Common use of P&I Advances Clause in Contracts

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Servicer Remittance Date, the Servicer shall either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Certificate Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Servicer's records and replaced by the Servicer by deposit in the Certificate Account on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage Loan, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 p.m., Houston time, on any Servicer Remittance Date, an Event of Default as set forth in clause (a)(i) of Section 7.01 shall occur and the Trustee shall make such P&I Advance pursuant to Section 7.05, and if the Trustee fails to make such P&I Advance by 11:00 a.m., Houston time, on such Distribution Date, the Fiscal Agent shall make such P&I Advance pursuant to Section 7.05 by the close of business, Houston time, on the Distribution Date. In the event that the Servicer fails to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Date. (b) Subject to Section 4.03(c) and (e) below, the aggregate amount of P&I Advances to be made by the Servicer with respect to any Distribution Date shall equal the aggregate of: (i) all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments, that were due during the related Due Period and delinquent as of the close of business on the Business Day preceding the related Servicer Remittance Date or, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceeds, if any, received in connection with a Liquidation Event with respect thereto are to be distributed. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) In connection with the recovery of any P&I Advance out of the Certificate Account pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), out of any amounts then on deposit in the Certificate Account, interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including the date of reimbursement. The Servicer shall reimburse itself, the Trustee or the Fiscal Agent, as the case may be, for any outstanding P&I Advance as soon as practicably possible after funds available for such purpose are deposited in the Certificate Account. (e) Notwithstanding the foregoing, (i) none of the Servicer, the Trustee and the Fiscal Agent shall be required to make an Advance for Excess Interest or Yield Maintenance Charges and (ii) the amount required to be advanced in respect of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution Date.

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans other than a Mortgage Loan included in a Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Whole Loan, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the related Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on such Whole Loan, (ii) apply amounts held in the related Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to the related Companion Loan Holder in the case of a Whole Loan under the related Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if a Whole Loan is involved, the related Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Whole Loan is involved, the related Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage LoanIf, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions as of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 3:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, an Event the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of Default as set forth in clause (a)(i) nonrecoverability of Section 7.01 shall occur and a P&I Advance), then the Trustee shall make provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) as soon as possible, but in any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Trustee does not receive the full amount of such P&I Advance pursuant to Section 7.05Advances by the close of business (New York City time) on such Master Servicer Remittance Date, and if then (i) unless the Trustee fails determines that such Advance would be a Nonrecoverable P&I Advance if made or the Trustee shall make, by 11:00 a.m. on the Distribution Date or in any event by such time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent portion of such P&I Advances that was required to be, but was not, made by the 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. For the avoidance of doubt, neither the Master Servicer nor the Trustee shall make such a P&I Advance pursuant to Section 7.05 by the close of business, Houston time, on the Distribution Date. In the event that the Servicer fails to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans that are included in the Trust Fund delinquent as to their respective Balloon Payments) and any REO Loans for any Distribution Date shall equal equal, subject to subsection (c) of this Section 4.03, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date or, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), Date; provided that if an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and Appraisal Reduction Amount exists with respect to any Mortgage Loan or REO Required Appraisal Loan, shall continue until then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Loan for the related Distribution Date on shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Required Appraisal Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the proceedsStated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount, if any, received in connection with a Liquidation Event and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date; provided, further, the Master Servicer shall not advance Excess Interest with respect thereto are to be distributedARD Loans or a Prepayment Premium. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans other than Mortgage Loans included in a Whole Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), ) out of any amounts then general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to a Mortgage Loan included in a Whole Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(f). The determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any such determination made by the Special Servicer, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder and the related Companion Loan Holder (in the case of a Whole Loan), setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Loan when made, or remains outstanding when such Loan becomes a Past Grace Period Loan, in which case such interest shall begin to accrue when such Loan becomes a Past Grace Period Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or, if a Whole Loan is involved, out of general collections on deposit in the related Whole Loan Custodial Account allocable to but not including the date of reimbursementrelated Mortgage Loan. The As and to the extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Whole Loan is involved are deposited into the related Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made with respect to any Whole Loan under this Section 4.03 shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Whole Loan during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such Whole Loan allocable to the related Mortgage Loan, and (iii) third, solely with respect to such Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans. (e) Notwithstanding With regard to such P&I Advances, the foregoing, (i) none of the Master Servicer, the Special Servicer or the Trustee and the Fiscal Agent shall be required to make an Advance account for Excess Interest or Yield Maintenance Charges and (ii) the amount required to be advanced in respect that part of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan P&I Advances that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount is attributable to Past Grace Period Loans, and that part of the interest component of such Monthly Payment or Assumed Scheduled Payment with respect P&I Advances that is attributable to such Mortgage Loan for such Distribution DateWithin Grace Period Loans.

P&I Advances. (a) On or before 2:00 1:00 p.m., Houston New York City time, on each Master Servicer Remittance Date, the Master Servicer shall shall, subject to Section 4.03(c), either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the Mortgage Pool for the related Distribution Date, (ii) apply amounts held in the Certificate Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make such P&I Advances Advances, or (iii) make such P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of such P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make such P&I Advances on any Master Servicer Remittance Date are then on deposit in the Collection Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees payable therefrom) to make such P&I Advances. Any amounts held in the Certificate Collection Account for future distribution and so used to make P&I Advances pursuant to the preceding sentence (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 Master Servicer's records and replaced by the Master Servicer by deposit in the Certificate Collection Account on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With Unless and until the [Separately Serviced Mortgage Loan] Loan Group or any [Separately Serviced Mortgage Loan] REO Property is being serviced and administered in accordance with Article XII, all P&I Advances with respect to the Pari Passu Loan and the Related Trust Fund [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan are required to be made by the [Separately Serviced Mortgage Loan] Master Servicer (or in the event the [Separately Serviced Mortgage Loan] Master Servicer fails to do so, and if the Servicing Retained Mortgage Loan and [Other CMBS Series PSA] is the Servicing Retained Paired [Separately Serviced Mortgage Loan] Servicing Agreement, by the [Other CMBS Series] Trustee), pursuant to, and as and when required by, a [Separately Serviced Mortgage Loan] Servicing Agreement. If, as of 1:00 p.m., New York City time, on any Master Servicer Remittance Date, neither the [Separately Serviced Mortgage Loan] Master Servicer nor any other party under the [Separately Serviced Mortgage Loan] Servicing Agreement shall have made the portion of any P&I Advances will Advance required to be allocated on made pursuant to a [Separately Serviced Mortgage Loan] Servicing Agreement that is allocable to the basis specified in [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan (and shall not have delivered to the definitions Master Servicer an officer's certificate and documentation related to a determination of "Appraised Value." The nonrecoverability of a P&I Advance as contemplated by a [Separately Serviced Mortgage Loan] Servicing Agreement), then (subject to Section 4.03(c) below) the Master Servicer shall notify make the Trustee and portion of such P&I Advance that was required to be, but was not, made by the Fiscal Agent and the holder of the Pari Passu Loan ([Separately Serviced Mortgage Loan] Master Servicer or the servicer designated any other party under a [Separately Serviced Mortgage Loan] Servicing Agreement by such holder) by a certificate of Master Servicer Remittance Date pursuant to the [Separately Serviced Mortgage Loan] Servicing Officer of (i) Agreement and that is allocable to the amount of [Separately Serviced Mortgage Loan] or any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date[Separately Serviced Mortgage Loan] REO Loan. If the Master Servicer fails to make a required any such P&I Advance by 2:00 p.m., Houston time, on any the related Master Servicer Remittance Date, an Event of Default as set forth in clause (a)(i) of Section 7.01 shall occur and then the Trustee shall make such P&I Advance pursuant on the related Distribution Date in accordance with the last paragraph of this Section 4.03(a). If the Master Servicer shall not have received, by 1:00 p.m. (New York City time) on any Master Servicer Remittance Date, any remittance required to Section 7.05, and if be made under a [Separately Serviced Mortgage Loan] Servicing Agreement with respect to the Trustee fails to make [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan on or before such date in the subject calendar month (whether in the form of a P&I Advance by 11:00 a.m.or the pass-through of collections), Houston timethen the Master Servicer shall, subject to a determination of recoverability, advance the amount of such required remittance on such Distribution Date, Master Servicer Remittance Date insofar as such remittance constitutes or relates to a Monthly Payment or Assumed Monthly Payment with respect to the Fiscal Agent [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan. Such advance shall make be deemed to be a P&I Advance for all purposes hereunder; provided that no interest shall accrue with respect to such P&I Advance pursuant to Section 7.05 4.03(d) so long as the required remittance is received by the close Master Servicer on such Master Servicer Remittance Date in time for the Master Servicer to reinvest the funds from such remittance. If, as of business1:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, the Distribution Master Servicer shall not have made any P&I Advance required to be made with respect to any Mortgage Loan or successor REO Loan on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance pursuant to Section 4.03(c)) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted on such date, then the Trustee shall provide notice of such failure to the Master Servicer, before 5:00 p.m., New York City time, on such Master Servicer Remittance Date. In the event that the Servicer fails to make a required P&I Advance hereunderIf, after such notice, the Paying Agent shall notify Trustee does not receive the Trustee and the Fiscal Agent full amount of such circumstances P&I Advances by 3:00 p.m. Houston time 11:00 a.m. (New York City time) on the related Distribution Date, then the Trustee, unless it determines that such Advance would be a Nonrecoverable P&I Advance if made, shall (from its own funds) deposit in the Distribution Account the portion of such P&I Advances that was required to be, but was not, made by the Master Servicer on such Master Servicer Remittance Date. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by the Master Servicer with respect to the Mortgage Pool for any Distribution Date (subject to Section 4.03(c) below and, in the case of the [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan, further subject to the second paragraph of Section 4.03(a) above) shall equal the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of any related Master Servicing Fees, due or deemed due, as the case may be, in respect of the Serviced Mortgage Loans (including Serviced Mortgage Loans that were due during are Balloon Mortgage Loans delinquent as to their respective Balloon Payments) and any successor REO Loans on their respective Due Dates in the calendar month in which such Distribution Date occurs, in each case to the extent such amount was not paid by or on behalf of the related Due Period and delinquent Borrower or otherwise collected as of the close of business on the Business Day preceding the related Servicer Remittance Determination Date orin such calendar month; provided that, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), if an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and Appraisal Reduction Amount exists with respect to any Required Appraisal Loan in the Mortgage Loan or REO LoanPool, shall continue until then the Distribution Date on which the proceeds, if any, received in connection with a Liquidation Event with respect thereto are interest portion of any P&I Advance required to be distributedmade in respect of such Required Appraisal Loan during any calendar month shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance that would otherwise be required to be made in respect of such Required Appraisal Loan during such calendar month without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which shall equal the Stated Principal Balance of such Required Appraisal Loan as of the commencement of such calendar month, net of the related Appraisal Reduction Amount, and the denominator of which shall equal the Stated Principal Balance of such Required Appraisal Loan as of the commencement of such calendar month. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. The determination by the Master Servicer (or, if applicable, the Trustee or any Fiscal Agent) that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be made by such Person in its reasonable judgment and shall be evidenced by an Officer's Certificate delivered to the Depositor, to the Special Servicer, to the Controlling Class Representative and, if made by the Master Servicer, to the Trustee (on or before the date on which the proposed P&I Advance is to be made), setting forth the basis for such determination, accompanied (in the case of the Controlling Class Representative and otherwise upon request) by a copy of an Appraisal of the related Mortgaged Property or REO Property performed within the 12 months preceding such determination by a Qualified Appraiser, if available, and further accompanied (in the case of the Controlling Class Representative and otherwise upon request) by any other information, including engineers' reports, environmental surveys or similar reports, that the Person making such determination may have obtained and that support such determination. The Trustee and any Fiscal Agent shall be entitled to conclusively rely on any nonrecoverability determination made by the Master Servicer with respect to a particular P&I Advance. With respect to P&I Advances on the [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan, the Master Servicer and the Trustee shall be entitled to conclusively rely on any nonrecoverability determination made by the [Separately Serviced Mortgage Loan] Master Servicer or any other party with advancing obligations under a [Separately Serviced Mortgage Loan] Servicing Agreement with respect to a particular P&I Advance. The Special Servicer shall promptly furnish any party required to make P&I Advances hereunder with any information in its possession regarding the Specially Serviced Mortgage Loans and Administered REO Properties as such party required to make P&I Advances may reasonably request. In the case of any Cross-Collateralized Mortgage Loan, any determination regarding whether any related P&I Advance constitutes or would constitute a Nonrecoverable P&I Advance shall take into account the cross-collateralization of the related Cross-Collateralized Group. (d) In connection with the recovery of any P&I Advance out of the Certificate Account pursuant to Section 3.05(a)The Master Servicer, the Servicer Trustee and any Fiscal Agent shall each be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), out of any amounts then on deposit in the Certificate Account, receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (with its own funds), for so long as such P&I Advance from is outstanding (or, if the date P&I Advance was made prior to the end of the grace period applicable to the subject delinquent Monthly Payment, for so long as such P&I Advance is outstanding after the end of that grace period). Such interest with respect to any P&I Advance shall be payable: (i) first, in accordance with Section 3.05(a) and/or Section 1.04, out of any Default Charges collected (including, in the case of the [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan, by the [Separately Serviced Mortgage Loan] Master Servicer or the [Separately Serviced Mortgage Loan] Special Servicer on behalf of the Trust) with respect to the particular Mortgage Loan or REO Loan as to which such P&I Advance was made; and (ii) then, after such P&I Advance is reimbursed, but not including only if and to the date extent that such Default Charges described in the immediately preceding clause (i) are and have been insufficient to cover such Advance Interest, out of reimbursementgeneral collections on the Mortgage Loans and REO Properties on deposit in the Collection Account. The As and to the extent provided in Section 3.05(a), the Master Servicer shall reimburse itself, the Trustee or the any Fiscal Agent, as the case may beapplicable, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited in the Certificate Collection Account. (e, and in no event shall interest accrue in accordance with this Section 4.03(d) Notwithstanding on any P&I Advance as to which the foregoing, (i) none corresponding Late Collection was received as of the Servicerrelated Master Servicer Remittance Date. The Master Servicer shall not be entitled to Advance Interest on any particular P&I Advance made thereby to the extent the payment as to which such P&I Advance was made, the Trustee and the Fiscal Agent shall be required to make an Advance for Excess Interest is received but is being held by or Yield Maintenance Charges and (ii) the amount required to be advanced in respect on behalf of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Master Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution Datesuspense.

