Common use of X&X Advances Clause in Contracts

X&X Advances. (a) On or before 1:00 p.m. (New York City time) on each P&I Advance Date, the applicable Master Servicer shall, subject to Section 4.03(c), either (i) remit from its own funds to the Certificate Administrator for deposit into the Distribution Account an amount equal to the aggregate amount of P&I Advances with respect to Mortgage Loans and successor REO Mortgage Loans serviced by such Master Servicer, if any, to be made by the applicable Master Servicer in respect of the related Distribution Date, (ii) apply amounts held in the Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make such P&I Advances, or (iii) make such P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the applicable Master Servicer; provided, however, that to the extent that amounts on deposit in the Collection Account were insufficient to pay the CREFC® License Fee on the related Master Servicer Remittance Date, the related Master Servicer shall apply any P&I Advances required to be made by it on such P&I Advance Date pursuant to this Section 4.03 to pay the balance of such CREFC® License Fee. Any amounts held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the applicable Master Servicer’s records and replaced by the applicable Master Servicer by deposit in the Collection Account prior to the next succeeding Master Servicer Remittance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:30 p.m. (New York City time) on any P&I Advance Date, the applicable Master Servicer shall not have made any P&I Advance required to be made by it on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Certificate Administrator and the Trustee the Officer’s Certificate and other documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c) below) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted by such Master Servicer on such date, then the Certificate Administrator shall provide notice of such failure to the applicable Master Servicer by facsimile transmission (with respect to the General Master Servicer, at facsimile number: (000) 000-0000, and with respect to the NCB Master Servicer, at (000) 000-0000) and by telephone (with respect to the General Master Servicer, at (000) 000-0000, and with respect to the NCB Master Servicer, at (000) 000-0000) and, in the case of the NCB Master Servicer, by email (at XXXXX0000X00@xxx.xxx) as soon as possible, but in any event before 4:30 p.m. (New York City time) on such P&I Advance Date. If after such notice the Certificate Administrator does not receive the full amount of such P&I Advances by 9:00 a.m. (New York City time) on the related Distribution Date, then the Certificate Administrator shall promptly notify the Trustee (but in any event before 10:00 a.m. (New York City time) and the Trustee shall (not later than 12:00 noon, New York City time, on the related Distribution Date) make the portion of such P&I Advances that was required to be, but was not, made or remitted, as the case may be, by the applicable Master Servicer with respect to the related Distribution Date. With respect to any Mortgage Loan that is part of a Serviced Loan Combination, the applicable Master Servicer or Trustee, as applicable, shall provide the Other Master Servicer and the Other Trustee under the Other Securitization with written notice of any P&I Advance relating to such Mortgage Loan within two (2) Business Days of making such P&I Advance.

X&X Advances. (a) On or before 1:00 p.m. (New York City time) on each P&I Advance Date, the applicable Master Servicer shall, subject to Section 4.03(c), either (i) remit from its own funds to the Certificate Administrator for deposit into (x) the Distribution Account an amount equal to the aggregate amount of P&I Advances with respect to Mortgage Loans and successor REO Mortgage Loans serviced by such Master ServicerLoans, if any, to be made by the applicable Master Servicer in respect of the related Distribution Date and (y) the Class SJ Distribution Account, an amount equal to the amount of P&I Advances, if any, with respect to the Trust Subordinate Companion Loan to be made in respect of the related Distribution Date, (ii) (x) apply amounts held in the Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make such P&I AdvancesAdvances with respect to the Mortgage Loans and (y) apply amounts held in the Collection Account (or the applicable sub-account thereof), for future distribution to the Holders of the Class SJ Certificates in subsequent months in discharge of any such obligation to make P&I Advances with respect to the Trust Subordinate Companion Loan, or (iii) make such P&I Advances in the form of any combination of clauses (ii)(x) and (iiii)(x) or clauses (i)(y) and (ii)(y), as applicable aggregating the total amount of P&I Advances to be made by the applicable Master Servicer; provided, however, that to the extent that amounts on deposit in the Collection Account were insufficient to pay the CREFC® License Fee on the related Master Servicer Remittance Date, the related Master Servicer shall apply any P&I Advances required to be made by it on such P&I Advance Date pursuant to this Section 4.03 to pay the balance of such CREFC® License Fee. Any amounts held in the Collection Account (or the applicable sub-account thereof) for future distribution and so used to make P&I Advances with respect to the Mortgage Loans or the Trust Subordinate Companion Loan, as applicable, shall be appropriately reflected in the applicable Master Servicer’s records and replaced by the applicable Master Servicer by deposit in the Collection Account (or the applicable sub-account thereof) prior to the next succeeding Master Servicer Remittance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:30 