Common use of P&I Advances Clause in Contracts

P&I Advances. The Subservicer shall, from time to time during the term of this Agreement, make P&I Advances as required under the applicable Servicing Agreement and Applicable Requirements, provided, however, that such P&I Advances shall be made in compliance with the Advance Policy. The Subservicer shall not make any P&I Advance unless such P&I Advance is in compliance with the Advance Policy unless otherwise expressly directed in writing by Owner/Servicer to make such P&I Advance in accordance with Section 2.3 of this Agreement. If the Subservicer reasonably determines that on any Remittance Date for an Investor there will not be adequate Custodial Funds in the related Custodial Account to be remitted for payment to an Investor, then the Subservicer shall provide the Owner/Servicer written notice of the amount required to be deposited in such Custodial Account pursuant to the applicable Servicing Agreement so that the Custodial Account will have funds on deposit at least equal to the amount required to be remitted to the applicable Investor. The Subservicer shall provide the Owner/Servicer and the Owner/Servicer’s lender(s) (as identified to the Subservicer by the Owner/Servicer) such written notice no later than 1:00 p.m. New York City time on the first (1st) Business Day prior to the date on which the respective Custodial Accounts are required to be funded with regard to the respective Remittance Date which notice shall contain an estimate of the P&I Advance required to be advanced by the Owner/Servicer. Subject to resolution of any obvious or manifest errors in such estimate, on such date, the Owner/Servicer shall fund (or cause to be funded) the amount set forth in the written notice provided by the Subservicer (or such lesser amount as reasonably determined by the Subservicer) via wire transfer into the applicable Custodial Account or such other aggregation account as directed by the Subservicer. To the extent the amounts that the Owner/Servicer (or its lender(s)) fund exceed the amounts required to be remitted to the applicable Investor on the applicable Remittance Date, the Subservicer shall remit such excess funds to the Owner/Servicer or lender(s), as applicable, no later than two (2) Business Days after such Remittance Date (or netted against the next Business Days’ advance reimbursements if mutually agreed by the parties).

P&I Advances. The Subservicer shall, from time to time during the term of this Agreement, shall make all required P&I Advances as required under to an Investor using funds available for remittance to the applicable Servicing Agreement and Applicable Requirements, provided, however, that such P&I Advances shall be made in compliance with Investor to the Advance Policyextent permitted under applicable Agency Guidelines. The Subservicer shall not make cooperate with the Owner/Servicer, Owner/Servicer's lender(s) and any rating agency in connection with the Owner/Servicer's financing of any P&I Advance unless such P&I Advance is in compliance with the Advance Policy unless otherwise expressly directed in writing by Owner/Servicer to make such P&I Advance in accordance with Section 2.3 of this AgreementAdvances. If the Subservicer reasonably determines that on any Remittance Draft Date for an Investor there will not be adequate Custodial Funds funds in the related any Custodial Account to be remitted withdrawn for payment to an Investor, then the Subservicer shall provide the Owner/Servicer written notice of the amount required to be deposited in such Custodial Account pursuant to the applicable Servicing Agreement so that the Custodial Account will have funds on deposit at least equal to the amount required to be remitted paid to the applicable Investor. The Subservicer shall provide the Owner/Servicer and the Owner/Servicer’s 's lender(s) (as identified to the Subservicer by the Owner/Servicer) such written notice no later than 1:00 p.m. New York City time on the first at least three (1st3) Business Day prior Days before the Draft Date applicable to the date on such notice which the respective Custodial Accounts are required to be funded with regard to the respective Remittance Date which notice shall contain an estimate of the P&I Advance required to be advanced advance activities for such month and any other information reasonably requested by the Owner/Servicer or Owner/Servicer's lender(s). Subject At least one Business Day prior to resolution of any obvious or manifest errors in such estimate, on such datethe applicable Draft Date, the Owner/Servicer shall fund (or cause to be funded) the amount set forth in the written notice provided by the Subservicer (or such lesser amount as reasonably determined by the Subservicer) via wire transfer into the applicable Custodial Account or such other aggregation account as directed by the SubservicerAccount. To the extent the amounts that the Owner/Servicer (or its lender(s)) fund exceed funded exceeded the amounts required to be remitted paid to the applicable Investor on the applicable Remittance related Draft Date, the Subservicer shall remit such excess funds to the Owner/Servicer Investor or lender(s), as applicable, no later than two (2) Business Days after on the same Draft Date that such Remittance Date (or netted against amounts were deposited in the next Business Days’ advance reimbursements if mutually agreed by the parties)applicable Custodial Account.

P&I Advances. The Subservicer Seller shall, from time to time during the term of this AgreementAddendum, make P&I Advances as required under the applicable Servicing Agreement and Applicable Requirements, provided, however, that such P&I Advances shall be made in compliance with the Advance Policy. The Subservicer Seller shall not make any P&I Advance unless such P&I Advance is in compliance with the Advance Policy unless otherwise expressly directed requested in writing by Owner/Servicer Holdings to make such P&I Advance in accordance with Section 2.3 of this AgreementAddendum. If the Subservicer Seller reasonably determines that on any Remittance Date for an Investor there will not be adequate Custodial Funds in the related Custodial Account to be remitted for payment to an Investor, then the Subservicer Seller shall provide the Owner/Servicer Holdings written notice of the amount required to be deposited in such Custodial Account pursuant to the applicable Servicing Agreement so that the Custodial Account will have funds on deposit at least equal to the amount required to be remitted to the applicable Investor. The Subservicer Seller shall provide the Owner/Servicer Holdings and the Owner/Servicer’s Holdings lender(s) (as identified to the Subservicer Seller by the Owner/ServicerHoldings) such written notice no later than 1:00 p.m. New York City time on the first (1st) Business Day prior to the date on which the respective Custodial Accounts are required to be funded with regard to the respective Remittance Date which notice shall contain an estimate of the P&I Advance required to be advanced by the Owner/Serviceradvanced. Subject to resolution of any obvious or manifest errors in such estimate, on such date, (i) Seller shall sell, assign, transfer and convey to Holdings, for a cash purchase price equal to 100% of the Owner/Servicer estimated P&I Advance, all of Seller’s right, title and interest, whether now owned or hereafter acquired in, to and under, each such P&I Advance, (ii) Seller shall represent and warrant to Holdings the representation and warranties set forth in Section 7.11 hereof and (iii) Holdings shall fund (or cause to be funded) the amount set forth in the written notice provided by the Subservicer Seller (or such lesser amount as reasonably determined by the SubservicerSeller) via wire transfer into the applicable Custodial Account or such other aggregation account as directed by the SubservicerSeller. To the extent the amounts that the Owner/Servicer Holdings (or its lender(s)) fund exceed the amounts required to be remitted to the applicable Investor on the applicable Remittance Date, the Subservicer Seller shall remit such excess funds to the Owner/Servicer Holdings or lender(s), as applicable, no later than two (2) Business Days after such Remittance Date (or netted against the next Business Days’ advance reimbursements purchase if mutually agreed by the parties). Holdings shall have title to any such P&I Advances when such P&I Advances are funded.