P&I Advances. (a) On or before 2:00 1:00 p.m., Houston New York City time, on each Master Servicer Remittance Date, the Master Servicer shall shall, subject to SECTION 4.03(C), either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the Mortgage Pool for the related Distribution Date, (ii) apply amounts held in the Certificate Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make such P&I Advances Advances, or (iii) make such P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of such P&I Advances to be made; PROVIDED that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make such P&I Advances on any Master Servicer Remittance Date are then on deposit in the Collection Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees payable therefrom) to make such P&I Advances. Any amounts held in the Certificate Collection Account for future distribution and so used to make P&I Advances pursuant to the preceding sentence (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 Master Servicer's records and replaced by the Master Servicer by deposit in the Certificate Collection Account on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With Unless and until the [Separately Serviced Mortgage Loan] Loan Group or any [Separately Serviced Mortgage Loan] REO Property is being serviced and administered in accordance with ARTICLE XII, all P&I Advances with respect to the Pari Passu Loan and the Related Trust Fund [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan are required to be made by the [Separately Serviced Mortgage Loan] Master Servicer (or in the event the [Separately Serviced Mortgage Loan] Master Servicer fails to do so, and if the Servicing Retained Mortgage Loan and [Other CMBS Series PSA] is the Servicing Retained Paired [Separately Serviced Mortgage Loan] Servicing Agreement, by the [Other CMBS Series] Trustee), pursuant to, and as and when required by, a [Separately Serviced Mortgage Loan] Servicing Agreement. If, as of 1:00 p.m., New York City time, on any Master Servicer Remittance Date, neither the [Separately Serviced Mortgage Loan] Master Servicer nor any other party under the [Separately Serviced Mortgage Loan] Servicing Agreement shall have made the portion of any P&I Advances will Advance required to be allocated on made pursuant to a [Separately Serviced Mortgage Loan] Servicing Agreement that is allocable to the basis specified in [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan (and shall not have delivered to the definitions Master Servicer an officer's certificate and documentation related to a determination of "Appraised Value." The nonrecoverability of a P&I Advance as contemplated by a [Separately Serviced Mortgage Loan] Servicing Agreement), then (subject to SECTION 4.03(C) below) the Master Servicer shall notify make the Trustee and portion of such P&I Advance that was required to be, but was not, made by the Fiscal Agent and the holder of the Pari Passu Loan ([Separately Serviced Mortgage Loan] Master Servicer or the servicer designated any other party under a [Separately Serviced Mortgage Loan] Servicing Agreement by such holder) by a certificate of Master Servicer Remittance Date pursuant to the [Separately Serviced Mortgage Loan] Servicing Officer of (i) Agreement and that is allocable to the amount of [Separately Serviced Mortgage Loan] or any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date[Separately Serviced Mortgage Loan] REO Loan. If the Master Servicer fails to make a required any such P&I Advance by 2:00 p.m., Houston time, on any the related Master Servicer Remittance Date, an Event of Default as set forth in clause (a)(i) of Section 7.01 shall occur and then the Trustee shall make such P&I Advance pursuant on the related Distribution Date in accordance with the last paragraph of this SECTION 4.03(A). If the Master Servicer shall not have received, by 1:00 p.m. (New York City time) on any Master Servicer Remittance Date, any remittance required to Section 7.05, and if be made under a [Separately Serviced Mortgage Loan] Servicing Agreement with respect to the Trustee fails to make [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan on or before such date in the subject calendar month (whether in the form of a P&I Advance by 11:00 a.m.or the pass-through of collections), Houston timethen the Master Servicer shall, subject to a determination of recoverability, advance the amount of such required remittance on such Distribution Date, Master Servicer Remittance Date insofar as such remittance constitutes or relates to a Monthly Payment or Assumed Monthly Payment with respect to the Fiscal Agent [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan. Such advance shall make be deemed to be a P&I Advance for all purposes hereunder; PROVIDED that no interest shall accrue with respect to such P&I Advance pursuant to Section 7.05 SECTION 4.03(D) so long as the required remittance is received by the close Master Servicer on such Master Servicer Remittance Date in time for the Master Servicer to reinvest the funds from such remittance. If, as of business1:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, the Distribution Master Servicer shall not have made any P&I Advance required to be made with respect to any Mortgage Loan or successor REO Loan on such date pursuant to this SECTION 4.03(A) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance pursuant to SECTION 4.03(C)) or shall not have remitted any portion of the Master Servicer Remittance Amount required to be remitted on such date, then the Trustee shall provide notice of such failure to the Master Servicer, before 5:00 p.m., New York City time, on such Master Servicer Remittance Date. In the event that the Servicer fails to make a required P&I Advance hereunderIf, after such notice, the Paying Agent shall notify Trustee does not receive the Trustee and the Fiscal Agent full amount of such circumstances P&I Advances by 3:00 p.m. Houston time 11:00 a.m. (New York City time) on the related Distribution Date, then the Trustee, unless it determines that such Advance would be a Nonrecoverable P&I Advance if made, shall (from its own funds) deposit in the Distribution Account the portion of such P&I Advances that was required to be, but was not, made by the Master Servicer on such Master Servicer Remittance Date. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by the Master Servicer with respect to the Mortgage Pool for any Distribution Date (subject to SECTION 4.03(C) below and, in the case of the [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan, further subject to the second paragraph of SECTION 4.03(A) above) shall equal the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of any related Master Servicing Fees, due or deemed due, as the case may be, in respect of the Serviced Mortgage Loans (including Serviced Mortgage Loans that were due during are Balloon Mortgage Loans delinquent as to their respective Balloon Payments) and any successor REO Loans on their respective Due Dates in the calendar month in which such Distribution Date occurs, in each case to the extent such amount was not paid by or on behalf of the related Due Period and delinquent Borrower or otherwise collected as of the close of business on the Business Day preceding the related Servicer Remittance Determination Date orin such calendar month; PROVIDED that, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), if an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and Appraisal Reduction Amount exists with respect to any Required Appraisal Loan in the Mortgage Loan or REO LoanPool, shall continue until then the Distribution Date on which the proceeds, if any, received in connection with a Liquidation Event with respect thereto are interest portion of any P&I Advance required to be distributedmade in respect of such Required Appraisal Loan during any calendar month shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance that would otherwise be required to be made in respect of such Required Appraisal Loan during such calendar month without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which shall equal the Stated Principal Balance of such Required Appraisal Loan as of the commencement of such calendar month, net of the related Appraisal Reduction Amount, and the denominator of which shall equal the Stated Principal Balance of such Required Appraisal Loan as of the commencement of such calendar month. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. The determination by the Master Servicer (or, if applicable, the Trustee or any Fiscal Agent) that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be made by such Person in its reasonable judgment and shall be evidenced by an Officer's Certificate delivered to the Depositor, to the Special Servicer, to the Controlling Class Representative and, if made by the Master Servicer, to the Trustee (on or before the date on which the proposed P&I Advance is to be made), setting forth the basis for such determination, accompanied (in the case of the Controlling Class Representative and otherwise upon request) by a copy of an Appraisal of the related Mortgaged Property or REO Property performed within the 12 months preceding such determination by a Qualified Appraiser, if available, and further accompanied (in the case of the Controlling Class Representative and otherwise upon request) by any other information, including engineers' reports, environmental surveys or similar reports, that the Person making such determination may have obtained and that support such determination. The Trustee and any Fiscal Agent shall be entitled to conclusively rely on any nonrecoverability determination made by the Master Servicer with respect to a particular P&I Advance. With respect to P&I Advances on the [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan, the Master Servicer and the Trustee shall be entitled to conclusively rely on any nonrecoverability determination made by the [Separately Serviced Mortgage Loan] Master Servicer or any other party with advancing obligations under a [Separately Serviced Mortgage Loan] Servicing Agreement with respect to a particular P&I Advance. The Special Servicer shall promptly furnish any party required to make P&I Advances hereunder with any information in its possession regarding the Specially Serviced Mortgage Loans and Administered REO Properties as such party required to make P&I Advances may reasonably request. In the case of any Cross-Collateralized Mortgage Loan, any determination regarding whether any related P&I Advance constitutes or would constitute a Nonrecoverable P&I Advance shall take into account the cross-collateralization of the related Cross-Collateralized Group. (d) In connection with the recovery of any P&I Advance out of the Certificate Account pursuant to Section 3.05(a)The Master Servicer, the Servicer Trustee and any Fiscal Agent shall each be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), out of any amounts then on deposit in the Certificate Account, receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (with its own funds), for so long as such P&I Advance from is outstanding (or, if the date P&I Advance was made prior to the end of the grace period applicable to the subject delinquent Monthly Payment, for so long as such P&I Advance is outstanding after the end of that grace period). Such interest with respect to any P&I Advance shall be payable: (i) FIRST, in accordance with SECTION 3.05(A) and/or SECTION 1.04, out of any Default Charges collected (including, in the case of the [Separately Serviced Mortgage Loan] or any [Separately Serviced Mortgage Loan] REO Loan, by the [Separately Serviced Mortgage Loan] Master Servicer or the [Separately Serviced Mortgage Loan] Special Servicer on behalf of the Trust) with respect to the particular Mortgage Loan or REO Loan as to which such P&I Advance was made; and (ii) THEN, after such P&I Advance is reimbursed, but not including only if and to the date extent that such Default Charges described in the immediately preceding CLAUSE (I) are and have been insufficient to cover such Advance Interest, out of reimbursementgeneral collections on the Mortgage Loans and REO Properties on deposit in the Collection Account. The As and to the extent provided in SECTION 3.05(A), the Master Servicer shall reimburse itself, the Trustee or the any Fiscal Agent, as the case may beapplicable, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited in the Certificate Collection Account. (e, and in no event shall interest accrue in accordance with this SECTION 4.03(D) Notwithstanding on any P&I Advance as to which the foregoing, (i) none corresponding Late Collection was received as of the Servicerrelated Master Servicer Remittance Date. The Master Servicer shall not be entitled to Advance Interest on any particular P&I Advance made thereby to the extent the payment as to which such P&I Advance was made, the Trustee and the Fiscal Agent shall be required to make an Advance for Excess Interest is received but is being held by or Yield Maintenance Charges and (ii) the amount required to be advanced in respect on behalf of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Master Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution Datesuspense.

