Common use of Trustee as Maker of Advances Clause in Contracts

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been cured. 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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunder); provided, however, that if Advances made by 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. [End of Article VII]

Appears in 42 contracts

Samples: Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C25), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C24), Pooling and Servicing Agreement (JPMBB Commercial Mortgage Securities Trust 2014-C24)

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Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall shall, subject to the provisions of Section 3.23 of this Agreement, perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Mortgage Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments, ground rents or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon (New York City time, ) on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Interest Payment 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 Advance Interest Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by 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, 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 AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer with respect to a Nonrecoverable Advance hereunder. [End of Article VII].

Appears in 22 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2021-C10), Trust and Servicing Agreement (CSAIL 2021-C20 Commercial Mortgage Trust), Trust and Servicing Agreement (BBCMS Mortgage Trust 2021-C9)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Property Protection Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Property Protection Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been cured. 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 Property Protection Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunder); provided, however, that if Advances made by 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. [End of Article VII].

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2018-Gs9), Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2017-C42), Pooling and Servicing Agreement (Bank 2017-Bnk9)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by 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. [End of Article VII]

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2004-C3), Pooling and Servicing Agreement (JP Morgan Chase Commercial Mortgage Securities Trust 2006-Cibc14), Pooling and Servicing Agreement (JPMorgan Chase Commercial Mortgage Securities Corp, Series 2005-Cibc11)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been cured. 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, (without regard to any impairment of any such rights of reimbursement caused by such the Master Servicer’s default in its obligations hereunder); provided, however, that if Advances made by 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. [End of Article VII]

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Bnk2), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2017-Gs7), Pooling and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C1)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Properties or to avoid any foreclosure or similar action with respect to the extent Properties by reason of failure to pay real estate taxes, assessments or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment Advances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s and/or the Special Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and Trustee, the Master Servicer and/or the Special 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, Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer and/or the Special Servicer, as applicable, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance.

Appears in 6 contracts

Samples: Trust and Servicing Agreement (CSAIL 2016-C7 Commercial Mortgage Trust), Trust and Servicing Agreement (GS Mortgage Securities Trust 2016-Gs3), Trust and Servicing Agreement (Gs Mortgage Securities Corp Ii)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment Advances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s and/or the Special Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and Trustee, the Master Servicer and/or the Special 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, Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer and/or the Special Servicer, as applicable, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance.

Appears in 5 contracts

Samples: Trust and Servicing Agreement (CSAIL 2017-Cx9 Commercial Mortgage Trust), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2017-C39), Trust and Servicing Agreement (JPMDB Commercial Mortgage Securities Trust 2017-C5)

Trustee as Maker of Advances. (a) In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); 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. [End of Article VII]

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Jp Morgan Chase Comm Mort Pass THR Certs Ser 2003-Pm1), Pooling and Servicing Agreement (Jp Morgan Chase Com Sec Corp Pass Thru Cert Ser 2003-Cibc6), Pooling and Servicing Agreement (Jp Morgan Chase Commercial Mortgage Securities Corp)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredrequired Advances, the Trustee shall perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one (1) Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment Advances. With respect to any such 175 Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s and/or the Special Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and Trustee, the Master Servicer and/or the Special 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, Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer and/or the Special Servicer, as applicable, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance.

Appears in 4 contracts

Samples: Trust and Servicing Agreement (3650R 2021-Pf1 Commercial Mortgage Trust), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2021-C60), Trust and Servicing Agreement (CSAIL 2021-C20 Commercial Mortgage Trust)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) [five] Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by 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. [End of Article VII]

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Jp Morgan Chase Commercial Mortgage Securities Corp), Pooling and Servicing Agreement (Jp Morgan Chase Commercial Mortgage Securities Corp), Pooling and Servicing Agreement (Jp Morgan Chase Commercial Mortgage Securities Corp)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall shall, subject to the provisions of Section 3.23 of this Agreement, perform such obligations (xa) within five (5) Business Days following (or such failure by shorter period (but not less than one (1) Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments, leasehold rents or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing any Advances (other than any Monthly Payment Advances) and (yb) by noon, 12:00 p.m. New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment 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 Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by 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, Trustee (in that order) until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer Servicer, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance.

