interest relating to such Mortgage Loan) over the amount received; provided, however, that: (i) the Master Servicer in the Collection Period preceding such Remittance Dateshall not be required to make a Nonrecoverable Advance; (ii) remit the Master Servicer shall not be required to advance the full amount of any Balloon Payment not made by the related Mortgagor; to the Trustee from extent the Collection Account Master Servicer is required to make a P&I Advance on and after the Trustee Fee payable on Due Date for such Remittance DateBalloon Payment, such P&I Advance shall not exceed an amount equal to the Assumed Monthly Payment with respect to such Mortgage Loan; (iii) remit with respect to any Mortgage Loan subject to a Collateral Value Adjustment, the amount of each required P&I Advance shall not exceed the product of (x) the Remittance Rate for such Mortgage Loan and (y) the Adjusted Collateral Value of such Mortgage Loan. (c) If the Master Servicer determines that a P&I Advance is required, it shall on or prior to the Trustee from the Collection Account for related Remittance Date deposit in the Distribution Accounts related Collection Account out of its own funds an amount equal to the Available Distribution Amount P&I Advance; provided, however, that the aggregate amount of such P&I Advances for any Determination Date shall be reduced by any amounts being held for future remittance to the Master Servicer pursuant to Section 4.06(a)(1)(ii). Any funds being held in the Collection Account for future distribution and so used shall be replaced by the related Master Servicer from its own funds by deposit in the Collection Account on or before any future Remittance Date to the extent that funds in the Collection Account on such Distribution Remittance Date (excluding P&I Advances); andshall be less than payments to the Trustee required to be made on such date. (ivd) make If the Master Servicer determines with respect to any required Mortgage Loan that a P&I Advance, by deposit into the Collection Accountif made, and remit such amount would constitute a Nonrecoverable Advance or that it has made a Nonrecoverable Advance, it shall deliver to the Trustee for deposit in the REMIC I Distribution Accounta Nonrecoverable Advance Certificate. (be) If, If as of 5:00 p.m.11:00 a.m., New York City time, on any Remittance Distribution Date the Master Servicer shall not (i) have made a the P&I Advance required to have been made on such date the related Remittance Date pursuant to the definition of such term or delivered the certificate and documentation related to a determination of nonrecoverabilitySection 4.06(a), the Trustee shall immediately notify the Fiscal Agent by telephone promptly confirmed in writing, and the Trustee shall no later than 10:00 a.m.12:00 noon, New York City time, on the related Distribution Date such Business Day deposit into the Distribution Certificate Account in immediately available funds an amount equal to the P&I Advances otherwise required to have been made by the Master Servicer. If the Trustee fails to make any P&I Advance required to be made under this Section 4.84.06, the Fiscal Agent -108- 122 shall make such P&I Advance not later than 12:00 2:00 p.m., New York City time, on such Distribution Date Business Day and, thereby, the Trustee shall not be in default under this Agreement. (cf) Anything to the contrary in this Agreement notwithstanding, none of the Master Servicer, Neither the Trustee or nor the Fiscal Agent shall be obligated to make a P&I Advance on any date on which a P&I Advance is otherwise required to be made by this Section 4.8 4.06 if the Master Servicer, the Trustee or the Fiscal Agent, as applicable, determines that such Advance advance will be a Nonrecoverable Advance. The Trustee and the Fiscal Agent shall be entitled to rely, conclusively, on any determination by the Master Servicer Servicer, as set forth in the applicable Nonrecoverable Advance Certificate, that a P&I Advance, if made, would be a Nonrecoverable Advance (and with respect to a P&I Advance, the Trustee or the Fiscal Agent, as applicable, shall rely on the Master Servicer's determination that the Advance would be a Nonrecoverable Advance if the Trustee or Fiscal Agent, as applicable, determines that it does not have sufficient time to make such determination); provided, however, that if the Master Servicer has failed to make a P&I Advance for reasons other than a determination by the Master Servicer that such Advance would be a Nonrecoverable Advance, the Trustee or Fiscal Agent, as applicable, shall make such advance within the time periods required by Section 4.06(g) unless the Trustee or the Fiscal Agent, in good faith, makes a determination prior to the times specified in Section 4.06(g) that such advance would be a Nonrecoverable Advance. The Trustee and the Fiscal Agent, in determining whether