P&I Advances. (a) On or before 2:00 p.m., Houston 1:00 p.m. (New York City time, ) on each Servicer Remittance Date, the each Master Servicer shall in the case of all Mortgage Loans either (i) remit to the Trustee for deposit into the Villas Parkmerced Loan REMIC Distribution Account or the Lower-Tier Distribution Account Account, as applicable, from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in its Collection Account or the Certificate Account applicable Serviced Whole Loan Collection Account, as applicable, for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances; provided that such amounts in the applicable Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan's pro rata share of the amounts held therein on such date or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be mademade by such Master Servicer. Any amounts held in the Certificate applicable Collection Account or any Serviced Whole Loan Collection Account, as applicable, 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 such Master Servicer by deposit in the Certificate applicable Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage Loan, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions of "Appraised Value." The Each Master Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the applicable Master Servicer fails to make a required P&I Advance by 2:00 p.m., Houston 1:00 p.m. (New York City time, ) on any Servicer Remittance Date, an Event of Default as set forth in clause (a)(i) of Section 7.01 shall occur and then the Trustee shall make such P&I Advance pursuant to Section 7.057.06 by 12:00 noon (New York City time) on the related Distribution Date, in each case unless the applicable Master Servicer shall have cured such failure (and if provided written notice of such cure to the Trustee fails to make such P&I Advance Trustee) by 11:00 a.m., Houston a.m. (New York City time, ) on such Distribution Date, Date or the Fiscal Agent shall make Trustee determines that such P&I Advance pursuant to Section 7.05 by Advance, if made, would be a Nonrecoverable Advance. Neither the close of business, Houston time, on Master Servicers nor the Distribution Date. In the event that the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time Advances on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(cSections 4.07(c) and (e4.07(e) below, the aggregate amount of P&I Advances to be made by the each Master Servicer with respect to any Distribution Date shall equal the aggregate of: (i) all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments, that were due during the related Due Collection Period and delinquent as of the close of business on the Business Day preceding the related Servicer Remittance P&I Advance Determination Date or, in the case of the Servicing Retained Mortgage Loan (or not advanced under by the Servicing Retained Servicing Agreement applicable Master Servicer or any sub-servicer on behalf of such Master Servicer) with respect to the Mortgage Loans that it is servicing and (ii) with respect to each Mortgage Loan that such Master Servicer is servicing and as to which the related Balloon Payment was due during or prior to the related Due Collection Period and was delinquent (including any applicable grace period) as of the end of the related Due Collection Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the each Master Servicer to make such P&I Advances Advances, with respect to the Mortgage Loans that it is servicing, is mandatory, and with respect to any applicable Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceedsLiquidation Proceeds or REO Proceeds, if any, received in connection with a Liquidation Event with respect thereto are to be distributed. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if the applicable Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In addition, the applicable Master Servicer shall not make any P&I Advance to the extent that it has received written notice that the Special Servicer has determined that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In making such recoverability determination, the applicable Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicers or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, to consider (among other things) the related Mortgaged Properties in their "as is" or then current conditions and occupancies, as modified by such party's assumptions (consistent with the applicable Servicing Standard in the case of the Master Servicers and the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider (consistent with the applicable Servicing Standard in the case of the Master Servicers and the Special Servicer) (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries. Each Master Servicer, the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the Master Servicers or Trustee sh▇▇▇ ▇▇▇▇ ▇▇▇ ▇&▇ Advances with respect to delinquent amounts due on any Companion Loan. If an Appraisal of the related Mortgaged Property shall not have been obtained within the prior 12 month period (and the applicable Master Servicer and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination of the applicable Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the applicable Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, such Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, first of the related Serviced B Loan Noteholders, if any, and second, to the extent such expense remains unpaid, of the Trust Fund). Any such determination by the applicable Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced by a certificate of a Servicing Officer delivered to the Trustee, the Special Servicer and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the applicable Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of such Master Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by such Master Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal or any Updated Appraisal); provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to the applicable Master Servicer and the Trustee notice of such determination, together with a certificate of a Servicing Officer and the supporting information described above. Any such determination shall be conclusive and binding on the applicable Master Servicer, the Special Servicer and the Trustee. Any such Person may update or change its recoverability determinations at any time (but not reverse any other Person's determination that a P&I Advance is a Nonrecoverable Advance) and (consistent with the applicable Servicing Standard in the case of the applicable Master Servicer or the Special Servicer) may obtain, at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, first of the related Serviced B Loan Noteholders, if any, and second, to the extent such expense remains unpaid, of the Trust Fund), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders. Notwithstanding the above, (i) the Trustee shall be entitled to rely conclusively on any determination by the applicable Master Servicer or the Special Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the applicable Master Servicer will be entitled to rely conclusively on any nonrecoverability determination of the Special Servicer. The Trustee, in determining whether or not a P&I Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall be subject to the standards applicable to the applicable Master Servicer hereunder. The Special Servicer shall promptly furnish the applicable Master Servicer and the Trustee with any information in its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes of making recoverability determinations. (d) In connection with the recovery of any P&I Advance out of the Certificate applicable Collection Account pursuant to Section 3.05(a3.06(b) or any Serviced Whole Loan Collection Account pursuant to Section 3.06(c), the each Master Servicer shall be entitled to pay itself, the Trustee itself or the Fiscal Agent and Trustee, as the case may be (in reverse of such order with respect to any Mortgage LoanLoan or REO Property), out of any amounts then on deposit in its Collection Account or the Certificate Accountapplicable Serviced Whole Loan Collection Account (to the extent amounts therein relate to the Mortgage Loans, taking into account the related Co-Lender Agreement), as applicable, interest at the Reimbursement Advance Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including the date of reimbursementreimbursement (or if such P&I Advance was made prior to the end of any grace period applicable to the subject delinquent Monthly Payment, for so long as such P&I Advance is outstanding following the end of such grace period) with respect to the Mortgage Loan that such Master Servicer is servicing. The Each Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may be, for any outstanding P&I Advance as soon as practicably possible after funds available for such purpose are deposited in its Collection Account or the Certificate Account. (e) applicable Serviced Whole Loan Collection Account with respect to the Mortgage Loan that such Master Servicer is servicing. Notwithstanding the foregoing, (i) none of neither the Servicer, applicable Master Servicer nor the Trustee and the Fiscal Agent shall be required to make an Advance advance for Excess Interest or Interest, Yield Maintenance Charges or Penalty Charges and (ii) the amount of any P&I Advance with respect to a Mortgage Loan as to which there has been an Appraisal Reduction will be an amount equal to the product of (i) the amount required to be advanced in respect of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to this proviso and (ii) a fraction, the Appraisal Reduction numerator of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding Determination Date less the portion of any Appraisal Reduction Amount attributable applicable to such Mortgage Loan and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been modified shall be calculated on the basis of their terms as modified. The portion of any Insurance Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total amount of such proceeds minus (i) any portion thereof payable to the applicable Master Servicer, the Special Servicer or the Trustee pursuant to this Agreement and (ii) a portion thereof equal to the interest component of the Monthly Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such Monthly Payment proceeds are received; provided, however, in the event that the interest portion(s) of one or Assumed Scheduled Payment more P&I Advances with respect to of such Mortgage Loan for or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall be reduced by the aggregate amount of such Distribution Datereductions and the portion of such Net Liquidation Proceeds to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan. (e) Each Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in respect of such P&I Advances to the extent permitted pursuant to Section 3.06 and each Master Servicer and the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers to the extent permitted by applicable law and the related Mortgage Loan and this Agreement.

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans other than a Mortgage Loan included in a Serviced Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Mortgage Loan included in a Serviced Whole Loan, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the related Serviced Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on the Mortgage Loan included in such Serviced Whole Loan, (ii) subject to the terms of the related Intercreditor Agreement, apply amounts held in the related Serviced Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Serviced Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to the related Companion Loan Holder in the case of a Serviced Whole Loan under the related Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if a Serviced Whole Loan is involved, the related Serviced Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Serviced Whole Loan is involved, the related Serviced Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage LoanIf, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions as of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 3:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, an Event the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of Default as set forth in clause (a)(i) nonrecoverability of Section 7.01 shall occur and a P&I Advance), then the Trustee shall make provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) as soon as possible, but in any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Certificate Administrator, on behalf of the Trustee, does not receive the full amount of such P&I Advance pursuant to Section 7.05Advances by the close of business (New York City time) on such Master Servicer Remittance Date, and if then (i) unless the Trustee fails determines that such Advance would be a Nonrecoverable P&I Advance if made or the Trustee shall make, by 11:00 a.m. on the Distribution Date or in any event by such time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent shall make portion of such P&I Advances that was required to be, but was not, made by the 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. The making of an Advance by a fiscal agent appointed by the Trustee pursuant to Section 7.05 by 8.06 shall not be an Event of Default with respect to the close Trustee. For the avoidance of businessdoubt, Houston time, on neither the Distribution Date. In Master Servicer nor the event that the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans that are included in the Trust Fund delinquent as to their respective Balloon Payments) and any REO Loans for any Distribution Date shall equal equal, subject to subsection (c) of this Section 4.03, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees and, if applicable, any Non-Serviced Mortgage Loan Primary Servicing Fee payable hereunder, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date Date; provided that if an Appraisal Reduction Amount exists with respect to any Required Appraisal Serviced Loan, then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Serviced Loan or, in the case of the Servicing Retained a Mortgage Loan not advanced under included in a Serviced Whole Loan which is a Required Appraisal Serviced Loan, the Servicing Retained Servicing Agreement and related Mortgage Loan, as the case may be, for the related Distribution Date shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution Date without regard to this proviso, multiplied by (ii) with respect a fraction, expressed as a percentage, the numerator of which is equal to each the Stated Principal Balance of such Mortgage Loan as to which the related Balloon Payment was due during or immediately prior to the related Due Period and was delinquent as of the end such Distribution Date, net of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceedsAppraisal Reduction Amount, if any, received in connection with a Liquidation Event allocable to such Mortgage Loan and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Serviced Loan immediately prior to such Distribution Date; provided, further, the Master Servicer shall not advance Excess Interest with respect thereto are to ARD Loans or a Prepayment Premium. With respect to a Mortgage Loan related to a Non-Serviced Whole Loan, if any "Appraisal Reduction Amount" (or similarly defined amount) for such Non-Serviced Whole Loan applicable to such Mortgage Loan under the related Non-Serviced Loan Servicing Agreement exists, the interest portion of the P&I Advance with respect to such Mortgage Loan shall be distributedreduced to equal the product of (A) the amount of the interest portion of such P&I Advance for such Mortgage Loan without regard to such Appraisal Reduction Amount by (B) a fraction expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount allocable to such Mortgage Loan, and the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans, other than Mortgage Loans included in a Serviced Whole Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), ) out of any amounts then general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to a Mortgage Loan included in a Serviced Whole Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(f). The determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any such determination made by the Special Servicer, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Certificate Administrator (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder and the related Companion Loan Holder and any Controlling Holder (in the case of an A/B Whole Loan), as applicable, setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Serviced Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Serviced Loan when made, or remains outstanding when such Serviced Loan becomes a Past Grace Period Serviced Loan, in which case such interest shall begin to accrue when such Serviced Loan becomes a Past Grace Period Serviced Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if a Serviced Whole Loan is involved, out of general collections on deposit in the related Serviced Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Serviced Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Serviced Whole Loan is involved, are deposited into the related Serviced Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under this Section 4.03 with respect to: (A) a Serviced Whole Loan which is a Pari Passu Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of the pro rata portion of Default Charges collected on or in respect of the Mortgage Loan related to such Serviced Whole Loan during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of such Mortgage Loan's pro rata portion of any other collections that were made on or in respect of allocable to such Mortgage Loan related to such Serviced Whole Loan, and (iii) third, solely with respect to such Serviced Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans, or (B) a Serviced Whole Loan which is an A/B Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Companion Loan, during the 12-month period in which such Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the immediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such A/B Whole Loan, and (iv) solely with respect to such A/B Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans. (e) Notwithstanding With regard to such P&I Advances, the foregoingMaster Servicer, the Special Servicer or the Trustee shall account for that part of the P&I Advances that is attributable to Past Grace Period Serviced Loans, and that part of the P&I Advances that is attributable to Within Grace Period Loans. (f) With respect to each Whole Loan with a Pari Passu Companion Loan that will not be included in the Trust Fund, if (i) none of the ServicerMaster Servicer or any master servicer for a securitization relating to the Pari Passu Companion Loan determines that a proposed P&I Advance, the Trustee and the Fiscal Agent shall if made, would be required to make a Nonrecoverable P&I Advance or an outstanding P&I Advance for Excess Interest is or Yield Maintenance Charges would be nonrecoverable and (ii) notice of such determination has been delivered by the amount required Master Servicer or the Master Servicer receives written notice of such determination by any other master servicer for a securitization relating to be advanced in respect the Pari Passu Companion Loan, none of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution Date.Master Servicer

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans, other than a Mortgage Loan included in a Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Whole Loan (or, with respect to the 1901 Research Boulevard Whole Loan, only the 1901 Research Boulevard Mo▇▇▇▇▇▇ ▇▇▇▇), ▇▇ ▇▇▇▇ ▇aster Servicer Remitta▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇r time in the case of such Whole Loan for which the Master Servicer may have an obligation to make a P&I Advance hereunder on a Fashion Show Mall Non-Securitized Note not held by the Trust pursuant to the related Intercreditor Agreement, the Master Servicer shall either (i) deposit into the related Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on such Whole Loan, (ii) apply amounts held in the related Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to any Companion Loan Noteholder under any Intercreditor Agreement) to make such P&I Advances. In connection with the obligation of the Master Servicer to make P&I Advances with respect to the Fashion Show Mall Securitized Notes following a monetary event default or other material event of default under the related Mortgage Loan, the Master Servicer shall make such P&I Advances in an amount equal to the entire scheduled delinquent Monthly Payment or Assumed Monthly Payment due or deemed due, as the case may be, with respect to the Fashion Show Mall Securitized Notes. In addition, the Trustee's obligations to make P&I Advances with respect to the Fashion Show Mall Mortgage Loan should the Master Servicer fail in its obligation to do so shall be made in the manner set forth in the second preceding sentence. Any amounts held in the Certificate Account or if a Whole Loan is involved, the related Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Whole Loan is involved, the related Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With The Master Servicer shall not be required to make any P&I Advances with respect to any Fashion Show Mall Non-Securitized Note or the Pari Passu Loan and 1901 Research Boulevard B Note. If, as of 3:00 p.m., New York City time, ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Remittance Date, the Related Trust Fund Mortgage Loan, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions of "Appraised Value." The Master Servicer shall notify not have made any P&I Advance required to be made (other than a P&I Advance with respect to a Companion Loan) on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance), then the Fiscal Agent and the holder Trustee shall provide notice of the Pari Passu Loan (or the servicer designated by such holder) by failure to a certificate of the Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (i213) 345-7240 (or such alternative number provided by the amount of Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) as soon as possible, but in any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or event before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 4:00 p.m., Houston New York City time, on any such Master Servicer Remittance Date. If, after such notice, the Trustee does not receive the full amount of such P&I Advances by the close of business (New York City time) on such Master Servicer Remittance Date, an Event of Default as set forth in clause then (a)(ii) of Section 7.01 shall occur and unless the Trustee determines that such Advance would be a Nonrecoverable P&I Advance if made, the Trustee shall make make, by 11:00 a.m. on the Distribution Date or in any event by such P&I Advance pursuant to Section 7.05, and if the Trustee fails time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent shall make portion of such P&I Advance pursuant Advances that was required to Section 7.05 be, but was not, made by the close Master Servicer on such Master Servicer Remittance Date and (ii) such failure shall constitute an Event of business, Houston time, Default on the Distribution Datepart of the Master Servicer. In the event that the Servicer fails The Trustee shall not be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans delinquent as to their respective Balloon Payments) and any REO Loans for any Distribution Date shall equal equal, subject to subsection (c) below, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees payable hereunder, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date or, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), Date; provided that if an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and Appraisal Reduction Amount exists with respect to any Mortgage Loan or REO Required Appraisal Loan, shall continue until then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Loan for the related Distribution Date on shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Required Appraisal Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the proceedsStated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount, if any, received in connection with a Liquidation Event and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date; provided, further, that the Master Servicer shall not advance Excess Interest with respect thereto are to be distributed. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute ARD Loans or a Nonrecoverable P&I AdvancePrepayment Premium. (d) In connection with As and to the recovery of any P&I Advance out of the Certificate Account pursuant to extent permitted by Section 3.05(a)) or Section 3.05(f) with respect to a Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), out of any amounts then on deposit in the Certificate Account, receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Loan when made, or remains outstanding when such Loan becomes a Past Grace Period Loan, in which case such interest shall begin to accrue when such Loan becomes a Past Grace Period Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if a Whole Loan is involved, out of general collections on deposit in the related Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Whole Loan is involved are deposited into the related Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under with respect to any Whole Loan under this Section shall be payable (unless required to be paid to any Companion Loan Noteholder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the related Companion Loans, pro rata during the 12-month period in which such Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such Whole Loan, and (iv) solely with respect to such Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans; provided that interest on P&I Advances made with respect to any Companion Loan may be paid solely, pursuant to clauses (i), (ii) and (iii) above, from Default Charges or other collections received by the Trust on or in respect of such Companion Loan included in such Whole Loan. (e) Notwithstanding With regard to such P&I Advances, the foregoing, (i) none of the Master Servicer, the Special Servicer or the Trustee shall account for that part of the P&I Advances that is attributable to Past Grace Period Loans, and that part of the Fiscal Agent shall be required P&I Advances that is attributable to make an Within Grace Period Loans. (f) Subject to Section 4.03(c), any P&I Advance for Excess Interest or Yield Maintenance Charges and (ii) the amount required to be advanced made in respect of the interest portion Fashion Show Mall Whole Loan shall be made only to the notes that are then included in a securitization or a collateralized debt obligation in which interests therein are issued or created (each, a "Fashion Show Mall Securitized Note"). If any proceeds of any delinquent Monthly Payment the Fashion Show Mall Whole Loan are received or Assumed Scheduled Payment on collected after expenses that are allocable under the related Intercreditor Agreement to a Mortgage Loan that has Fashion Show Mall Non-Securitized Note have been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer paid out of one or more P&I Advances in respect of interest without giving effect one or more Fashion Show Mall Securitized Notes, any such proceeds that are allocable pursuant to the Appraisal Reduction less related Intercreditor Agreement to such Non-Securitized Note shall be applied first to reimburse the portion related holder or holders of such Securitized Note or Notes for such expense until such holder or holders have been reimbursed in full (in accordance with the priorities set forth in the related Interceditor Agreement) prior to any Appraisal Reduction Amount attributable such proceeds being allocated to the interest component holder of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution DateNon-Securitized Note.

