Common use of Periodic Advances Clause in Contracts

Periodic Advances. If, on any Determination Date, the Servicer determines that any Monthly Payments due on the Due Date immediately preceding such Determination Date have not been received as of the close of business on such Determination Date, the Servicer shall determine the amount of any Periodic Advance required to be made with respect to such unpaid Monthly Payments on the related Servicer Remittance Date. The Servicer shall, one Business Day after such Determination Date, certify and deliver a magnetic tape or diskette to the Trustee indicating the payment status of each Mortgage Loan as of such Determination Date and shall cause to be deposited in the Trustee Collection Account an amount equal to the Periodic Advance for the related Servicer Remittance Date, which deposit may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or in connection with Remittance Dates in subsequent months. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the Servicer from its own funds by deposit into the Trustee Collection Account on or before the Determination Date corresponding to any such future Servicer Remittance Date to the extent that funds in the Trustee Collection Account on such future Determination Date shall otherwise be less than the amount required to be transferred to the Certificate Account in respect of payments to Certificateholders required to be made on the Remittance Date related to such future Determination Date. The Servicer shall designate on its records the specific Mortgage Loans and related installments (or portions thereof) as to which such Periodic Advance shall be deemed to have been made, such designation, except in cases of manifest error, being conclusive for purposes of withdrawals from the Collection Account or Trustee Collection Account pursuant to Section 5.4.

Periodic Advances. If, on the Business Day prior to any Determination Date, the Master Servicer determines that any Monthly Payments due on the Due Date immediately preceding such Determination Date have not been received as of the close of business on the second Business Day preceding such Determination Date, the Master Servicer shall determine the amount of any Periodic Advance required to be made with respect to such unpaid Monthly Payments on the related Servicer Remittance Determination Date. The Master Servicer shall, one on the Business Day after preceding such Determination Date, certify and deliver a magnetic tape or diskette to the Trustee indicating the payment status of each Mortgage Loan as of the second Business Day preceding such Determination Date and shall cause to be deposited in the Trustee Collection Account an amount equal to the Periodic Advance for the related Servicer Remittance Determination Date, which deposit may be made in whole or in part from funds in the Collection Account being held for future distribution or withdrawal on or in connection with Remittance Dates in subsequent months. Any funds being held for future distribution to Certificateholders and so used shall be replaced by the Master Servicer from its own funds by deposit into the Trustee Collection Account on or before the Determination Date corresponding to any such future Servicer Remittance Determination Date to the extent that funds in the Trustee Collection Account on for such future Determination Date shall otherwise be less than the amount required to be transferred to the Certificate Account in respect of payments to Certificateholders required to be made on the Remittance Date related to such future Determination Date. The Master Servicer shall designate on its records the specific Mortgage Loans and related installments (or portions thereof) as to which such Periodic Advance shall be deemed to have been made, such designation, except in cases of manifest error, being conclusive for purposes of withdrawals from the Collection Account or Trustee Collection Account pursuant to Section 5.4.

Periodic Advances. If, on any Determination Servicer Payment Date, the Servicer determines that any Monthly Payments due on the Due Date immediately preceding such Determination Servicer Payment Date have not been received as of the close end of business on such Determination Datethe related Due Period, the Servicer shall determine the amount of any Periodic Advance required to be made with respect to such unpaid Monthly Payments on the related Servicer Remittance Payment Date. The Servicer shall, one (1) Business Day after such Determination Servicer Payment Date, certify and deliver a magnetic tape or diskette to the Indenture Trustee indicating the payment status of each Mortgage Loan as of such Determination Date and Servicer Payment Date. The Servicer shall cause include in the amount to be deposited in the Trustee Collection Account on such Servicer Payment Date an amount equal to the Periodic Advance for the related Servicer Remittance DateAdvance, if any, which deposit may be made in whole or in part from funds in the Collection Account being held for future distribution payment or withdrawal on or in connection with Remittance Payment Dates in subsequent months. Any funds being held for future distribution payment to Certificateholders Noteholders and so used shall be replaced by the Servicer from its own funds by deposit into in the Trustee Collection Account on or before the Determination Date corresponding to Business Day preceding any such future Servicer Remittance Payment Date to the extent that funds in the Trustee Collection Account on such future Determination Servicer Payment Date shall otherwise be less than the amount required to be transferred to the Certificate Account in respect of payments to Certificateholders Noteholders required to be made on the Remittance Date related to such future Determination Datedate. The Servicer shall designate on its records the specific Mortgage Loans and related installments (or portions thereof) as to which such Periodic Advance shall be deemed to have been made, such designation, except in cases of manifest error, determination being conclusive for purposes of withdrawals from the Collection Account or Trustee Collection Account pursuant to Section 5.45.03 hereof.

Periodic Advances. (a) If, on any Determination Servicer Payment Date, the Servicer determines that any Monthly Payments due on the Due Date immediately preceding such Determination Servicer Payment Date have not been received as of the close end of business on the related Due Period and that such Determination Datea Periodic Advance would not be a Non-recoverable Advance, (i) prior to the occurrence and continuation of an Event of Default, the Servicer shall determine have the amount of any option to make a Periodic Advance required to be made with respect to such unpaid Monthly Payments on the related Payment Date and (ii) if an Event of Default has occurred and is continuing the Servicer Remittance shall be required to make a Periodic Advance with respect to the related Payment Date. The Servicer shall, one Business Day after such Determination on the Servicer Payment Date, certify and deliver a magnetic tape or diskette to the Trustee Back-up Servicer indicating the payment status of each Mortgage Loan Loan, including the amount of any advances on such Mortgage Loan, as of such Determination Date and Servicer Payment Date. The Servicer shall cause include in the amount to be deposited in the Trustee Collection Payment Account on such Servicer Payment Date an amount equal to the Periodic Advance for the related Servicer Remittance DateAdvance, if any, which deposit may be made in whole or in part from funds in the Collection Account being held for future distribution payment or withdrawal on or in connection with Remittance Payment Dates in subsequent months. Any funds being held for future distribution payment to Certificateholders Noteholder and so used shall be replaced by the Servicer from its own funds by deposit into in the Trustee Collection Account on or before the Determination Date corresponding to Business Day preceding any such future Servicer Remittance Payment Date to the extent that funds in the Trustee Collection Account on such future Determination Servicer Payment Date shall otherwise be less than the amount required to be transferred to the Certificate Account in respect of payments to Certificateholders Noteholder required to be made on the Remittance Date related to such future Determination Date. date. (b) The Servicer shall designate on its records the specific Mortgage Loans and related installments (or portions thereof) as to which such Periodic Advance shall be deemed to have been made, such designation, except in cases of manifest error, determination being conclusive for purposes of withdrawals from the Collection Account or Trustee Collection Account pursuant to Section 5.47.03 hereof absent manifest error.