Advances by Master Servicer. If any Servicer fails to remit any Advance required to be made under the applicable Servicing Agreement, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Advance. If the Master Servicer determines that an Advance is required, it shall on the Business Day preceding the related Distribution Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer) for deposit in the Account immediately available funds in an amount equal to such Advance. The Master Servicer and each Servicer shall be entitled to be reimbursed for all Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Advance. If the Master Servicer determines that an Advance is non-recoverable, it shall, on or prior to the related Distribution Date, deliver an Officer's Certificate to the Trustee to such effect.
Advances by Master Servicer. If any Servicer (other than Cenlar FSB) or the Servicing Administrator fails to remit any Advance required to be funded under the applicable Servicing Agreement, the Master Servicer shall itself fund, or shall cause the successor Servicer or successor Servicing Administrator to fund, such Advance. If the Master Servicer determines that an Advance is required, it shall on the Business Day preceding the related Distribution Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer or the Servicing Administrator) for deposit in the Distribution Account immediately available funds in an amount equal to such Advance. The Master Servicer, each Servicer (other than Cenlar FSB) and the Servicing Administrator shall be entitled to be reimbursed for all Advances funded by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is nonrecoverable, the Master Servicer shall be under no obligation to make such Advance. If the Master Servicer determines that an Advance is nonrecoverable, it shall, on or prior to the related Distribution Date, deliver an Officer’s Certificate to the Trustee to such effect.
Advances by Master Servicer. If any Servicer fails to remit any Advance required to be made under the related Purchase and Servicing Agreement or Servicing Agreement, as applicable, the Master Servicer, as successor servicer, shall itself make, or shall cause the successor Servicer to make, such Advance. If the Master Servicer, as successor servicer, determines that such an Advance is required, it shall on the Business Day immediately preceding the related Distribution Date remit to the Securities Administrator from its own funds (or funds advanced by such Servicer) for deposit in the Distribution Account immediately available funds in an amount equal to such Advance. The Master Servicer, as successor servicer, and each Servicer shall be entitled to be reimbursed for all Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer, as successor servicer, determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer, as successor servicer, shall be under no obligation to make such Advance. If the Master Servicer, as successor servicer, determines that an Advance is non-recoverable, it shall, on or prior to the related Distribution Date, deliver an Officer’s Certificate to the Securities Administrator to such effect (provided, however, that the Master Servicer, as successor servicer, need not provide such Officer’s Certificate to the Securities Administrator so long as the Master Servicer and the Securities Administrator are the same Person).
Advances by Master Servicer. If any Servicer fails to remit any Advance required to be made under the applicable Servicing Agreement, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Advance. If the Master Servicer determines that an Advance is required, it shall on the Business Day preceding the related Distribution Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer) for deposit in the Account immediately available funds in an amount equal to such Advance. The Master Servicer and each Servicer shall be entitled to be reimbursed 113535 Sequoia 2004-7 Pooling and Servicing Agmt. for all Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Advance. If the Master Servicer determines that an Advance is non-recoverable, it shall, on or prior to the related Distribution Date, deliver an Officer's Certificate to the Trustee to such effect.
Advances by Master Servicer. If the Servicing Administrator fails to remit any Advance required to be funded under this Agreement or the applicable Servicing Agreement, the Master Servicer shall itself fund, or shall cause the successor to such Servicer or successor Servicing Administrator to fund, such Advance. If the Master Servicer determines that an Advance is required, it shall on the Business Day preceding the related Distribution Date immediately following such Determination Date remit to the Securities Administrator from its own funds for deposit in the Distribution Account immediately available funds in an amount equal to such Advance. The Master Servicer, the Servicer and the Servicing Administrator shall be entitled to be reimbursed for all Advances funded by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is a Nonrecoverable Advance, the Master Servicer shall be under no obligation to make such Advance. If the Master Servicer determines that an Advance is a Nonrecoverable Advance, it shall, on or prior to the related Distribution Date, deliver an Officer’s Certificate to the Trustee to such effect. In connection with a Servicing Modification where an amount equal to Advances and/or Servicing Advances are capitalized and added to the Stated Principal Balance of a Mortgage Loan, each of the Servicers, the Servicing Administrator and the Master Servicer, solely in its capacity as successor servicer (if applicable), may reimburse itself for such Advances and/or Servicing Advances. Reimbursements of (i) Advances to the Master Servicer on the one hand and the Servicing Administrator or any Servicer on the other hand, and (ii) Servicing Advances to the Servicing Administrator or any Servicer will be allocated pro rata based on the amount of unreimbursed Advances and Servicing Advances reimbursable to the Master Servicer (solely with respect to Advances) the Servicing Administrator or any Servicer with respect to the related Mortgage Loan.