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans other than a Mortgage Loan included in a Serviced Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Mortgage Loan included in a Serviced Whole Loan, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the related Serviced Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on the Mortgage Loan included in such Serviced Whole Loan, (ii) subject to the terms of the related Intercreditor Agreement, apply amounts held in the related Serviced Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Serviced Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to the related Companion Loan Holder in the case of a Serviced Whole Loan under the related Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if a Serviced Whole Loan is involved, the related Serviced Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Serviced Whole Loan is involved, the related Serviced Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage LoanIf, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions as of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 3:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, an Event the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of Default as set forth in clause (a)(i) nonrecoverability of Section 7.01 shall occur and a P&I Advance), then the Trustee shall make provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) as soon as possible, but in any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Trustee does not receive the full amount of such P&I Advance pursuant to Section 7.05Advances by the close of business (New York City time) on such Master Servicer Remittance Date, and if then (i) unless the Trustee fails determines that such Advance would be a Nonrecoverable P&I Advance if made or the Trustee shall make, by 11:00 a.m. on the Distribution Date or in any event by such time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent shall make portion of such P&I Advances that was required to be, but was not, made by the 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. The making of an Advance by a fiscal agent appointed by the Trustee pursuant to Section 7.05 by 8.06 shall not be an Event of Default with respect to the close Trustee. For the avoidance of businessdoubt, Houston time, on neither the Distribution Date. In Master Servicer nor the event that the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans that are included in the Trust Fund delinquent as to their respective Balloon Payments) and any REO Loans for any Distribution Date shall equal equal, subject to subsection (c) of this Section 4.03, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees and, if applicable, any Non-Serviced Mortgage Loan Primary Servicing Fee payable hereunder, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date Date; provided that if an Appraisal Reduction Amount exists with respect to any Required Appraisal Serviced Loan, then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Serviced Loan or, in the case of the Servicing Retained a Mortgage Loan not advanced under included in a Serviced Whole Loan which is a Required Appraisal Serviced Loan, the Servicing Retained Servicing Agreement and related Mortgage Loan, as the case may be, for the related Distribution Date shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution Date without regard to this proviso, multiplied by (ii) with respect a fraction, expressed as a percentage, the numerator of which is equal to each the Stated Principal Balance of such Mortgage Loan as to which the related Balloon Payment was due during or immediately prior to the related Due Period and was delinquent as of the end such Distribution Date, net of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceedsAppraisal Reduction Amount, if any, received in connection with allocable to such Mortgage Loan and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Serviced Loan immediately prior to such Distribution Date; provided, further, the Master Servicer shall not advance a Liquidation Event Prepayment Premium. With respect to a Mortgage Loan related to a Non-Serviced Whole Loan, if any "Appraisal Reduction Amount" (or similarly defined amount) for such Non-Serviced Whole Loan applicable to such Mortgage Loan under the related Non-Serviced Loan Pooling Agreement exists, the interest portion of the P&I Advance with respect thereto are to such Mortgage Loan shall be distributedreduced to equal the product of (A) the amount of the interest portion of such P&I Advance for such Mortgage Loan without regard to such Appraisal Reduction Amount by (B) a fraction expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount allocable to such Mortgage Loan, and the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans, other than Mortgage Loans included in a Serviced Whole Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), ) out of any amounts then general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to a Mortgage Loan included in a Serviced Whole Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(f). The determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance has been made or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any such determination made by the Special Servicer, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder and the related Companion Loan Holder and any Controlling Holder, as applicable (in the case of a Serviced Whole Loan), setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Serviced Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Serviced Loan when made, or remains outstanding when such Serviced Loan becomes a Past Grace Period Serviced Loan, in which case such interest shall begin to accrue when such Serviced Loan becomes a Past Grace Period Serviced Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if a Serviced Whole Loan is involved, out of general collections on deposit in the related Serviced Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Serviced Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Serviced Whole Loan is involved, are deposited into the related Serviced Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under this Section 4.03 with respect to: (A) a Serviced Whole Loan which is a Pari Passu Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of the pro rata portion of Default Charges collected on or in respect of the Mortgage Loan related to such Serviced Whole Loan during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of such Mortgage Loan's pro rata portion of any other collections that were made on or in respect of allocable to such Mortgage Loan related to such Serviced Whole Loan, and (iii) third, solely with respect to such Serviced Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans, or (B) a Serviced Whole Loan which is an A/B Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Companion Loan, during the 12-month period in which such Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the immediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such A/B Whole Loan, and (iv) solely with respect to such A/B Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans. (e) Notwithstanding With regard to such P&I Advances, the foregoingMaster Servicer, the Special Servicer or the Trustee shall account for that part of the P&I Advances that is attributable to Past Grace Period Serviced Loans, and that part of the P&I Advances that is attributable to Within Grace Period Loans. (f) With respect to each Whole Loan with a Pari Passu Companion Loan that will not be included in the Trust Fund, if (i) none of the ServicerMaster Servicer or any master servicer for a securitization relating to the Pari Passu Companion Loan determines that a proposed P&I Advance, the Trustee and the Fiscal Agent shall if made, would be required to make a Nonrecoverable P&I Advance or an outstanding P&I Advance for Excess Interest is or Yield Maintenance Charges would be nonrecoverable and (ii) notice of such determination has been delivered by the amount required Master Servicer or the Master Servicer receives written notice of such determination by any other master servicer for a securitization relating to be advanced in respect the Pari Passu Companion Loan, none of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage LoanMaster Servicer, the amount that would be required to be advanced by Trustee, the Servicer in respect of interest without giving effect other master servicers or any other party to the Appraisal Reduction less the portion of related pooling and servicing agreement may make any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution Date.additional P&I Advance

P&I Advances. (a) On or before 2:00 p.m., Houston 1:00 p.m. (New York City time, ) on each Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans (including, for this purpose, the ShopKo Portfolio Mortgage Loan) either (i) remit to the Trustee for deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in its Collection Account or the Certificate Account applicable Serviced Whole Loan Collection Account, as applicable, for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances; provided that such amounts in the applicable Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan's pro rata share of the amounts held therein on such date or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be mademade by the Master Servicer. Any amounts held in the Certificate Collection Account or any Serviced Whole Loan Collection Account, as applicable, for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Certificate Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage Loan, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions of "Appraised Value." The Master Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Master Servicer fails to make a required P&I Advance by 2:00 p.m., Houston 1:00 p.m. (New York City time, ) on any Servicer Remittance Date, an Event of Default as set forth in clause (a)(i) of Section 7.01 shall occur and then the Trustee shall make such P&I Advance pursuant to Section 7.057.06 by 12:00 noon (New York City time) on the related Distribution Date, in each case unless the Master Servicer shall have cured such failure (and if provided written notice of such cure to the Trustee fails to make such P&I Advance Trustee) by 11:00 a.m., Houston a.m. (New York City time, ) on such Distribution Date, Date or the Fiscal Agent shall make Trustee determines that such P&I Advance pursuant to Section 7.05 by Advance, if made, would be a Nonrecoverable Advance. Neither the close of business, Houston time, on Master Servicer nor the Distribution Date. In the event that the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time Advances on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(cSections 4.07(c) and (e4.07(e) below, the aggregate amount of P&I Advances to be made by the Master Servicer with respect to any Distribution Date shall equal the aggregate of: (i) all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments, that were due during the related Due Collection Period and delinquent as of the close of business on the Business Day preceding P&I Advance Determination Date (or not advanced by the related Master Servicer Remittance Date or, in the case or any sub-servicer on behalf of the Servicing Retained Master Servicer) with respect to the Mortgage Loan not advanced under the Servicing Retained Servicing Agreement Loans that it is servicing and (ii) with respect to each Mortgage Loan that the Master Servicer is servicing and as to which the related Balloon Payment was due during or prior to the related Due Collection Period and was delinquent (including any applicable grace period) as of the end of the related Due Collection Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances Advances, with respect to the Mortgage Loans that it is servicing, is mandatory, and with respect to any applicable Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceedsLiquidation Proceeds or REO Proceeds, if any, received in connection with a Liquidation Event with respect thereto are to be distributed. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In addition, the Master Servicer shall not make any P&I Advance to the extent that it has received written notice that the Special Servicer has determined that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In making such recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, to consider (among other things) the related Mortgaged Properties in their "as is" or then current conditions and occupancies, as modified by such party's assumptions (consistent with the applicable Servicing Standard in the case of the Master Servicer and the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider (consistent with the applicable Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇cer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an Appraisal of the related Mortgaged Property shall not have been obtained within the prior 12 month period (and the Master Servicer and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, first of the related Serviced B Loan Noteholders, if any, and second, to the extent such expense remains unpaid, of the Trust Fund and Pari Passu Companion Loan in accordance with the related Co-Lender Agreement). At the request of the Serviced Companion Loan Noteholders, the Master Servicer, Special Servicer or Trustee, as applicable, shall send such Appraisal demonstrating nonrecoverability to the related Serviced Companion Loan Noteholders. Any such determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced by a certificate of a Servicing Officer delivered to the Trustee, the Special Servicer, the related Serviced Companion Loan Noteholders and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by the Master Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal or any Updated Appraisal); provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Trustee and the related Serviced Non-Trust Companion Noteholders notice of such determination, together with a certificate of a Servicing Officer and the supporting information described above. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee. Any such Person may update or change its recoverability determinations at any time (but not reverse any other Person's determination that a P&I Advance is a Nonrecoverable Advance) and (consistent with the applicable Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, first of the related Serviced B Loan Noteholders, if any, and second, to the extent such expense remains unpaid, of the Trust Fund and Pari Passu Companion Loan in accordance with the related Co-Lender Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders. Notwithstanding the above, (i) the Trustee shall be entitled to rely conclusively on any determination by the Master Servicer or the Special Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer will be entitled to rely conclusively on any nonrecoverability determination of the Special Servicer. The Trustee, in determining whether or not a P&I Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall be subject to the standards applicable to the Master Servicer hereunder. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes of making recoverability determinations. (d) In connection with the recovery of any P&I Advance out of the Certificate Collection Account pursuant to Section 3.05(a3.06(b) or any Serviced Whole Loan Collection Account pursuant to Section 3.06(c), the Master Servicer shall be entitled to pay itself, the Trustee itself or the Fiscal Agent and Trustee, as the case may be (in reverse of such order with respect to any Mortgage LoanLoan or REO Property), out of any amounts then on deposit in its Collection Account or the Certificate Accountapplicable Serviced Whole Loan Collection Account (to the extent amounts therein relate to the Mortgage Loans, taking into account the related Co-Lender Agreement), as applicable, interest at the Reimbursement Advance Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including the date of reimbursementreimbursement (or if such P&I Advance was made prior to the end of any grace period applicable to the subject delinquent Monthly Payment, for so long as such P&I Advance is outstanding following the end of such grace period) with respect to the Mortgage Loan that the Master Servicer is servicing. The Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may be, for any outstanding P&I Advance as soon as practicably possible after funds available for such purpose are deposited in its Collection Account or the Certificate Account. (e) applicable Serviced Whole Loan Collection Account with respect to the Mortgage Loan that the Master Servicer is servicing. Notwithstanding the foregoing, (i) none of neither the Servicer, Master Servicer nor the Trustee and the Fiscal Agent shall be required to make an Advance advance for Excess Interest or Interest, Yield Maintenance Charges or Penalty Charges and (ii) the amount of any P&I Advance with respect to a Mortgage Loan as to which there has been an Appraisal Reduction will be an amount equal to the product of (i) the amount required to be advanced in respect of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to this proviso and (ii) a fraction, the Appraisal Reduction numerator of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding Determination Date less the portion of any Appraisal Reduction Amount attributable applicable to such Mortgage Loan and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been modified shall be calculated on the basis of their terms as modified. The portion of any Insurance Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer or the Trustee pursuant to this Agreement and (ii) a portion thereof equal to the interest component of the Monthly Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such Monthly Payment proceeds are received; provided, however, in the event that the interest portion(s) of one or Assumed Scheduled Payment more P&I Advances with respect to of such Mortgage Loan for or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall be reduced by the aggregate amount of such Distribution Datereductions and the portion of such Net Liquidation Proceeds to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan. (e) The Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in respect of such P&I Advances to the extent permitted pursuant to Section 3.06 and the Master Servicer and the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers to the extent permitted by applicable law and the related Mortgage Loan and this Agreement.