Appears in 3 contracts

Samples: Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Bnk2), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30)

Trustee as Maker of Advances. In the event that the any Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the such Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Trustee's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the applicable Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the such Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by the Trustee and the any 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 such Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance hereunder. [End of Article VII]

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-Ldp5), Pooling and Servicing Agreement (JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-Ldp5)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall shall, subject to the provisions of Section 3.23 of this Agreement, perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Mortgage Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments, ground rents or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon (New York City time, ) on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Interest Payment Advances. With respect to any such Advance made by the Trustee, the Trustee shall 199 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 Advance Interest Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by 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, 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 AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer with respect to a Nonrecoverable Advance hereunder. [End of Article VII].

Appears in 2 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2022-C15), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within the later of (i) five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof and (ii) the date necessary to avoid a foreclosure of liens for delinquent real estate taxes, a lapse in insurance coverage or a breach under any Ground Lease for the failure to pay any rents, in each case to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Trustee's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such the Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by 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. [End of Article VII]

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-Ldp11), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-Ldp11)

Trustee as Maker of Advances. (a) In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Trustee's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); 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. [End of Article VII]

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Jp Morgan Chase Com Mort Sec Corp Pass THR Cert Se 2003 C1), Pooling and Servicing Agreement (Jp Morgan Chase Com Mort Sec Corp Pas THR CRT Ser 2002 Cibc5)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredrequired Advances, the Trustee shall perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one (1) Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment Advances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s and/or the Special Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and Trustee, the Master Servicer and/or the Special 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, Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer and/or the Special Servicer, as applicable, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance. 176

Appears in 2 contracts

Samples: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Securities Inc), Trust and Servicing Agreement (CSAIL 2020-C19 Commercial Mortgage Trust)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following of the Event of Default resulting from such failure by the Master Servicer with respect to Servicing Property Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Property Advances and (y) by noon, 12:00 noon (New York City time, ) on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Trustee's notice of failure pursuant to Section 4.03(a4.07(a) unless the Trustee has received notice that such failure has been curedcured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s 's rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Property Advance, as the case may be, be (without regard to any impairment of any such rights of reimbursement caused by such the Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by 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 or any determination of nonrecoverability in connection therewith by the Master Servicer hereunder. [End of Article VII].

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (CD 2006-Cd3 Mortgage Trust), Pooling and Servicing Agreement (COMM 2006-C7 Mortgage Trust)

Trustee as Maker of Advances. In the event that the any Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the such Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the applicable Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the such Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by the Trustee and the any 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 such Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance hereunder. [End of Article VII]

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMorgan Chase Commercial Mortgage Securities Corp Series 2005-Ldp4), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-Cibc19)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate AdministratorPaying Agent’s notice of failure pursuant to Section 4.03(a) unless such failure has been cured. 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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunder); provided, however, that if Advances made by 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. [End of Article VII]

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2011-C5), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2011-C5)

Trustee as Maker of Advances. In the event that the any Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within the later of (i) five (5) Business Days following such failure by the such Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof and (ii) the date necessary to avoid a foreclosure of liens for delinquent real estate taxes, a lapse in insurance coverage or a breach under any Ground Lease for the failure to pay any rents, in each case to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the applicable Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the such Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by the Trustee and the any 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 such Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance hereunder. [End of Article VII]

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-Ldp9), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-Ldp9)

Trustee as Maker of Advances. (a) In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall perform such obligations (x) within five (5) one Business Days following Day of such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noonthe close of business, New York City time, on the related Distribution P&I Advance Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedAdvances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); 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. [End of Article VII]

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp), Pooling and Servicing Agreement (Chase Commercial Mortgage Securities Corp)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); 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. [End of Article VII]

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Jp Morgan Chase Com Mort Sec Corp Ps THR Certs Ser 2003-Ln1), Pooling and Servicing Agreement (Jp Morgan Chase Com Mort Sec Corp Ps THR Certs Ser 2003-Ln1)

Trustee as Maker of Advances. In the event that the any Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within the earlier of (i) five (5) Business Days following such failure by the such Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof and (ii) the date necessary to avoid a foreclosure of liens for delinquent real estate taxes, a lapse in insurance coverage or a breach under any Ground Lease for the failure to pay any rents, in each case to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the applicable Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the such Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by the Trustee and the any 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 such Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance hereunder. [End of Article VII]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-Ldp7)