or not a P&I an Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable Advance shall be subject to the standards applicable to the Master Servicer hereunder. (dg) The Master Servicer, the Trustee or the Fiscal Agent, as applicable, shall be entitled to, and the Master Servicer hereby covenants and agrees to promptly seek and effect, the reimbursement of P&I Advances it makes, makes to the extent permitted pursuant to Section 3.06(ii) of this Agreement together with any related Advance Interest Amount in respect of such P&I Advances to the extent permitted pursuant to Sections 3.06(ii) and (iii) and the Master Servicer and Special Servicer hereby covenant and agree to promptly seek and effect the reimbursement of such Advances from the related Mortgagors to the extent permitted by applicable law and the related Mortgage Loan. (h) The Master Servicer shall determine on each Business Day whether amounts are available in the Collection Account to reimburse the Trustee, the Fiscal Agent and itself for unreimbursed Advances made pursuant to this Agreement. The Master Servicer shall withdraw all amounts necessary to make such reimbursement to the extent such withdrawals are permitted under Section 3.7(iii3.06(ii) and (iii) or Section 3.04(b)(ii), and shall reimburse the Trustee, the Fiscal Agent and itself, in that order, on each Business Day. (i) Any failure of the Master Servicer to make an Advance as required under this Agreement will constitute an event of default hereunder, in which case the Trustee will be obligated to make any required Advance, in accordance with the terms of this Agreement.

Remittances; P&I Advances. (a) On the each Remittance Date immediately preceding each Distribution Date, the Master Servicer shallshall (1) withdraw from the Collection Account and remit to the Trustee, by wire transfer of immediately available funds to the Certificate Account, all amounts on deposit in the Collection Account as of the close of business on the Determination Date prior to such Remittance Date; minus: (i) any permitted charges against or withdrawals from the Collection Account pursuant to clauses (ii) through (xi) of Section 3.06 hereof; and (ii) any amounts on deposit in the Collection Account representing a Monthly Payment due on a Due Date following the Collection Period for such Determination Date net of any reduction in the aggregate amount of P&I Advances for such Determination Date pursuant to Section 4.06(c) (which amounts shall be remitted pursuant to this Agreement on the Remittance Date immediately following the Collection Period in which such Monthly Payment was due). and (2) remit to the Trustee from any P&I Advances required to be made on or prior to such Remittance Date pursuant to Section 4.06(b). (b) To the Collection Account extent that as of the Determination Date for any month, the full amount of the Monthly Payment due in such month with respect to any Mortgage Loan has not been received by the Master Servicer, the Master Servicer shall remit to the Trustee on the Remittance Date for deposit into the Certificate Account, a P&I Advance in the Distribution Accounts an amount equal to the Prepayment Premiums received by excess of such Monthly Payment (net of any Escrow Payment component and the Servicing Fee relating to such Mortgage Loan) over the amount received; PROVIDED, HOWEVER, that: (i) the Master Servicer in the Collection Period preceding such Remittance Dateshall not be required to make a Nonrecoverable Advance; (ii) remit the Master Servicer shall not be required to advance the full amount of any Balloon Payment not made by the related Mortgagor; to the Trustee from extent the Collection Account Master Servicer is required to make a P&I Advance on and after the Trustee Fee payable on Due Date for such Remittance DateBalloon Payment, such P&I Advance shall not exceed an amount equal to the Assumed Monthly Payment with respect to such Mortgage Loan; (iii) remit with respect to any Mortgage Loan subject to a Collateral Value Adjustment, the amount of each required P&I Advance shall not exceed the product of (x) the Remittance Rate for such Mortgage Loan and (y) the Adjusted Collateral Value of such Mortgage Loan. (c) If the Master Servicer determines that a P&I Advance is required, it shall on or prior to the Trustee from the Collection Account for related Remittance Date deposit in the Distribution Accounts related Collection Account out of its own funds an amount equal to the Available Distribution Amount P&I Advance; PROVIDED, HOWEVER, that the aggregate amount of such P&I Advances for any Determination Date shall be reduced by any amounts being held for future remittance to the Master Servicer pursuant to Section 4.06(a)(1)(ii). Any funds being held in the Collection Account for future distribution and so used shall be replaced by the related Master Servicer from its