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans other than a Mortgage Loan included in a Serviced Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Serviced Whole Loan, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the related Serviced Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on such Serviced Whole Loan, (ii) apply amounts held in the related Serviced Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Serviced Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to any Companion Loan Holder under any Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if a Serviced Whole Loan is involved, the related Serviced Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Serviced Whole Loan is involved, the related Serviced Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage LoanIf, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions as of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 3:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, an Event the Master Servicer shall not have made any P&I Advance required to be made (other than a P&I Advance with respect to a Companion Loan) on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of Default as set forth in clause (a)(i) nonrecoverability of Section 7.01 shall occur and a P&I Advance), then the Trustee shall make provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servicer to ▇▇▇ ▇▇▇stee in writing) as soon as possible, but in any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Trustee does not receive the full amount of such P&I Advance pursuant to Section 7.05Advances by the close of business (New York City time) on such Master Servicer Remittance Date, and if then (i) unless the Trustee fails determines that such Advance would be a Nonrecoverable P&I Advance if made or the Trustee shall make, by 11:00 a.m. on the Distribution Date or in any event by such time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent shall make portion of such P&I Advance pursuant Advances that was required to Section 7.05 be, but was not, made by the close Master Servicer on such Master Servicer Remittance Date and (ii) such failure shall constitute an Event of business, Houston time, Default on the Distribution Datepart of the Master Servicer. In None of the event that Master Servicer or the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans that are included in the Trust Fund delinquent as to their respective Balloon Payments) and any REO Serviced Loans for any Distribution Date shall equal equal, subject to subsection (c) below, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees and, if applicable, any Non-Serviced Mortgage Loan Primary Servicing Fee payable hereunder, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date or, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), Date; provided that if an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and Appraisal Reduction Amount exists with respect to any Mortgage Loan or REO Required Appraisal Serviced Loan, shall continue until then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Serviced Loan for the related Distribution Date on shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Required Appraisal Serviced Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the proceedsStated Principal Balance of such Required Appraisal Serviced Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount, if any, received in connection with a Liquidation Event and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Serviced Loan immediately prior to such Distribution Date; provided, further, that the Master Servicer shall not advance Excess Interest with respect thereto are to be distributedARD Loans or a Prepayment Premium. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans other than Mortgage Loans included in a Serviced Whole Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), ) out of any amounts then general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to a Mortgage Loan included in a Serviced Whole Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(f). The determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance has been made or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any such determination made by the Special Servicer, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder and the related Companion Loan Holder(s) and Controlling Holder (if a Serviced Whole Loan is involved), setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Serviced Loan when made, or remains outstanding when such Serviced Loan becomes a Past Grace Period Serviced Loan, in which case such interest shall begin to accrue when such Serviced Loan becomes a Past Grace Period Serviced Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if a Serviced Whole Loan is involved, out of general collections on deposit in the related Serviced Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Serviced Whole Loan is involved are deposited into the related Serviced Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under with respect to any Whole Loan under this Section 4.03 shall be payable (unless required to be paid to any Companion Loan Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the related Companion Loans, pro rata during the 12-month period in which such Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such Serviced Whole Loan, and (iv) solely with respect to such Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans; provided that interest on P&I Advances made with respect to any Companion Loan may be paid solely, pursuant to clauses (i), (ii) and (iii) above, from Default Charges or other collections received by the Trust on or in respect of such Companion Loan included in such Serviced Whole Loan. (e) Notwithstanding With regard to such P&I Advances, the foregoing, (i) none of the Master Servicer, the Special Servicer or the Trustee shall account for that part of the P&I Advances that is attributable to Past Grace Period Serviced Loans, and that part of the Fiscal Agent P&I Advances that is attributable to Within Grace Period Loans. (f) None of the Master Servicer or the Trustee shall be required to make an Advance for Excess Interest or Yield Maintenance Charges and (ii) the advance any amount required due to be advanced in respect of paid by the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject Class A-SBFL Swap Counterparty for distribution to an Appraisal Reduction Event will equal, with the Class A-SBFL Certificates. (g) With respect to any Distribution Date and any the Torre Mayor Pari Passu Note A-2 Mortgage Loan, the amount Master Servicer shall make its determination that it has made a P&I Advance on any such Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment constitute a Nonrecoverable P&I Advance with respect to such Mortgage Loan for in accordance with Section 4.03(c) independently of any determination made in respect of the Torre Mayor Pari Passu Note A-1 by the Torre Mayor Master Servicer. If the Master Servicer determines that a proposed P&I Advance with respect to the Torre Mayor Pari Passu Note A-2 Mortgage Loan if made, or any outstanding P&I Advance with respect to such Distribution Date.Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide the Torre Mayor Master Servicer written notice of such determination within one Business Day of the date of such determination. If the Master Servicer receives written notice from the Torre Mayor Master Servicer that such master servicer has determined, with respect to the Torre Mayor Pari Passu Note A-1, that any proposed advance of principal and interest with respect to such loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and interest, then such determination shall be binding on the Certificateholders and none of the Master Servicer or the Trustee shall make any additional P&I Advances with respect to the Torre Mayor Pari Passu Note A-2 Mortgage Loan unless the Master Servicer has consulted with the Torre Mayor Master Servicer and they agree that circumstances with respect to the Torre Mayor Whole Loan have changed such that a proposed future P&I Advance in respect of the Torre Mayor Pari Passu Note A-2 Mortgage Loan would be recoverable; provided, however, that the determination of Torre Mayor Master Servicer shall not be binding on the Certificateholders, and the Master Servicer or the Trustee, as applicable, shall make its own determination of recoverability, in the event that the Torre Mayor Master Servicer is not approved as a master servicer by each of S&P and Moody's. Notwithstanding the foregoing, the Master Servicer shall conti▇▇▇ ▇▇ have the discretion (including if the Torre Mayor Master Servicer determines that any advance of principal and/or interest with respect to the Torre Mayor Pari Passu Note A-1 would be recoverable) provided in this Agreement to determine that any future P&I Advance or outstanding P&I Advance would be, or is, as applicable, a Nonrecoverable P&I Advance. Once such a determination is made by the Master Servicer or the Master Servicer receives written notice of such determination by the Torre Mayor Master Servicer, neither the Master Servicer nor the Trustee shall make any additional P&I Advances with respect to the Torre Mayor Pari Passu Note A-2 Mortg

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans other than a Mortgage Loan included in a Serviced Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Mortgage Loan included in a Serviced Whole Loan, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the related Serviced Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on the Mortgage Loan included in such Serviced Whole Loan, (ii) subject to the terms of the related Intercreditor Agreement, apply amounts held in the related Serviced Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Serviced Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to the related Companion Loan Holder in the case of a Serviced Whole Loan under the related Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if a Serviced Whole Loan is involved, the related Serviced Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Serviced Whole Loan is involved, the related Serviced Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage LoanIf, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions as of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 3:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, an Event the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of Default nonrecoverability of a P&I Advance), then the Certificate Administrator shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servic▇▇ ▇▇ ▇▇▇ ▇▇▇▇tee and the Certificate Administrator in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servic▇▇ ▇▇ ▇▇▇ ▇▇▇▇tee and the Certificate Administrator in writing) as set forth soon as possible, but in clause any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Certificate Administrator, on behalf of the Trustee, does not receive the full amount of such P&I Advances by the close of business (a)(iNew York City time) on such Master Servicer Remittance Date, then the Certificate Administrator shall promptly notify the Trustee of Section 7.01 shall occur and such failure no later than 10:00 a.m. (New York City time) on the related Distribution Date and, unless the Trustee determines that such Advance would be a Nonrecoverable P&I Advance if made, the Trustee shall make make, by 11:00 a.m. on the Distribution Date or in any event by such P&I Advance pursuant to Section 7.05, and if the Trustee fails time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent shall make portion of such P&I Advances that was required to be, but was not, made by the Master Servicer on such Master Servicer Remittance Date. Such failure by the Master Servicer shall constitute an Event of Default on the part of the Master Servicer. The making of an Advance by a fiscal agent appointed by the Trustee pursuant to Section 7.05 by 8.06 shall not be an Event of Default with respect to the close Trustee. For the avoidance of businessdoubt, Houston time, on neither the Distribution Date. In Master Servicer nor the event that the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans that are included in the Trust Fund delinquent as to their respective Balloon Payments) and any REO Loans for any Distribution Date shall equal equal, subject to subsection (c) of this Section 4.03, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees and, if applicable, any Non-Serviced Mortgage Loan Primary Servicing Fee payable hereunder, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date Date; provided that if an Appraisal Reduction Amount exists with respect to any Required Appraisal Serviced Loan, then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Serviced Loan or, in the case of the Servicing Retained a Mortgage Loan not advanced under included in a Serviced Whole Loan which is a Required Appraisal Serviced Loan, the Servicing Retained Servicing Agreement and related Mortgage Loan, as the case may be, for the related Distribution Date shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution Date without regard to this proviso, multiplied by (ii) with respect a fraction, expressed as a percentage, the numerator of which is equal to each the Stated Principal Balance of such Mortgage Loan as to which the related Balloon Payment was due during or immediately prior to the related Due Period and was delinquent as of the end such Distribution Date, net of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceedsAppraisal Reduction Amount, if any, received in connection with a Liquidation Event allocable to such Mortgage Loan and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Serviced Loan immediately prior to such Distribution Date; provided, further, the Master Servicer shall not advance Excess Interest with respect thereto are to ARD Loans or a Prepayment Premium. With respect to a Mortgage Loan related to a Non-Serviced Whole Loan, if any "Appraisal Reduction Amount" (or similarly defined amount) for such Non-Serviced Whole Loan applicable to such Mortgage Loan under the related Non-Serviced Loan Servicing Agreement exists, the interest portion of the P&I Advance with respect to such Mortgage Loan shall be distributedreduced to equal the product of (A) the amount of the interest portion of such P&I Advance for such Mortgage Loan without regard to such Appraisal Reduction Amount by (B) a fraction expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount allocable to such Mortgage Loan, and the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans, other than Mortgage Loans included in a Serviced Whole Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), ) out of any amounts then general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to a Mortgage Loan included in a Serviced Whole Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(f). The determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any such determination made by the Special Servicer, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Certificate Administrator (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder and the related Companion Loan Holder (in the case of an A/B Whole Loan), as applicable, setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Serviced Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Serviced Loan when made, or remains outstanding when such Serviced Loan becomes a Past Grace Period Serviced Loan, in which case such interest shall begin to accrue when such Serviced Loan becomes a Past Grace Period Serviced Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if a Serviced Whole Loan is involved, out of general collections on deposit in the related Serviced Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Serviced Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Serviced Whole Loan is involved, are deposited into the related Serviced Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under this Section 4.03 with respect to: (A) a Serviced Whole Loan which is a Pari Passu Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of the pro rata portion of Default Charges collected on or in respect of the Mortgage Loan related to such Serviced Whole Loan during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of such Mortgage Loan's pro rata portion of any other collections that were made on or in respect of allocable to such Mortgage Loan related to such Serviced Whole Loan, and (iii) third, solely with respect to such Serviced Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans, or (B) a Serviced Whole Loan which is an A/B Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Companion Loan, during the 12-month period in which such Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the immediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such A/B Whole Loan, and (iv) solely with respect to such A/B Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans. (e) Notwithstanding With regard to such P&I Advances, the foregoingMaster Servicer, the Special Servicer or the Trustee shall account for that part of the P&I Advances that is attributable to Past Grace Period Serviced Loans, and that part of the P&I Advances that is attributable to Within Grace Period Loans. (f) With respect to each Whole Loan with a Pari Passu Companion Loan that will not be included in the Trust Fund, if (i) none of the ServicerMaster Servicer or any master servicer for a securitization relating to the Pari Passu Companion Loan determines that a proposed P&I Advance, the Trustee and the Fiscal Agent shall if made, would be required to make a Nonrecoverable P&I Advance or an outstanding P&I Advance for Excess Interest is or Yield Maintenance Charges would be nonrecoverable and (ii) the amount required to be advanced in respect of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component notice of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution Date.determination

P&I Advances. (a) On or before 2:00 1:00 p.m., Houston New York City time, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees and Workout Fees payable therefrom) to make such P&I Advances. Any amounts held in the 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 Master Servicer's records and replaced by the Master Servicer by deposit in the Certificate Account on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect If, as of 1:00 p.m., New York City time, on any Master Servicer Remittance Date, the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Pari Passu Loan Trustee the requisite Officer's Certificate and the Related Trust Fund Mortgage Loandocumentation related to a determination of nonrecoverability of a P&I Advance), and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions of "Appraised Value." The Servicer shall notify then the Trustee and the Fiscal Agent and the holder shall provide notice of the Pari Passu Loan (or the servicer designated by such holder) by failure to a certificate of the Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (816) 435-2327 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (▇▇▇) ▇▇▇-▇▇▇▇ (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 3:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Trustee does not receive the full amount of such P&I Advances by the close of business (New York City time) on such Master Servicer Remittance Date, then (i) unless the amount of any Trustee determines that such Advance would be a Nonrecoverable P&I Advance if made, the Trustee shall make the portion of such P&I Advances for that was required to be, but was not, made by the Master Servicer on such Distribution Date, Master Servicer Remittance Date and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 p.m., Houston time, on any Servicer Remittance Date, such failure shall constitute an Event of Default as set forth in clause (a)(i) of Section 7.01 shall occur and the Trustee shall make such P&I Advance pursuant to Section 7.05, and if the Trustee fails to make such P&I Advance by 11:00 a.m., Houston time, on such Distribution Date, the Fiscal Agent shall make such P&I Advance pursuant to Section 7.05 by the close of business, Houston time, on the Distribution Date. In the event that the Servicer fails to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Date. (b) Subject to Section 4.03(c) and (e) below, the aggregate amount of P&I Advances to be made by the Servicer with respect to any Distribution Date shall equal the aggregate of: (i) all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments, that were due during the related Due Period and delinquent as part of the close of business on the Business Day preceding the related Servicer Remittance Date or, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceeds, if any, received in connection with a Liquidation Event with respect thereto are to be distributedMaster Servicer. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) In connection with the recovery of any P&I Advance out of the Certificate Account pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), out of any amounts then on deposit in the Certificate Account, interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including the date of reimbursement. The Servicer shall reimburse itself, the Trustee or the Fiscal Agent, as the case may be, for any outstanding P&I Advance as soon as practicably possible after funds available for such purpose are deposited in the Certificate Account. (e) Notwithstanding the foregoing, (i) none of the Servicer, the Trustee and the Fiscal Agent shall be required to make an Advance for Excess Interest or Yield Maintenance Charges and (ii) the amount required to be advanced in respect of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution Date.