p.m. (New York City time) on any P&I Advance Date, the applicable Master Servicer shall not have made any P&I Advance required to be made by it on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Certificate Administrator and the Trustee the Officer’s Certificate and other documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c) below) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted by such the Master Servicer on such date, then the Certificate Administrator shall provide notice of such failure to the applicable Master Servicer by facsimile transmission (with respect to the General Master Servicer, at facsimile number: (000) 000-0000, and with respect to the NCB Master Servicer, at (000) 000-0000) and by telephone (with respect to the General Master Servicer, at (000) 000-0000, and with respect to the NCB Master Servicer, at (000) 000-0000) and, in the case of the NCB Master Servicer, by email (at XXXXX0000X00@xxx.xxx) as soon as possible, but in any event before 4:30 p.m. (New York City time) on such P&I Advance Date. If after such notice the Certificate Administrator does not receive the full amount of such P&I Advances by 9:00 a.m. (New York City time) on the related Distribution Date, then the Certificate Administrator shall promptly notify the Trustee (but in any event before 10:00 a.m. (New York City time) and the Trustee shall (not later than 12:00 noon, New York City time, on the related Distribution Date) make the portion of such P&I Advances that was required to be, but was not, made or remitted, as the case may be, by the applicable Master Servicer with respect to the related Distribution Date. With respect to any Mortgage Loan that is part of a Serviced Loan Combination, the applicable Master Servicer or Trustee, as applicable, shall provide the Other Master Servicer and the Other Trustee under the Other Securitization with written notice of any P&I Advance relating to such Mortgage Loan or the Trust Subordinate Companion Loan within two (2) Business Days of making such P&I Advance.

X&X Advances. (a) On or before 1:00 p.m. (New York City time) on each P&I Advance Date, the applicable Master Servicer shall, subject to Section 4.03(c), either (i) remit from its own funds to the Certificate Administrator for deposit into the Distribution Account an amount equal to the aggregate amount of P&I Advances with respect to Mortgage Loans and successor REO Mortgage Loans serviced by such Master Servicer, if any, to be made by the applicable Master Servicer in respect of the related Distribution Date, except that the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan and such Distribution Date shall not be remitted to the Certificate Administrator but shall be deposited in the Collection Account for payment to CREFC® for such Distribution Date, (ii) apply amounts held in the Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make such P&I Advances, or (iii) make such P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the applicable Master Servicer; provided, however, that to the extent that amounts on deposit in the Collection Account were insufficient to pay the CREFC® License Fee on the related Master Servicer Remittance Date, the related Master Servicer shall apply any P&I Advances required to be made by it on such P&I Advance Date pursuant to this Section 4.03 to pay the balance of such CREFC® License Fee. Any amounts held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the applicable Master Servicer’s records and replaced by the applicable Master Servicer by deposit in the Collection Account prior to the next succeeding Master Servicer Remittance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such P&I Advances were made). If, as of 3:30 p.m. (New York City time) on any P&I Advance Date, the applicable Master Servicer shall not have made any P&I Advance required to be made by it on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Certificate Administrator and the Trustee the Officer’s Certificate and other documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c) below)) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted by such Master Servicer on such date, then the Certificate Administrator shall provide notice of such failure to the applicable Master Servicer by facsimile transmission (with respect to the General Master Servicer, at facsimile number: (000) 000-0000, and with respect to the NCB Master Servicer, at (000) 000-0000) and by telephone (with respect to the General Master Servicer, at (000) 000-0000, and with respect to the NCB Master Servicer, at (000) 000-0000) and, in the case of the NCB Master Servicer, by email (at XXXXX0000X00@xxx.xxx) as soon as possible, but in any event before 4:30 p.m. (New York City time) on such P&I Advance Date. If after such notice the Certificate Administrator does not receive the full amount of such P&I Advances by 9:00 a.m. (New York City time) on the related Distribution Date, then the Certificate Administrator shall promptly notify the Trustee (but in any event before 10:00 a.m. (New York City time) and the Trustee shall (not later than 12:00 noon, New York City time, on the related Distribution Date) make the portion of such P&I Advances that was required to be, but was not, made or remitted, as the case may be, by the applicable Master Servicer with respect to the related Distribution Date. With respect to any Mortgage Loan that is part of a Serviced Loan Combination, the applicable Master Servicer or Trustee, as applicable, shall provide the Other Master Servicer and the Other Trustee under the Other Securitization with written notice of any P&I Advance relating to such Mortgage Loan within two (2) Business Days of making such P&I Advance.

