Common use of P&I Advances Clause in Contracts

P&I Advances. (a) On or before 1:00 p.m., New York City time, on each Remittance Date, the Servicer shall deposit immediately available funds to the Bond Distribution Account in an amount equal to the P&I Advance, if any, to be made in respect of the related Distribution Date, from either (i) the Servicer's own funds, (ii) amounts allocable to the Allied Interests or the Funding Note held in the Collection Account for future remittances hereunder in discharge of any such obligation to make such P&I Advance or (iii) any combination of (i) and (ii) aggregating the total amount of the P&I Advance to be made on such Remittance Date. Any amounts allocable to the Allied Interests and the Funding Note held in the Collection Account for future remittances hereunder and so used to make a P&I Advance shall be appropriately reflected in the Servicer's records and replaced by the Servicer from its own funds by deposit in the Collection Account on or before the next succeeding Remittance Date (to the extent not previously replaced through the deposit of collections of the delinquent principal and/or interest in respect of which such P&I Advance was made). (b) The amount of the P&I Advance to be made on any Remittance Date shall, subject to subsection (c) below, equal the excess, if any, of (i) the sum of the Interest Distribution Amount for the related Distribution Date and the Principal Distribution Amount for such Distribution Date over (ii) the Remittable Funds for such Remittance Date, reduced by any amounts then held by the Indenture Trustee in the Bond Distribution Account and available for payment to Bondholders on the related Distribution Date. (c) The obligation of the Servicer to make any P&I Advance is mandatory; provided, however, that notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if and to the extent such P&I Advance would, if made, constitute a Nonrecoverable Advance. The determination by the Servicer that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by an Officer's Certificate delivered to the Indenture Trustee and the Issuer, detailing a basis for such determination, together with a copy of an appraisal of each related Mortgaged Property or REO Property, as the case may be, performed within the twelve months preceding such determination by the Servicer and prepared by an Independent appraiser in accordance with the Servicing Standard, and any other information relevant thereto which supports such determination by the Servicer. The Servicer shall not have any liability to the