P&I Advances. (a) On or before 2:00 1:00 p.m., Houston New York City time, on each Servicer Remittance P&I Advance Date, the Master Servicer shall either (i), subject to Section 4.03(c) deposit into the Lower-Tier Distribution Account below, remit from its own funds to the Paying Agent for deposit into the Distribution Account an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made. Any amounts held in the Certificate Account for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Certificate Account on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or and interest in respect of which such P&I Advances were made). With respect to If the Pari Passu Loan and the Related Trust Fund Mortgage Loan, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified Master Servicer does not deposit in the definitions of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution DateAccount, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 p.m., Houston 4:00 p.m. New York City time, on any Servicer Remittance P&I Advance Date, an Event the full amount of Default as set forth P&I Advances, if any, required to be made in clause (a)(i) respect of Section 7.01 shall occur and the Trustee shall make such P&I Advance pursuant to Section 7.05, and if the Trustee fails to make such P&I Advance by 11:00 a.m., Houston time, on such related Distribution Date, then the Fiscal Agent provisions of Sections 7.01 and 7.02 shall make such P&I Advance pursuant to Section 7.05 by the close of business, Houston time, on the Distribution Date. In the event that the Servicer fails to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateapply. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by the Master Servicer with in respect to of any Distribution Date shall shall, subject to Section 4.03(c) below, equal the aggregate of: (i) of all Monthly Scheduled Payments (in each caseother than Balloon Payments) and any Assumed Scheduled Payments, net of related Master Servicing Fees) other than , Special Servicing Fees, any Master Servicer Strip and any related Principal Recovery Fees, due or deemed due, as the case may be, in respect of the Mortgage Loans (including, without limitation, Balloon Mortgage Loans delinquent as to their respective Balloon Payments, that were due ) and any REO Loans on their respective Due Dates during the related Due Period and delinquent Collection Period, in each case to the extent such amount was not paid by or on behalf of the related Mortgagor or otherwise collected as of the close of business on the Business Day preceding related Determination Date; provided that, (i) if the Monthly Payment on any Mortgage Loan has been reduced in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment granted or agreed to by the Special Servicer Remittance Date orpursuant to Section 3.20, or if the final maturity on any Mortgage Loan shall be extended in connection with a bankruptcy or similar proceeding involving the related Mortgagor or a modification, waiver or amendment granted or agreed to by the Special Servicer pursuant to Section 3.20, and the Monthly Payment due and owing during the extension period is less than the related Assumed Scheduled Payment, then the Master Servicer shall, as to such Mortgage Loan only, advance only the amount of the Monthly Payment due and owing after taking into account such reduction (net of related Master Servicing Fees, Master Servicer Strip, Special Servicing Fees and any related Principal Recovery Fees) in the case event of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and subsequent delinquencies thereon; (ii) if it is determined that an Appraisal Reduction Amount exists with respect to any Required Appraisal Loan, then, with respect to the Distribution Date immediately following the date of such determination and with respect to each subsequent Distribution Date for so long as such Appraisal Reduction Amount exists, the Master Servicer will be required in the event of subsequent delinquencies to advance in respect of such Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), only an amount equal to the Assumed Scheduled Payment therefor. Subject product of (i) the amount of the P&I Advance that would otherwise be required without regard to subsection this sentence, multiplied by (cii) belowa fraction, the obligation numerator of which is equal to the Servicer to make Stated Principal Balance of such P&I Advances is mandatoryMortgage Loan, net of such Appraisal Reduction Amount, and with respect the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan; and (iii) provided further that, if the date on which any Balloon Payment is scheduled to be due on any Mortgage Loan is extended by the Special Servicer in accordance with Section 3.20 and the Loan-to-Value Ratio for such Mortgage Loan at the time of such extension is in excess of 100%, then (unless the Class A-1 Certificates, the Class A-2 Certificates and the Class A-3 Certificates are collectively the Controlling Class or REO such Mortgage Loan becomes a Required Appraisal Loan) the interest portion of any P&I Advance that would otherwise be made in respect of such Mortgage Loan during the extension period shall be reduced by an amount equal to the product of (i) such interest portion, shall continue until multiplied by (ii) a fraction, the Distribution Date on numerator of which is the proceedsexcess, if any, received in connection of (A) the then aggregate Stated Principal Balance of the Mortgage Pool, over (B) the then aggregate of the Class Principal Balances of those Classes of REMIC II Regular Certificates (other than the Class IO Certificates) with a Liquidation Event with respect thereto are to be distributedan earlier alphabetical Class designation than the Controlling Class, and the denominator of which is the then aggregate Stated Principal Balance of the Mortgage Pool. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. The determination by the Master Servicer that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be evidenced by an Officers' Certificate delivered to the Trustee and the Depositor on or before the related P&I Advance Date, setting forth the basis for such determination, together with any other information, including appraisals, related Mortgagor operating statements and financial statements, budgets and rent rolls of the related Mortgaged Properties, engineers' reports, environmental surveys and any similar reports that the Master Servicer may have obtained consistent with the Servicing Standard and at the expense of the Trust Fund, that support such determination by the Master Servicer. (d) In connection with the its recovery of any P&I Advance out of the Certificate Account pursuant to Section 3.05(a), the Master Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), out of any amounts then on deposit in the Certificate Account, interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not including the date of reimbursement. The Master Servicer shall reimburse itself, the Trustee or the Fiscal Agent, as the case may be, itself for any outstanding P&I Advance as soon as practicably possible practicable after funds available for such purpose are deposited in the Certificate Account. (e) Notwithstanding the foregoing, (i) none of the Servicer, the Trustee and the Fiscal Agent shall be required to make an Advance for Excess Interest or Yield Maintenance Charges and (ii) the amount required to be advanced in respect of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution Date.

P&I Advances. (a) On or before 2:00 p.m., Houston 1:00 p.m. (New York City time, ) on each Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans either (i) remit to the Trustee for deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances; provided that such amounts in the applicable Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan's pro rata share of the amounts held therein on such date or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be mademade by the Master Servicer. Any amounts held in the Certificate Collection Account or any Serviced Whole Loan Collection Account, as applicable, for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer by deposit in the Certificate Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through either (x) the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made or (y) the deposit of Monthly Payments collected prior to the expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage Loan, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions of "Appraised Value." The Master Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Master Servicer fails to make a required P&I Advance by 2:00 p.m., Houston 1:00 p.m. (New York City time, ) on any Servicer Remittance Date, an Event of Default as set forth in clause (a)(i) of Section 7.01 shall occur and then the Trustee shall make such P&I Advance pursuant to Section 7.057.06 by 12:00 noon (New York City time) on the related Distribution Date, in each case unless the Master Servicer shall have cured such failure (and if provided written notice of such cure to the Trustee fails to make such P&I Advance Trustee) by 11:00 a.m., Houston a.m. (New York City time, ) on such Distribution Date, Date or the Fiscal Agent shall make Trustee determines that such P&I Advance pursuant to Section 7.05 by Advance, if made, would be a Nonrecoverable Advance. Neither the close of business, Houston time, on Master Servicer nor the Distribution Date. In the event that the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time Advances on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(cSections 4.07(c) and (e4.07(e) below, the aggregate amount of P&I Advances to be made by the Master Servicer with respect to any Distribution Date shall equal the aggregate of: (i) all Monthly Payments with respect to the Mortgage Loans (in each case, net of related Servicing FeesFees and, in the case of the Desert Passage Loan, net of the servicing fee rate pursuant to the BACM 2006-1 Pooling and Servicing Agreement) other than Balloon Payments, that were due during the related Due Collection Period and delinquent (or unpaid, pending the expiration of any applicable grace period with respect to any Mortgage Loan having a grace period extending past the P&I Advance Determination Date) as of the close of business on the Business Day preceding P&I Advance Determination Date (or not advanced by the related Master Servicer Remittance Date or, in the case or any sub-servicer on behalf of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement Master Servicer) and (ii) with respect to each Mortgage Loan that the Master Servicer is servicing and as to which the related Balloon Payment was due during or prior to the related Due Collection Period and was delinquent (including any applicable grace period) as of the end of the related Due Collection Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances is mandatory, and with respect to any applicable Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceedsLiquidation Proceeds or REO Proceeds, if any, received in connection with a Liquidation Event with respect thereto are to be distributed. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In addition, the Master Servicer shall not make any P&I Advance to the extent that it has received written notice that the Special Servicer has determined that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In making such recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, to consider (among other things) the related Mortgaged Properties in their "as is" or then current conditions and occupancies, as modified by such party's assumptions (consistent with the applicable Servicing Standard in the case of the Master Servicer and the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, to estimate and consider (consistent with the applicable Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries. The Master Servicer, the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. Neither the Master Servicer nor Trustee sh▇▇▇ ▇▇▇▇ ▇▇▇ ▇&▇ Advances with respect to delinquent amounts due on any Companion Loan. If an Appraisal of the related Mortgaged Property shall not have been obtained within the prior 12 month period (and the Master Servicer and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, first of the related Serviced B Loan, if any, second, of the related Mortgage Loan, or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related Mortgage Loan and any related Serviced Pari Passu Companion Loan (based on their respective outstanding principal balance) and third, to the extent such expense remains unpaid, of the Trust Fund). Any such determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced by a certificate of a Servicing Officer delivered to the Trustee, the Special Servicer and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by the Master Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal or any Updated Appraisal); provided, however, that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer and the Trustee notice of such determination, together with a certificate of a Servicing Officer and the supporting information described above. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee. Any such Person may update or change its recoverability determinations at any time (but not reverse any other Person's determination that a P&I Advance is a Nonrecoverable Advance) and (consistent with the applicable Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, prior to at the expense of the Trust Fund, first of the related Serviced B Loan, if any, and second, to the extent such expense remains unpaid, of the related Mortgage Loan, or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related Mortgage Loan and any related Serviced Pari Passu Companion Loan (based on their respective outstanding principal balance)), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders. Notwithstanding the above, (i) the Trustee shall be entitled to rely conclusively on any determination by the Master Servicer or the Special Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer will be entitled to rely conclusively on any nonrecoverability determination of the Special Servicer. The Trustee, in determining whether or not a P&I Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall be subject to the standards applicable to the Master Servicer hereunder. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes of making recoverability determinations. (d) In connection with the recovery of any P&I Advance out of the Certificate Collection Account pursuant to Section 3.05(a3.06(b) or any Serviced Whole Loan Collection Account pursuant to Section 3.06(c), the Master Servicer shall be entitled to pay itself, the Trustee itself or the Fiscal Agent and Trustee, as the case may be (in reverse of such order with respect to any Mortgage LoanLoan or REO Property), out of any amounts then on deposit in the Certificate AccountCollection Account or the applicable Serviced Whole Loan Collection Account (to the extent amounts therein relate to the Mortgage Loans, taking into account the related Co-Lender Agreement), as applicable, interest at the Reimbursement Advance Rate in effect from time to time, accrued on the amount of such P&I Advance from the later of the date made or the expiration of any applicable grace period to but not including the date of reimbursementreimbursement (or if such P&I Advance was made prior to the end of any grace period applicable to the subject delinquent Monthly Payment, for so long as such P&I Advance is outstanding following the end of such grace period). The Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may be, for any outstanding P&I Advance as soon as practicably possible after funds available for such purpose are deposited in the Certificate Collection Account or the applicable Serviced Whole Loan Collection Account. (e) . Notwithstanding the foregoing, (i) none of neither the Servicer, Master Servicer nor the Trustee and the Fiscal Agent shall be required to make an Advance advance for Excess Interest or Interest, Yield Maintenance Charges or Penalty Charges and (ii) the amount of any P&I Advance with respect to a Mortgage Loan as to which there has been an Appraisal Reduction will be an amount equal to the product of (i) the amount required to be advanced in respect of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to this proviso and (ii) a fraction, the Appraisal Reduction numerator of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding Determination Date less the portion of any Appraisal Reduction Amount attributable applicable to such Mortgage Loan and the denominator of which is the Stated Principal Balance of such Mortgage Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been modified shall be calculated on the basis of their terms as modified. The portion of any Insurance Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer or the Trustee pursuant to this Agreement and (ii) a portion thereof equal to the interest component of the Monthly Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such Monthly Payment proceeds are received; provided, however, in the event that the interest portion(s) of one or Assumed Scheduled Payment more P&I Advances with respect of such Mortgage Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to principal has been applied to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan. (e) With respect to the Non-Serviced Mortgage Loan, the Master Servicer shall make its determination that it has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to such Mortgage Loan for in accordance with Section 4.07(a) independently of any determination made by the Other Servicer (or any master servicer with respect to a commercial mortgage securitization holding another pari passu loan related to the Non-Serviced Mortgage Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement with respect to a commercial mortgage securitization holding another pari passu loan related to the Non-Serviced Mortgage Loan, if any). If the Master Servicer determines that a proposed P&I Advance with respect to the Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to the Non-Serviced Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization holding another pari passu loan related to the Non-Serviced Mortgage Loan, if any) written notice of such Distribution Date.det