X&X Advances. (a) On or before 1:00 p.m. (p.m., New York City time) , on each P&I Advance Master Servicer Remittance Date, the applicable Master Servicer shall, subject to Section 4.03(c), shall either (i) remit from its own funds to the Certificate Administrator for deposit into the Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances with respect to Mortgage Loans and successor REO Mortgage Loans serviced by such Master ServicerAdvances, if any, to be made by the applicable Master Servicer in respect of the related Distribution Date, (ii) apply amounts held in the Collection Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make such P&I Advances, or (iii) make such P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by made; provided that if Late Collections of any of the applicable delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer; provided, however, that to the extent that amounts Servicer Remittance Date are then on deposit in the Collection Account were insufficient to pay the CREFC® License Fee on the related Master Servicer Remittance DateCertificate Account, the related Master Servicer shall apply use such Late Collections (net of any P&I Advances required Master Servicing Fees and Workout Fees payable therefrom) to be made by it on make such P&I Advance Date pursuant to this Section 4.03 to pay the balance of such CREFC® License FeeAdvances. Any amounts held in the Collection Certificate Account for future distribution and so used to make P&I Advances (other than the Late Collections of the delinquent principal and/or interest contemplated by the proviso to the preceding sentence) shall be appropriately reflected in the applicable Master Servicer’s 's records and replaced by the applicable Master Servicer by deposit in the Collection Certificate Account prior to on or before the next succeeding Master Servicer Remittance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and and/or interest in respect of which such P&I Advances were made). If, as of 3:30 p.m. (1:00 p.m., New York City time) , on any P&I Advance Master Servicer Remittance Date, the applicable Master Servicer shall not have made any P&I Advance required to be made by it on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Certificate Administrator and the Trustee the requisite Officer’s 's Certificate and other documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c) below) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted by such Master Servicer on such dateAdvance), then the Certificate Administrator Trustee shall provide notice of such failure to a Servicing Officer of the applicable Master Servicer by facsimile transmission sent to telecopy no. (with respect 816) 435-2327 (or such alternative number provided by the Master Servicer to the General Master Servicer, Trustee in writing) and by telephone at facsimile number: telephone no. (000) 000-0000, and with respect 0000 (or such alternative number provided by the Master Servicer to the NCB Master Servicer, at (000) 000-0000) and by telephone (with respect to the General Master Servicer, at (000) 000-0000, and with respect to the NCB Master Servicer, at (000) 000-0000) and, Trustee in the case of the NCB Master Servicer, by email (at XXXXX0000X00@xxx.xxxwriting) as soon as possible, but in any event before 4:30 p.m. (3:00 p.m., New York City time) , on such P&I Advance Master Servicer Remittance Date. If If, after such notice notice, the Certificate Administrator Trustee does not receive the full amount of such P&I Advances by 9:00 a.m. the close of business (New York City time) on the related Distribution such Master Servicer Remittance Date, then the Certificate Administrator shall promptly notify (i) unless the Trustee (but in any event before 10:00 a.m. (New York City time) and determines that such Advance would be a Nonrecoverable P&I Advance if made, the Trustee shall (not later than 12:00 noon, New York City time, on the related Distribution Date) make the portion of such P&I Advances that was required to be, but was not, made or remitted, as the case may be, by the applicable Master Servicer on such Master Servicer Remittance Date and (ii) such failure shall constitute an Event of Default on the part of the Master Servicer. If the Trustee is required in accordance with respect this Section 4.03(a) to make any P&I Advance or portion thereof, but fails to do so by 10:00 a.m., New York City time, on the related Distribution Date. With respect to any Mortgage Loan , then, unless the Fiscal Agent determines that is part of such Advance would be a Serviced Loan CombinationNonrecoverable P&I Advance if made, the applicable Master Servicer or Trustee, as applicable, Fiscal Agent shall provide the Other Master Servicer and the Other Trustee under the Other Securitization with written notice of any make such P&I Advance relating to or other advance not later than 11:30 a.m., New York City time, on such Mortgage Loan within two (2) Business Days of making such P&I AdvanceDistribution Date and, thereby, the Trustee shall not be in default under this Agreement.