Trustee Advances a. If the Servicer fails to deposit into the Certificate Account Advances as required by Section 8.02, then the Trustee shall, subject to the provisions of paragraph (b) below, from its own funds, deposit into the Certificate Account the amount not so deposited by the Servicer on or before the Business Day preceding the related Payment Date (a "Trustee Advance").
Trustee Advances. (a) Under the terms of each Servicing Agreement, on the Business Day prior to each Remittance Date, the related Servicer is obligated to make a Monthly Advance with respect to any delinquencies as of the related Distribution Date, unless such Servicer furnishes to the Trustee, an Officer’s Certificate evidencing the determination by such Servicer, in its reasonable judgment, that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds (including the proceeds of the applicable Federal Insurance) or otherwise with respect to such Mortgage Loan (a “Non-Recoverability Certificate”). If (i) a Servicer reports a delinquency on a Remittance Report, and (ii) such Servicer, by 11 a.m. (New York Time) on the related Distribution Date, neither makes a Monthly Advance nor provides the Trustee with a Non-Recoverability Certificate with respect to such delinquency, then the Trustee shall deposit, from its own funds, the amount of such Monthly Advance (a “Trustee Advance”) into the Certificate Account for distribution to Certificateholders as provided in the Trust Agreement. Notwithstanding the foregoing, if the Trustee, in its reasonable judgment, determines that such Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds (including the proceeds of the applicable Federal Insurance) or otherwise with respect to such Mortgage Loan, then the Trustee shall not be obligated to make such Trustee Advance.
Trustee Advances. (a) If the Servicer fails to deposit into the Certificate Account Advances as required by Section 8.02, then the Trustee shall, subject to the provisions of paragraph (b) below, from its own funds, deposit into the Certificate Account the amount not so deposited by the Servicer on or before the Business Day preceding the related Payment Date (a "Trustee Advance").
Trustee Advances. In the event that the Servicer ---------------- fails for any reason to make an Advance required to be made by it pursuant to the Sale and Servicing Agreement on or before the Remittance Date, the Trustee shall, on or before the related Distribution Date, deposit in the Certificate Account an amount equal to the excess of (a) Advances required to be made by the Servicer that would have been deposited in such Certificate Account over (b) the amount of any Advance made by the Servicer with respect to such Distribution Date; provided, however, that -------- ------- the Trustee shall be required to make such Advance only if it is not prohibited by law from doing so and it has determined that such Advance would be recoverable from amounts to be received with respect to such Mortgage Loan, including Liquidation Proceeds, Insurance Proceeds, or otherwise. The Trustee shall be entitled to be reimbursed from the Certificate Account for Advances made by it pursuant to this Section 5.04 as if it were the Servicer.
Trustee Advances. Sections 3.04(c) and (d) of the Standard Terms (relating to the Trustee's obligation to make Advances) are deleted in their entirety and references to "or the Trustee" in Section 3.04(e) of the Standard Terms and to "and Trustee" in the heading of Section 3.04 of the Standard Terms are deleted. The Trustee shall not be obligated to make Advances.
Trustee Advances. Sections 3.04(c) and (d) of the Standard Terms (relating to the Trustee's obligation to make Advances) are deleted in their entirety and references to "or the Trustee" in Section 3.04(e) of the Standard Terms and to "and Trustee" in the heading of Section 3.04 of the Standard Terms are deleted. The Trustee shall not be obligated to make Advances. Notwithstanding anything in the Trust Agreement to the contrary, the Trustee shall not be obligated to pay Month-End Interest under any circumstance, including without limitation, the failure of a Servicer to do so.
Trustee Advances. If the Master Servicer fails to fulfill its obligations hereunder to make any Advances, the Trustee shall perform such obligations (x) in accordance with Section 3.03(c) with respect to Servicing Advances and (y) by 12:00 noon, New York City time, on the related Distribution Date with respect to P&I Advances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer's rights with respect to Advances hereunder, including, without limitation, the Master Servicer's rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be; provided, however, that if Advances made by both the Trustee and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance hereunder.
Trustee Advances. (a) The Trustee may, but need not, advance to Holders of the Floater Certificates on each Floater Certificate Interest Payment Date an amount up to the related Floater Certificate Interest Amount (each, a “Trustee Advance”). The decision by the Trustee to advance any such amount shall be made in the sole discretion of the Trustee and no decision to advance funds shall impose any obligation to advance any further amount.
Trustee Advances. ARTICLE VIII
Trustee Advances. The Trustee may (in its individual capacity or through any subsidiary or affiliate of the Trustee) advance cash or securities to all or any Trust Funds to effect or expedite the purchase or sale of securities for such Trust Funds, and the property so purchased or the proceeds from the sale shall be security for repayment of the cash or securities advanced in connection with the purchase or sale of such property. The Trustee (in its individual capacity or through any subsidiary or affiliate of the Trustee) shall have a security interest in such property or proceeds until the Trustee (in its individual capacity or through any subsidiary or affiliate of the Trustee) has been reimbursed from such Trust Funds for its advances in respect of such property. If the Trustee (in its individual capacity or through any subsidiary or affiliate of the Trustee) does not receive reimbursement from such Trust Funds for its advances in respect of such property, the Trustee (in its individual capacity or through any subsidiary or affiliate of the Trustee) shall be entitled to dispose of such property and to retain the proceeds of such disposition, or to retain such proceeds, in each case for its own account up to the amount necessary to obtain reimbursement. To the extent the Trustee advances funds to the Trust Funds for disbursements or to effect the settlement of purchase transactions, the Trustee shall be entitled to collect from the Trust Funds either (i) with respect to US domestic assets, an amount equal to what would have been earned on the sums advanced (an amount approximating the “federal funds” interest rate), or (ii) with respect to non-domestic assets, the rate applicable to the appropriate foreign market.