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans other than a Mortgage Loan included in a Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Mortgage Loan included in a Whole Loan, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the related Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on the Mortgage Loan included in such Whole Loan, (ii) subject to the terms of the related Intercreditor Agreement, apply amounts held in the related Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to the related Companion Loan Holder in the case of a Whole Loan under the related Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if a Whole Loan is involved, the related Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Whole Loan is involved, the related Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage LoanIf, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions as of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 3:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, an Event the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of Default as set forth in clause (a)(i) nonrecoverability of Section 7.01 shall occur and a P&I Advance), then the Trustee shall make provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) as soon as possible, but in any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Trustee does not receive the full amount of such P&I Advance pursuant to Section 7.05Advances by the close of business (New York City time) on such Master Servicer Remittance Date, and if then (i) unless the Trustee fails determines that such Advance would be a Nonrecoverable P&I Advance if made or the Trustee shall make, by 11:00 a.m. on the Distribution Date or in any event by such time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent shall make portion of such P&I Advances that was required to be, but was not, made by the 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. The making of an Advance by a fiscal agent appointed by the Trustee pursuant to Section 7.05 by 8.06 shall not be an Event of Default with respect to the close Trustee. For the avoidance of businessdoubt, Houston time, on neither the Distribution Date. In Master Servicer nor the event that the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans that are included in the Trust Fund delinquent as to their respective Balloon Payments) and any REO Loans for any Distribution Date shall equal equal, subject to subsection (c) of this Section 4.03, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees and, if applicable, any Non-Serviced Mortgage Loan Primary Servicing Fee payable hereunder, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date Date; provided that if an Appraisal Reduction Amount exists with respect to any Required Appraisal Serviced Loan, then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Serviced Loan or, in the case of the Servicing Retained a Mortgage Loan not advanced under included in a Whole Loan which is a Required Appraisal Serviced Loan, the Servicing Retained Servicing Agreement and related Mortgage Loan, as the case may be, for the related Distribution Date shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution Date without regard to this proviso, multiplied by (ii) with respect a fraction, expressed as a percentage, the numerator of which is equal to each the Stated Principal Balance of such Mortgage Loan as to which the related Balloon Payment was due during or immediately prior to the related Due Period and was delinquent as of the end such Distribution Date, net of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and with respect to any Mortgage Loan or REO Loan, shall continue until the Distribution Date on which the proceedsAppraisal Reduction Amount, if any, received in connection with a Liquidation Event allocable to such Mortgage Loans and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Serviced Loan immediately prior to such Distribution Date; provided, further, the Master Servicer shall not advance Excess Interest with respect thereto are to ARD Loans or a Prepayment Premium. With respect to a Mortgage Loan related to a Non-Serviced Whole Loan, if any "Appraisal Reduction Amount" (or similarly defined amount) for such Non-Serviced Whole Loan applicable to such Mortgage Loan under the related Non-Serviced Loan Pooling and Servicing Agreement exists, the interest portion of the P&I Advance with respect to such Mortgage Loan shall be distributedreduced to equal the product of (A) the amount of the interest portion of such P&I Advance for such Mortgage Loan without regard to such Appraisal Reduction Amount by (B) a fraction expressed as a percentage, the numerator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount allocable to such Mortgage Loan, and the denominator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans, other than Mortgage Loans included in a Whole Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), ) out of any amounts then general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to a Mortgage Loan included in a Whole Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(f). The determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance has been made or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any such determination made by the Special Servicer, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder and the related Companion Loan Holder and any Controlling Holder, as applicable (in the case of a Whole Loan), setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Serviced Loan when made, or remains outstanding when such Serviced Loan becomes a Past Grace Period Serviced Loan, in which case such interest shall begin to accrue when such Serviced Loan becomes a Past Grace Period Serviced Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if a Whole Loan is involved, out of general collections on deposit in the related Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Whole Loan is involved are deposited into the related Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under this Section 4.03 with respect to: (A) a Whole Loan which is a Pari Passu Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of the pro rata portion of Default Charges collected on or in respect of the Mortgage Loan related to such Whole Loan during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of such Mortgage Loan's pro rata portion of any other collections that were made on or in respect of allocable to such Mortgage Loan related to such Whole Loan, and (iii) third, solely with respect to such Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans, or (B) a Whole Loan which is an A/B Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related A/B Companion Loan, during the 12-month period in which such Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the immediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such A/B Whole Loan, and (iv) solely with respect to such A/B Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans. (e) Notwithstanding With regard to such P&I Advances, the foregoingMaster Servicer, the Special Servicer or the Trustee shall account for that part of the P&I Advances that is attributable to Past Grace Period Serviced Loans, and that part of the P&I Advances that is attributable to Within Grace Period Loans. (f) With respect to each Whole Loan with a Pari Passu Companion Loan that will not be included in the Trust Fund, if (i) none of the ServicerMaster Servicer or any master servicer for a securitization relating to the Pari Passu Companion Loan determines that a proposed P&I Advance, the Trustee and the Fiscal Agent shall if made, would be required to make a Nonrecoverable P&I Advance or an outstanding P&I Advance for Excess Interest is or Yield Maintenance Charges would be nonrecoverable and (ii) notice of such determination has been delivered by the amount required Master Servicer or the Master Servicer receives written notice of such determination by any other master servicer for a securitization relating to be advanced in respect the Pari Passu Companion Loan, none of the interest portion of Master Servicer, the Trustee, the other master servicers or any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject other party to an Appraisal Reduction Event will equal, the related pooling and servicing agreement may make any additional P&I Advances with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such related Mortgage Loan for such Distribution Date.or the Pari Passu Companion Loan until the Master Servicer has consulted with the other applicable master servicers and they agree that

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans other than a Mortgage Loan included in the Serviced Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Serviced Whole Loan, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the Serviced Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on the Serviced Whole Loan, (ii) apply amounts held in the Serviced Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Serviced Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to the One Stamford Forum Note B Holder under any Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if the Serviced Whole Loan is involved, the Serviced Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if the Serviced Whole Loan is involved, the Serviced Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage LoanIf, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions as of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 3:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, an Event the Master Servicer shall not have made any P&I Advance required to be made (other than a P&I Advance with respect to the One Stamford Forum Note B) on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of Default as set forth in clause (a)(i) nonrecoverability of Section 7.01 shall occur and a P&I Advance), then the Trustee shall make provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servic▇▇ ▇▇ ▇▇▇ ▇▇▇▇tee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servic▇▇ ▇▇ ▇▇▇ ▇▇▇▇tee in writing) as soon as possible, but in any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Trustee does not receive the full amount of such P&I Advance pursuant to Section 7.05Advances by the close of business (New York City time) on such Master Servicer Remittance Date, and if then (i) unless the Trustee fails determines that such Advance would be a Nonrecoverable P&I Advance if made or the Trustee shall make, by 11:00 a.m. on the Distribution Date or in any event by such time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent shall make portion of such P&I Advance pursuant Advances that was required to Section 7.05 be, but was not, made by the close Master Servicer on such Master Servicer Remittance Date and (ii) such failure shall constitute an Event of business, Houston time, Default on the Distribution Datepart of the Master Servicer. In None of the event that Master Servicer or the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Date.One Stamford Forum Note B. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans that are included in the Trust Fund delinquent as to their respective Balloon Payments) and any REO Serviced Loans for any Distribution Date shall equal equal, subject to subsection (c) below, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date or, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), Date; provided that if an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and Appraisal Reduction Amount exists with respect to any Mortgage Loan or REO Required Appraisal Serviced Loan, shall continue until then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Serviced Loan for the related Distribution Date on shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Required Appraisal Serviced Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the proceedsStated Principal Balance of such Required Appraisal Serviced Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount, if any, received in connection with a Liquidation Event and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Serviced Loan immediately prior to such Distribution Date; provided, further, that the Master Servicer shall not advance Excess Interest with respect thereto are to be distributedARD Loans or a Prepayment Premium. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans other than Mortgage Loans included in the Serviced Whole Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), ) out of any amounts then general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to a Mortgage Loan included in the Serviced Whole Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(f). The determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance has been made or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any such determination made by the Special Servicer, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder and the One Stamford Forum Note B Holder and One Stamford Forum Controlling Holder (if the Serviced Whole Loan is involved), setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Serviced Loan when made, or remains outstanding when such Serviced Loan becomes a Past Grace Period Serviced Loan, in which case such interest shall begin to accrue when such Serviced Loan becomes a Past Grace Period Serviced Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if the Serviced Whole Loan is involved, out of general collections on deposit in the Serviced Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if the Serviced Whole Loan is involved are deposited into the Serviced Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under with respect to any Whole Loan under this Section 4.03 shall be payable (unless required to be paid to the One Stamford Forum Note B Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the One Stamford Forum Note B, pro rata during the 12-month period in which such Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of the Serviced Whole Loan, and (iv) solely with respect to such Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans. (e) Notwithstanding With regard to such P&I Advances, the foregoing, (i) none of the Master Servicer, the Special Servicer or the Trustee and the Fiscal Agent shall be required to make an Advance account for Excess Interest or Yield Maintenance Charges and (ii) the amount required to be advanced in respect that part of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan P&I Advances that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount is attributable to Past Grace Period Serviced Loans, and that part of the interest component of such Monthly Payment or Assumed Scheduled Payment with respect P&I Advances that is attributable to such Mortgage Loan for such Distribution DateWithin Grace Period Loans.

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans other than a Mortgage Loan included in a Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Whole Loan, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the related Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on the Mortgage Loan included in such Whole Loan, (ii) subject to the terms of the related Intercreditor Agreement, apply amounts held in the related Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to the related Companion Loan Holder in the case of a Whole Loan under the related Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if a Whole Loan is involved, the related Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Whole Loan is involved, the related Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With respect to the Pari Passu Loan and the Related Trust Fund Mortgage LoanIf, and the Servicing Retained Mortgage Loan and the Servicing Retained Paired Mortgage Loan, P&I Advances will be allocated on the basis specified in the definitions as of "Appraised Value." The Servicer shall notify the Trustee and the Fiscal Agent and the holder of the Pari Passu Loan (or the servicer designated by such holder) by a certificate of the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for such Distribution Date, and (ii) the aggregate amount of P&I Advances for a Distribution Date on or before the P&I Advance Determination Date. If the Servicer fails to make a required P&I Advance by 2:00 3:00 p.m., Houston New York City time, on any Master Servicer Remittance Date, an Event the Master Servicer shall not have made any P&I Advance required to be made on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of Default as set forth in clause (a)(i) nonrecoverability of Section 7.01 shall occur and a P&I Advance), then the Trustee shall make provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) as soon as possible, but in any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Trustee does not receive the full amount of such P&I Advance pursuant to Section 7.05Advances by the close of business (New York City time) on such Master Servicer Remittance Date, and if then (i) unless the Trustee fails determines that such Advance would be a Nonrecoverable P&I Advance if made or the Trustee shall make, by 11:00 a.m. on the Distribution Date or in any event by such time as shall be required to make such P&I Advance by 11:00 a.m., Houston time, the required distribution on such Distribution Date, the Fiscal Agent shall make portion of such P&I Advances that was required to be, but was not, made by the 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. The making of an Advance by a fiscal agent appointed by the Trustee pursuant to Section 7.05 by 8.06 shall not be an Event of Default with respect to the close Trustee. For the avoidance of businessdoubt, Houston time, on neither the Distribution Date. In Master Servicer nor the event that the Servicer fails Trustee shall be required to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent of such circumstances by 3:00 p.m. Houston time on the related Servicer Remittance Dateany Companion Loan. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans that are included in the Trust Fund delinquent as to their respective Balloon Payments) and any REO Loans for any Distribution Date shall equal equal, subject to subsection (c) of this Section 4.03, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date or, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), Date; provided that if an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and Appraisal Reduction Amount exists with respect to any Mortgage Loan or REO Required Appraisal Loan, shall continue until then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Loan for the related Distribution Date on shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Required Appraisal Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the proceedsStated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount, if any, received in connection with a Liquidation Event and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date; provided, further, the Master Servicer shall not advance Excess Interest with respect thereto are to be distributedARD Loans or a Prepayment Premium. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans other than Mortgage Loans included in a Whole Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a), the Servicer shall be entitled to pay itself, the Trustee or the Fiscal Agent and as the case may be (in reverse of such order with respect to any Mortgage Loan), ) out of any amounts then general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to a Mortgage Loan included in a Whole Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(f). The determination by the Master Servicer or the Trustee that it has made a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any such determination made by the Special Servicer, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder and the related Companion Loan Holder and any Controlling Holder, as applicable (in the case of a Whole Loan), setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee shall be entitled to rely on any determination of nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan or any portion thereof, the Master Servicer and the Trustee shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Loan when made, or remains outstanding when such Loan becomes a Past Grace Period Loan, in which case such interest shall begin to accrue when such Loan becomes a Past Grace Period Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if a Whole Loan is involved, out of general collections on deposit in the related Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan, the Master Servicer shall reimburse itself, the Trustee itself or the Fiscal AgentTrustee, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Whole Loan is involved are deposited into the related Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under this Section 4.03 with respect to: (A) a Whole Loan which is a Pari Passu Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Whole Loan during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such Whole Loan allocable to the related Mortgage Loan, and (iii) third, solely with respect to such Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans, or (B) a Whole Loan which is an A/B Whole Loan shall be payable (unless required to be paid to the related Companion Loan Holder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related A/B Companion Loan, during the 12-month period in which such Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the immediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such A/B Whole Loan, and (iv) solely with respect to such A/B Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans. (e) Notwithstanding With regard to such P&I Advances, the foregoingMaster Servicer, the Special Servicer or the Trustee shall account for that part of the P&I Advances that is attributable to Past Grace Period Loans, and that part of the P&I Advances that is attributable to Within Grace Period Loans. (f) With respect to each Whole Loan with a Pari Passu Companion Loan that will not be included in the Trust Fund, if (i) none of the ServicerMaster Servicer or any master servicer for a securitization relating to the Pari Passu Companion Loan determines that a proposed P&I Advance, the Trustee and the Fiscal Agent shall if made, would be required to make a Nonrecoverable P&I Advance or an outstanding P&I Advance for Excess Interest is or Yield Maintenance Charges would be nonrecoverable and (ii) notice of such determination has been delivered by the amount required Master Servicer or the Master Servicer receives written notice of such determination by any other master servicer for a securitization relating to be advanced in respect the Pari Passu Companion Loan, none of the interest portion of Master Servicer, the Trustee, the other master servicers or any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan that has been subject other party to an Appraisal Reduction Event will equal, the related pooling and servicing agreement may make any additional P&I Advances with respect to the related Mortgage Loan or the Pari Passu Companion Loan until the Master Servicer has consulted with the other applicable master servicers and they agree that circumstances with respect to the related Whole Loan have changed such that a proposed future P&I Advance would not be a Nonrecoverable Advance (g) None of the Master Servicer or the Trustee shall advance any Distribution Date amount due to be paid by the Class A-MFL Swap Counterparty for distribution to the Class A-MFL Certificates. In addition, for the avoidance of doubt, if funds allocated to payment of interest distributions on the Class A-MFL Regular Interest are insufficient to make all required interest payments on the Class A-MFL Regular Interest, the amount paid to the Class A-MFL Swap Counterparty will be reduced and any Mortgage Loaninterest paid by the Class A-MFL Swap Counterparty under the Class A-MFL Swap Contract will be reduced, on a dollar for dollar basis, by an amount equal to the difference between the amount actually paid to the Class A-MFL Swap Counterparty and the amount that would be required have been paid if the funds allocated to be advanced by the Servicer in respect payment of interest without giving effect distributions on the Class A-MFL Regular Interest had been sufficient to make all required interest payments on the Appraisal Reduction less the portion of any Appraisal Reduction Amount attributable to the interest component of such Monthly Payment or Assumed Scheduled Payment with respect to such Mortgage Loan for such Distribution DateClass A-MFL Regular Interest.