own funds by deposit in the Collection Account on or before any future Remittance Date to the extent that funds in the Collection Account on such Distribution Remittance Date (excluding P&I Advances); andshall be less than payments to the Trustee required to be made on such date. (ivd) make If the Master Servicer determines with respect to any required Mortgage Loan that a P&I Advance, by deposit into the Collection Accountif made, and remit such amount would constitute a Nonrecoverable Advance or that it has made a Nonrecoverable Advance, it shall deliver to the Trustee for deposit in the REMIC I Distribution Accounta Nonrecoverable Advance Certificate. (be) If, If as of 5:00 p.m.11:00 a.m., New York City time, on any Remittance Distribution Date the Master Servicer shall not (i) have made a the P&I Advance required to have been made on such date the related Remittance Date pursuant to the definition of such term or delivered the certificate and documentation related to a determination of nonrecoverabilitySection 4.06(a), the Trustee shall immediately notify the Fiscal Agent by telephone promptly confirmed in writing, and the Trustee shall no later than 10:00 a.m.12:00 noon, New York City time, on the related Distribution Date such Business Day deposit into the Distribution Certificate Account in immediately available funds an amount equal to the P&I Advances otherwise required to have been made by the Master Servicer. If the Trustee fails to make any P&I Advance required to be made under this Section 4.84.06, the Fiscal Agent shall make such P&I Advance not later than 12:00 2:00 p.m., New York City time, on such Distribution Date Business Day and, thereby, the Trustee shall not be in default under this Agreement. (cf) Anything to the contrary in this Agreement notwithstanding, none of the Master Servicer, Neither the Trustee or nor the Fiscal Agent shall be obligated to make a P&I Advance on any date on which a P&I Advance is otherwise required to be made by this Section 4.8 4.06 if the Master Servicer, the Trustee or the Fiscal Agent, as applicable, determines that such Advance advance will be a Nonrecoverable Advance. The Trustee and the Fiscal Agent shall be entitled to rely, conclusively, on any determination by the Master Servicer Servicer, as set forth in the applicable Nonrecoverable Advance Certificate, that a P&I Advance, if made, would be a Nonrecoverable Advance (and with respect to a P&I Advance, the Trustee or the Fiscal Agent, as applicable, shall rely on the Master Servicer's determination that the Advance would be a Nonrecoverable Advance if the Trustee or Fiscal Agent, as applicable, determines that it does not have sufficient time to make such determination); PROVIDED, HOWEVER, that if the Master Servicer has failed to make a P&I Advance for reasons other than a determination by the Master Servicer that such Advance would be a Nonrecoverable Advance, the Trustee or Fiscal Agent, as applicable, shall make such advance within the time periods required by Section 4.06(g) unless the Trustee or the Fiscal Agent, in good faith, makes a determination prior to the times specified in Section 4.06(g) that such advance would be a Nonrecoverable Advance. The Trustee and the Fiscal Agent, in determining whether or not a P&I an Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable Advance shall be subject to the standards applicable to the Master Servicer hereunder. (dg) The Master Servicer, the Trustee or the Fiscal Agent, as applicable, shall be entitled to, and the Master Servicer hereby covenants and agrees to promptly seek and effect, the reimbursement of P&I Advances it makes, makes to the extent permitted pursuant to Section 3.06(ii) of this Agreement together with any related Advance Interest Amount in respect of such P&I Advances to the extent permitted pursuant to Sections 3.06(ii) and (iii) and the Master Servicer and Special Servicer hereby covenant and agree to promptly seek and effect the reimbursement of such Advances from the related Mortgagors to the extent permitted by applicable law and the related Mortgage Loan. (h) The Master Servicer shall determine on each Business Day whether amounts are available in the Collection Account to reimburse the Trustee, the Fiscal Agent and itself for unreimbursed Advances made pursuant to this Agreement. The Master Servicer shall withdraw all amounts necessary to make such reimbursement to the extent such withdrawals are permitted under Section 3.7(iii3.06(ii) and (iii) or Section 3.04(b)(ii), and shall reimburse the Trustee, the Fiscal Agent and itself, in that order, on each Business Day. (i) Any failure of the Master Servicer to make an Advance as required under this Agreement will constitute an event of default hereunder, in which case the Trustee will be obligated to make any required Advance, in accordance with the terms of this Agreement.