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Trustee as Maker of Advances. (a) In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall perform such obligations (x) within five (5) one Business Days following Day of such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedAdvances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); 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. [End of Article VII]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Manhattan Bk First Union Na Bk Com Mor Tr Ser 1999-1)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall shall, subject to the provisions of Section 3.23 of this Agreement, perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Mortgage Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iiithe Property or to avoid any foreclosure or similar action with respect to Property by reason of failure to pay real estate taxes, assessments, ground rents or governmental charges) hereof to the extent of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon (New York City time, ) on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Interest Payment 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 Advance Interest Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by 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, 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 AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer or the Special Servicer with respect to a Nonrecoverable Advance hereunder. [End of Article VII]191

Appears in 1 contract

Samples: Trust and Servicing Agreement (GS Mortgage Securities Trust 2020-Gc47)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall shall, subject to the provisions of Section 3.23 of this Agreement, perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Mortgage Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments, ground rents or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon (New York City time, ) on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Interest Payment 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 Advance Interest Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and the Master Servicer shall at any time be 195 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, 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 AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer with respect to a Nonrecoverable Advance hereunder. [End of Article VII].

Appears in 1 contract

Samples: Trust and Servicing Agreement (Benchmark 2020-B21 Mortgage Trust)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredrequired Advances, the Trustee shall perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one (1) Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment Advances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s and/or the Special Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and Trustee, the Master Servicer and/or the Special 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, Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer and/or the Special Servicer, as applicable, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance.

Appears in 1 contract

Samples: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2021-C61)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); 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. [End of Article VII]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2004-C2)

Trustee as Maker of Advances. (a) In the event that the Master Servicer or the Special Servicer, as the case may be, fails to fulfill its obligations hereunder to make any P&I Advances and such failure remains uncuredor Servicer Advances, the Trustee shall Trustee, or successor Master Servicer or Special Servicer, as the case may be, shall, subject to a determination of recoverability as described below, in the case of P&I Advances, perform such obligations (x) within five (5) one Business Days following Day of such failure by the Master Servicer with respect to Servicing Advances resulting or the Special Servicer, as the case may be, but in a no event later than 12:00 noon (Eastern Standard Time) on the related Distribution Date, and, in the case of Servicer Termination Event under Section 7.01(a)(iiiAdvances, perform such obligations within five Business Days of (i) hereof to receipt of notice of such failure by the extent Master Servicer or the Special Servicer, as the case may be or (ii) the date on which a Responsible Officer of the Trustee has actual knowledge of such failure an advance not being made and, with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such P&I Advance or Servicer Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's or the Special Servicer's rights with respect to P&I Advances and Servicer Advances and the accrued and unpaid interest thereon at the Advance Rate hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at 's or the Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing AdvanceSpecial Servicer's, as the case may be, rights of reimbursement (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's or Special Servicer's default in its obligations hereunder); providedPROVIDED, howeverHOWEVER, that if P&I Advances or Servicer Advances made by the Trustee and Trustee, the Master Servicer and Special Servicer, as the case may be, shall at any time be outstanding, or any amounts of interest on any thereon at the Advance Rate shall be accrued and unpaid, all amounts available to repay such P&I Advances or Servicer Advances and the interest thereon hereunder shall be applied entirely to the such P&I Advances or Servicer Advances outstanding to the Trustee, until such P&I Advances or Servicer Advances shall have been repaid in full, together with all amounts of interest accrued thereonthereon at the Advance Rate. In connection with making any P&I Advances or Servicer Advances hereunder, 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 Officer's Certificate evidencing a determination by the Master Servicer or the Special Servicer, as the case may be, that such P&I Advance or Servicer Advance is a Nonrecoverable Advance hereunder. [End of Article VII]or the Trustee may make its own determination that such P&I Advance or Servicer Advance is a Nonrecoverable Advance; provided, however, that such determination shall be evidenced by an Officer's Certificate delivered to the Depositor.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (LTC Properties Inc)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within the later of (i) five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination an Event of Default under Section 7.01(a)(iii) hereof and (ii) the date necessary to avoid a foreclosure of liens for delinquent real estate taxes, a lapse in insurance coverage or a breach under any Ground Lease for the failure to pay any rents, in each case to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Trustee's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such the Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by 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. [End of Article VII]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-Ldp12)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredrequired Advances, the Trustee shall perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one (1) Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments or governmental charges) of a Responsible Officer of the Trustee has actual obtaining 177 knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment Advances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s and/or the Special Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and Trustee, the Master Servicer and/or the Special 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, Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer and/or the Special Servicer, as applicable, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance.