P&I Advances. (a) On or before 2:00 p.m., Houston time, on each Master Servicer Remittance Date, the Master Servicer shall in the case of all Mortgage Loans (other than the Fashion Show Mall Mortgage Loan, as to which P&I Advances will be made by the Fashion Show Master Servicer pursuant to the Fashion Show Mall Pooling Agreement or by the Trustee pursuant to this Section 4.03(a)) other than a Mortgage Loan included in a Whole Loan, either (i) deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Certificate Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the Certificate Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. With respect to each Whole Loan (or, with respect to any A/B Whole Loan, only the related Mortgage Loan), on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit into the related Whole Loan Custodial Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the related Distribution Date on such Whole Loan, (ii) apply amounts held in the related Whole Loan Custodial Account for future distribution in subsequent months in discharge of any such obligation to make P&I Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made; provided that if Late Collections of any of the delinquent principal and/or interest in respect of which it is to make P&I Advances on any Master Servicer Remittance Date are then on deposit in the related Whole Loan Custodial Account, the Master Servicer shall use such Late Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom and any portion thereof required to be paid to any Companion Loan Noteholder under any Intercreditor Agreement) to make such P&I Advances. Any amounts held in the Certificate Account or if a Whole Loan is involved, the related Whole Loan Custodial 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 Master Servicer's records and replaced by the Master Servicer by deposit in into the Certificate Account or, if a Whole Loan is involved, the related Whole Loan Custodial Account, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made). With If, as of 3:00 p.m., New York City time, on any Master Servicer Remittance Date, the Master Servicer shall not have made any P&I Advance required to be made (other than a P&I Advance with respect to a Companion Loan) on such date pursuant to this Section 4.03(a) (and shall not have delivered to the Pari Passu Loan Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance), then the Related Trust Fund Mortgage LoanTrustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (213) 345-7240 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (800) 462-0505 (or such alternative number provided by the Master Servi▇▇▇ ▇▇ ▇▇▇ ▇▇▇stee in writing) as soon as possible, and but in any event before 4:00 p.m., New York City time, on such Master Servicer Remittance Date. If, after such notice, the Servicing Retained Mortgage Loan and Trustee does not receive the Servicing Retained Paired Mortgage Loan, full amount of such P&I Advances will be allocated by the close of business (New York City time) on the basis specified in the definitions of "Appraised Value." The such Master Servicer shall notify Remittance Date, then (i) unless the Trustee and or the Fiscal Agent and determines that such Advance would be a Nonrecoverable P&I Advance if made, the holder of the Pari Passu Loan (Trustee or the servicer designated Fiscal Agent shall make, by 11:00 a.m. on the Distribution Date or in any event by such holder) by a certificate of time as shall be required to make the Servicing Officer of (i) the amount of any Nonrecoverable P&I Advances for required distribution on such Distribution Date, the portion of such P&I Advances that was required to be, but was not, made by the Master Servicer on such Master Servicer Remittance Date and (ii) such failure shall constitute an Event of Default on the aggregate amount part of the Master Servicer. None of the Master Servicer, the Trustee or the Fiscal Agent shall be required to make a P&I Advance on any Companion Loan or on the CP Component Mortgage Loan Subordinate Component. The parties hereto agree and acknowledge that the Master Servicer shall not be required to make P&I Advances for a Distribution Date on with respect to the Fashion Show Mall Mortgage Loan. The Fashion Show Mall Master Servicer will be required to make P&I Advances with respect to the Fashion Show Mall Mortgage Loan under the Fashion Show Mall Pooling Agreement, or before if the P&I Advance Determination Date. If the Fashion Show Mall Master Servicer fails to make a required P&I Advance by 2:00 p.m., Houston time, on any Servicer Remittance Date, an Event of Default as set forth in clause (a)(i) of Section 7.01 shall occur with respect to the Fashion Show Mall Mortgage Loan pursuant to the Fashion Show Mall Intercreditor Agreement and the Fashion Show Mall Pooling Agreement, the Fashion Show Mall Trustee shall make such P&I Advance pursuant to Section 7.05the Fashion Show Mall Pooling Agreement by noon, New York City time, on the related Distribution Date unless the Master Servicer or the Fashion Show Mall Master Servicer pursuant to the Fashion Show Mall Intercreditor Agreement and if the Fashion Show Mall Pooling Agreement shall have cured such failure (and provided written notice of such cure to the Trustee) by 11:00 a.m. on such Distribution Date. The parties hereto agree and acknowledge that the Trustee fails shall be required to make P&I Advances with respect to the Fashion Show Mall Mortgage Loan under the following circumstances: If the Fashion Show Mall Master Servicer and/or the Fashion Show Mall Trustee is required to make a P&I Advance with respect to the Fashion Show Mall Mortgage Loan under the Fashion Show Mall Pooling Agreement but neither does so by noon, New York City time, on the related Distribution Date, then the Trustee shall give notice to the Fashion Show Mall Master Servicer, the Fashion Show Mall Special Servicer and/or the Fashion Show Mall Trustee, as the case may be, of such failure. If, as of 1:00 p.m., New York City time, on the related Distribution Date, the Fashion Show Mall Master Servicer or the Fashion Show Mall Trustee shall not have made such P&I Advance, then unless the Trustee or the Fiscal Agent determines that such Advance would be a Nonrecoverable P&I Advance if made, the Trustee or the Fiscal Agent shall make, by 11:00 a.m., Houston time, 2:00 p.m. on such Distribution Date, the Fiscal Agent shall make such P&I Advance. In connection with any P&I Advance pursuant to Section 7.05 not timely made by the close of businessFashion Show Mall Master Servicer or the Fashion Show Mall Trustee, Houston time, on the Distribution Date. In the event that the Servicer fails to make a required P&I Advance hereunder, the Paying Agent shall notify the Trustee and the Fiscal Agent will not be liable or held responsible for any resulting delay (or claims by DTC resulting therefrom) in the making of any distribution to Certificateholders. In addition, if the Trustee incurs out-of-pocket expenses, despite reasonable efforts to avoid or mitigate such circumstances by 3:00 p.m. Houston time on expenses, as a consequence of the related Fashion Show Mall Master Servicer Remittance Dateor the Fashion Show Mall Trustee failing to make such P&I Advance, the Trustee will be entitled to reimbursement from the Trust Fund. (b) Subject to Section 4.03(c) and (e) below, the The aggregate amount of P&I Advances to be made by in respect of the Servicer with respect Loans (including, without limitation, Balloon Loans delinquent as to their respective Balloon Payments) and any REO Loans for any Distribution Date shall equal equal, subject to subsection (c) below, the aggregate of: (i) of all Monthly Payments (in each case, net of related Servicing Fees) other than Balloon Payments) and any Assumed Monthly Payments, in each case net of related Master Servicing Fees payable hereunder, that were due or deemed due, as the case may be, in respect thereof on their respective Due Dates during the related Due Collection Period and delinquent that were not paid by or on behalf of the related Mortgagors or otherwise collected as of the close of business on the Business Day preceding before the related Master Servicer Remittance Date or, in the case of the Servicing Retained Mortgage Loan not advanced under the Servicing Retained Servicing Agreement and (ii) with respect to each Mortgage Loan as to which the related Balloon Payment was due during or prior to the related Due Period and was delinquent as of the end of the related Due Period (including any REO Loan as to which the Balloon Payment would have been past due), Date; provided that if an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Servicer to make such P&I Advances is mandatory, and Appraisal Reduction Amount exists with respect to any Mortgage Loan or REO Required Appraisal Loan, shall continue until then, in the event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Required Appraisal Loan for the related Distribution Date on shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion of such P&I Advance) to equal the product of (i) the amount of the interest portion of such P&I Advance for such Required Appraisal Loan for such Distribution Date without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is equal to the proceedsStated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount, if any, received in connection with a Liquidation Event and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date; provided, further, that the Master Servicer shall not advance Excess Interest with respect thereto are to be distributedARD Loans or a Prepayment Premium. (c) Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. (d) . In connection addition, with respect to the recovery of any Mortgage Loans other than Mortgage Loans included in a Whole Loan and the Fashion Show Mall Mortgage Loan, Nonrecoverable P&I Advance out of the Certificate Account Advances shall be reimbursable pursuant to Section 3.05(a)) out of general collections on the Mortgage Pool on deposit in the Certificate Account. With respect to the Fashion Show Mall Mortgage Loan, Nonrecoverable P&I Advances shall be reimbursable pursuant to the Fashion Show Mall Pooling Agreement, the Servicer Fashion Show Mall Intercreditor Agreement and/or this Agreement. With respect to a Mortgage Loan included in a Whole Loan, Nonrecoverable P&I Advances shall be entitled reimbursable pursuant to pay itselfSection 3.05(f). The determination by the Master Servicer, the Trustee or the Fiscal Agent that it has made a Nonrecoverable P&I Advance has been made or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be evidenced by an Officer's Certificate delivered promptly (and, in any event, in the case of a proposed P&I Advance by the Master Servicer, no less than five Business Days prior to the related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), to the Fiscal Agent (or, if applicable, retained thereby), the Depositor, the Rating Agencies, the Directing Certificateholder, the Fashion Show Mall Purchase Option Holder (if the Fashion Show Mall Mortgage Loan is involved), the CP Controlling Holder (if the CP Component Mortgage Loan is involved), and the related Companion Loan Noteholder(s) (if a Whole Loan is involved), setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Loan or REO Property) a copy of an Appraisal of the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the 12 months preceding such determination, and further accompanied by any other information that the Master Servicer or the Special Servicer may have obtained that supports such determination. The Trustee and the Fiscal Agent shall deliver such Officer's Certificate as soon as practicable after its determination that such P&I Advance would be (in reverse nonrecoverable. If such an Appraisal shall not have been required and performed pursuant to the terms of this Agreement, the Master Servicer may, subject to its reasonable and good faith determination that such order Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust out of general collections. The Trustee and the Fiscal Agent shall be entitled to rely on any determination of nonrecoverability that may have been made by the Master Servicer with respect to a particular P&I Advance, and the Master Servicer and the Trustee and the Fiscal Agent shall be entitled to rely on any Mortgage Loan), out determination of any amounts then on deposit nonrecoverability that may have been made by the Special Servicer with respect to a particular P&I Advance in the Certificate Accountcase of Specially Serviced Loans. (d) As and to the extent permitted by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan or any portion thereof, the Master Servicer, the Trustee and the Fiscal Agent shall be entitled to receive interest at the Reimbursement Rate in effect from time to time, accrued on the amount of each P&I Advance made thereby (out of its own funds), to the extent that such P&I Advance from relates to a Past Grace Period Loan when made, or remains outstanding when such Loan becomes a Past Grace Period Loan, in which case such interest shall begin to accrue when such Loan becomes a Past Grace Period Loan, for so long as such P&I Advance is outstanding (or, in the date case of Advance Interest payable to the Master Servicer, if earlier, until the Late Collection of the delinquent principal and/or interest in respect of which such P&I Advance was made has been received by the Master Servicer). Such interest will be paid: first, out of any Default Charges as set forth in Section 3.27; and second, at any time coinciding with or following the reimbursement of such P&I Advance, out of general collections on the Mortgage Loans and any REO Properties on deposit in the Certificate Account or if a Whole Loan is involved, out of general collections on deposit in the related Whole Loan Custodial Account. As and to but not including the date of reimbursement. The extent provided by Section 3.05(a) or Section 3.05(f) with respect to a Whole Loan, the Master Servicer shall reimburse itself, the Trustee or the Fiscal Agent, as the case may beappropriate, for any outstanding P&I Advance made thereby as soon as practicably possible practicable after funds available for such purpose are deposited into the Certificate Account or, if a Whole Loan is involved are deposited into the related Whole Loan Custodial Account, and in no event shall interest accrue in accordance with this Section 4.03(d) on any P&I Advance as to which the corresponding Late Collection had been received as of the related date on which such P&I Advance was made. Interest accrued on any P&I Advance made under with respect to any Whole Loan under this Section shall be payable (unless required to be paid to any Companion Loan Noteholder under any Intercreditor Agreement): (i) first, out of Default Charges collected on or in respect of the related Mortgage Loan, as applicable, during the same Collection Period in which such P&I Advance is reimbursed, (ii) second, out of Default Charges collected on or in respect of the related Companion Loans, pro rata during the 12-month period in which such Advance is reimbursed, (iii) third, to the extent that the Default Charges described in the Certificate Accountimmediately preceding clause (i) and (ii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such P&I Advance has been previously reimbursed, out of any other collections that were made on or in respect of such Whole Loan, and (iv) solely with respect to such Whole Loan, to the extent that Default Charges or other collections described in the immediately preceding clauses (i), (ii) and (iii) are insufficient, but only if such P&I Advance is being reimbursed at the same time or if such Advances has been previously reimbursed, out of general collections on or in respect of the Mortgage Loans. (e) Notwithstanding With regard to such P&I Advances, the foregoing, (i) none of the Master Servicer, the Special Servicer or the Trustee and or the Fiscal Agent shall be required to make an Advance account for Excess Interest or Yield Maintenance Charges and (ii) the amount required to be advanced in respect that part of the interest portion of any delinquent Monthly Payment or Assumed Scheduled Payment on a Mortgage Loan P&I Advances that has been subject to an Appraisal Reduction Event will equal, with respect to any Distribution Date and any Mortgage Loan, the amount that would be required to be advanced by the Servicer in respect of interest without giving effect to the Appraisal Reduction less the portion of any Appraisal Reduction Amount is attributable to Past Grace Period Loans, and that part of the interest component of such Monthly Payment or Assumed Scheduled Payment with respect P&I Advances that is attributable to such Mortgage Loan for such Distribution DateWithin Grace Period Loans. (f) Intere