Advances by Master Servicer. If any Servicer fails to remit any Monthly Advance required to be made under the applicable Servicing Agreement, the Master Servicer shall itself make, or shall cause the successor Servicer to make, such Monthly Advance. If the Master Servicer determines that a Monthly Advance is required, it shall on the second Business Day preceding the related Distribution Date immediately following such Determination Date remit to the Trust Administrator from its own funds (or funds advanced by the applicable Servicer) for deposit in the Certificate Distribution Account immediately available funds in an amount equal to such Monthly Advance. The Master Servicer and each Servicer shall be entitled to be reimbursed for all Monthly Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Monthly Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Monthly Advance. If the Master Servicer determines that a Monthly Advance is non-recoverable, it shall, on or prior to the related Distribution Date, deliver an Officer’s Certificate to the Trustee and the Trust Administrator to such effect.
Advances by Master Servicer. 64 Section 5.06 Compensating Interest Payments.................................................................................64 Section 5.07 [Reserved].....................................................................................................64 Section 5.08 Cross-Collateralization; Adjustments to Available Funds........................................................64 Section 5.09 Determination of Pass-Through Rates for LIBOR Certificates.....................................................65
Advances by Master Servicer. 67 SECTION 9.4 COMPENSATING INTEREST PAYMENTS.......................... 67 SECTION 9.5 PRE-FUNDING ACCOUNT..................................... 67 SECTION 9.6 FINANCIAL ASSETS CUSTODIAL ACCOUNT...................... 68 SECTION 9.7
Advances by Master Servicer. If (i) any Servicer fails to remit any Advance required to be funded under this Agreement or the related Servicing Agreement or (ii) Five Oaks fails to remit the required amount of any Advance to either Shellpoint Mortgage Servicing or PHH with respect to the Five Oaks MSR Mortgage Loans required under the related Servicing Agreement, the Master Servicer shall itself fund, or shall cause the successor servicer to fund, such Advance. If the Master Servicer determines that an Advance is required, it shall on the Business Day preceding the related Distribution Date immediately following such Determination Date remit to the Securities Administrator from its own funds (or funds advanced by the applicable Servicer for deposit in the Distribution Account) immediately available funds in an amount equal to such Advance. The Master Servicer and each Servicer shall be entitled to be reimbursed for all Advances funded by it; provided, that, with respect to Shellpoint Mortgage Servicing and PHH and the Five Oaks MSR Mortgage Loans, the related Servicer shall reimburse Five Oaks to the extent Five Oaks remitted any Advances to such Servicer. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is nonrecoverable, the Master Servicer shall be under no obligation to make such Advance. If the Master Servicer determines that an Advance is nonrecoverable, it shall, on or prior to the related Distribution Date, deliver an Officer’s Certificate to the Trustee to such effect.
Advances by Master Servicer. If any Servicer fails to remit any Advance required to be made under the applicable Servicing Agreement after the expiration of any applicable grace period, such event shall 213965 Sequoia 2007-1 Pooling and Servicing Agmt. constitute a default under the Servicing Agreement, and upon termination of the defaulting Servicer as set forth in Section 9.01, the Master Servicer (in its capacity as successor Servicer) shall make, or the Master Servicer (if it is not the successor Servicer) shall cause the successor Servicer, to make, such Advance in accordance with Section 9.01. The Master Servicer and each Servicer shall be entitled to be reimbursed for all Advances made by it. Notwithstanding anything to the contrary herein, in the event the Master Servicer determines in its reasonable judgment that an Advance is non-recoverable, the Master Servicer shall be under no obligation to make such Advance. If the Master Servicer determines that an Advance is non-recoverable, it shall, on or prior to the related Distribution Date, deliver an Officer’s Certificate to the Trustee to such effect.