Appears in 1 contract

Samples: Trust and Servicing Agreement (CSAIL 2019-C15 Commercial Mortgage Trust)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following of the Event of Default resulting from such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Trustee's notice of failure pursuant to Section 4.03(a) unless the Trustee has received notice that such failure has been curedcured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by the Trustee and or 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 or any determination of nonrecoverability in connection therewith by the Servicer hereunder. In addition, any determination made by the Special Servicer, at its option, that an Advance is a Nonrecoverable Advance shall be conclusive and binding on the Servicer and the Trustee, provided that the Servicer or the Trustee, as applicable, has been given notice of such determination. [End of Article VII]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (GE Commercial Mortgage Corporation, Series 2007-C1 Trust)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredAdvances, the Trustee shall shall, subject to the provisions of Section 3.23 of this Agreement, perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments, leasehold rents or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing any Advances (other than any Monthly Payment Advances) and (yx) by noon, 12:00 noon New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment 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 Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith and reasonable business judgment); provided, however, that if Advances made by 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, Trustee (in that order) until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer Servicer, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.5 within two (2) Business Days of making such advance.

Appears in 1 contract

Samples: Trust and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)

Trustee as Maker of Advances. In the event that the any Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following of the Event of Default resulting from such failure by the such Master Servicer with respect to Servicing Property Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Property Advances and (y) by noon, 12:00 noon (New York City time, ) on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Trustee's notice of failure pursuant to Section 4.03(a4.07(a) unless the Trustee has received notice that such failure has been curedcured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the such Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the such Master Servicer’s 's rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Property Advance, as the case may be, be (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by the Trustee and the applicable 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 such Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by the Master Servicers hereunder. [End of Article VII].

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)

Trustee as Maker of Advances. (a) In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following of such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); 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. [End of Article VII]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Commercial Mort Sec Corp Com Mor Pa Th Ce Ser 2000-1)

Trustee as Maker of Advances. In the event that the Master any Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following of the Event of Default resulting from such failure by the Master Servicer with respect to Servicing Property Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Property Advances and (y) by noon, 12:00 noon (New York City time, ) on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Trustee's notice of failure pursuant to Section 4.03(a4.07(a) unless the Trustee has received notice that such failure has been curedcured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s 's rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Property Advance, as the case may be, be (without regard to any impairment of any such rights of reimbursement caused by such the Master Servicer’s 's default in its obligations hereunder); provided, however, that if Advances made by 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 or any determination of nonrecoverability in connection therewith by the Master Servicer hereunder. [End of Article VII].

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)

Trustee as Maker of Advances. (a) In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five (5) Business Days following of the Event of Default resulting from such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s Paying Agent's notice of failure pursuant to Section 4.03(a) unless the Trustee has received notice that such failure has been curedcured by 10:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s 's rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s '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, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s 's default in its obligations hereunder); 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. [End of Article VII]

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Commercial Mort Sec Corp Com Mor Pa Th Ce Ser 2000-2)

Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncuredrequired Advances, the Trustee shall perform such obligations (xw) within five (5) Business Days following (or such failure by shorter period (but not less than one Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Master Servicer Loan Documents or this Agreement with respect to Servicing Advances resulting in a Servicer Termination Event under Section 7.01(a)(iii) hereof the Property or to avoid any foreclosure or similar action with respect to the extent Property by reason of failure to pay real estate taxes, assessments or governmental charges) of a Responsible Officer of the Trustee has actual obtaining knowledge of such failure by the Servicer or the Special Servicer with respect to such Servicing Property Protection Advances and Administrative Advances and (yx) by noon, 12:00 noon New York City time, time on the related Distribution Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a) unless such failure has been curedMonthly Payment Advances. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights and/or the Special Servicer’s rights, as applicable, with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights of reimbursement caused by such Master Servicer’s and/or the Special Servicer’s default in its obligations hereunderhereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and Trustee, the Master Servicer and/or the Special 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, 180 Trustee until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer and/or the Special Servicer, as applicable, for such AdvancesAdvances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. [End The Trustee shall notify the master servicer and trustee with respect to each Other Securitization Trust of Article VII]the amount of any Monthly Payment Advance made by it pursuant to this Section 7.6 within two (2) Business Days of making such advance.

Appears in 1 contract

Samples: Trust and Servicing Agreement (CSAIL 2017-Cx10 Commercial Mortgage Trust)

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