P&I Advances. (a) On With respect to any Mortgage Loan (other than a Mortgage Loan which only has an overdue Balloon Payment), if on any Determination Date the Special Servicer or before 1:00 p.m.the Master Servicer, New York City timeas applicable, shall not have received all or any part of the Monthly Payment, unless funded by the Subservicer, (or Modified Monthly Payment, in the case of a Modified Mortgage Loan) for the related Due Period with respect to such Mortgage Loan (after application of all payments and collections on such Mortgage Loan pursuant to Section 1.2), then, on each the Master Servicer Remittance Date, the Master Servicer shall deposit immediately available funds advance, subject to subsection (c) of this Section 3.22, the Bond Distribution Account amount of such shortfall with respect to each such Mortgage Loan, unless the Master Servicer makes a determination, in its reasonable business judgment, that such P&I Advance (plus interest accrued thereon at the Advance Rate) if made, would be a Nonrecoverable Advance PROVIDED, HOWEVER, that the Master Servicer shall reduce any advance of interest with respect to any such Mortgage Loan as to which an Appraisal Reduction exists by an amount equal to the P&I Advanceamount which would otherwise have been advanced under this sentence but for the application of this Section 3.22 times a fraction the numerator of which is the related Appraisal Reduction and the denominator of which is the Scheduled Principal Balance of such Mortgage Loan (or, if anyapplicable, to be made in respect of a comparable fraction based upon the related Distribution Date, from either (i) the Servicer's own funds, (ii) amounts allocable to the Allied Interests or the Funding Note held in the Collection Account for future remittances hereunder in discharge of any such obligation to make such P&I Advance or (iii) any combination of (i) and (ii) aggregating the total amount of the P&I Advance to be made on such Remittance Date. Any amounts allocable to the Allied Interests and the Funding Note held in the Collection Account for future remittances hereunder and so used to make a P&I Advance shall be appropriately reflected in the Servicer's records and replaced by the Servicer from its own funds by deposit in the Collection Account on or before the next succeeding Remittance Date (to the extent not previously replaced through the deposit of collections of the delinquent principal and/or interest in respect of which such P&I Advance was madeAppraisal Reduction Estimate). (b) The amount With respect to any Mortgage Loan (including a Modified Mortgage Loan which pursuant to its modified terms provides for a Balloon Payment) which has an overdue Balloon Payment, if on any Determination Date the Special Servicer or the Master Servicer, as applicable, shall not have received all or any part of the P&I Advance Assumed Scheduled Payment for the related Due Period with respect to be made such Mortgage Loan (after application of all payments and collections on any such Mortgage Loan pursuant to Section 1.2), then, on the Master Servicer Remittance Date Date, the Master Servicer shall, subject to subsection (c) belowof this Section, advance the amount of such shortfall with respect to each such Mortgage Loan, unless the Master Servicer makes a determination, in its reasonable business judgment, that such P&I Advance (plus interest accrued thereon at the Advance Rate) if made, would be a Nonrecoverable Advance PROVIDED, HOWEVER, that the Master Servicer shall reduce any advance payments of interest with respect to any such Mortgage Loan as to which an Appraisal Reduction exists, an amount equal to the excessamount which would otherwise have been advanced under this sentence but for the application of this clause times a fraction the numerator of which is the 77 related Appraisal Reduction and the denominator of which is the Scheduled Principal Balance of such Mortgage Loan (or, if anyapplicable, of (i) a comparable fraction based upon the sum of the Interest Distribution Amount for the related Distribution Date and the Principal Distribution Amount for such Distribution Date over (ii) the Remittable Funds for such Remittance Date, reduced by any amounts then held by the Indenture Trustee in the Bond Distribution Account and available for payment to Bondholders on the related Distribution DateAppraisal Reduction Estimate). (c) [Reserved] (d) P&I Advances shall be deposited in the Distribution Account by the Master Servicer not later than the Master Servicer Remittance Date. (e) The obligation of Master Servicer shall be entitled to reimbursement for any P&I Advances made pursuant to this Section 3.22, plus interest thereon at the Servicer to make any Advance Rate from the date the P&I Advance is mandatory; provided, however, that notwithstanding anything herein made to the contrary, no date the P&I Advance is reimbursed. (f) With respect to any Distribution Date and each Mortgage Loan, the "Available Advance Reimbursement Amount" shall equal the amount collected and applied as recoveries of principal and interest (or treated as recovery of a cost that is or otherwise is an amount that is available to fund the payment of Advance Interest) due in a Due Period prior to the Due Period relating to such Distribution Date with respect to such Mortgage Loan, whether paid by the Mortgagor or otherwise recovered from Late Collections, Net Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds, or Net Income from the related REO Property, or otherwise collected with respect to the Mortgage Loan or REO Property and applied as a recovery of overdue principal or interest or reimbursement of the costs of the lender on the Mortgage Loan or REO Property or, upon a Final Recovery Determination, from amounts on deposit in the Collection Account. On each Determination Date, the Master Servicer shall calculate the outstanding ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advance Amount and the Available Advance Reimbursement Amount for such Determination Date and the related Distribution Date. On each Distribution Date, the Master Servicer shall be required reimbursed in an amount up to be made hereunder if aggregate outstanding ▇▇▇▇▇▇▇▇▇▇▇▇ ▇&▇ Advances and Advance Interest to the extent such P&I of the sum of the Available Advance would, if made, constitute a Nonrecoverable Advance. The determination by the Servicer Reimbursement Amount for all Mortgage Loans. (g) Subject to determining that any proposed P&I Advance, if made, would constitute an Advance is a Nonrecoverable Advance, the Master Servicer or the Trustee shall make P&I Advances or Servicing Advances required by this Agreement irrespective of any bankruptcy, insolvency or similar proceedings affecting the Borrower under the related Mortgage Loan and irrespective of whether such Mortgage Loan has been foreclosed upon and has become REO Property. Any determination made by the Master Servicer pursuant to this Section 3.22 that an advance is a Nonrecoverable Advance shall be evidenced by an Officer's Certificate delivered to the Indenture Trustee two Business Days prior to the related Distribution Date setting forth the determination of nonrecoverability and the Issuer, detailing a procedure and considerations of the Master Servicer forming the basis for of such determination, together with a copy of an appraisal of each related Mortgaged Property or REO Property, as the case may be, performed within the twelve months preceding such determination by the Servicer and prepared by an Independent appraiser in accordance with the Servicing Standard, and any other information relevant thereto which supports such determination by the Servicer. The Servicer shall not have any liability to the.

P&I Advances. (a) On or before 1:00 p.m., New York City time, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit immediately available funds to into the Bond Distribution Account in from its own funds an amount equal to the aggregate amount of P&I AdvanceAdvances, if any, to be made in respect of the related Distribution Date, from either (i) the Servicer's own funds, (ii) apply amounts allocable to the Allied Interests or the Funding Note held in the Collection Certificate Account for future remittances hereunder distribution to Certificateholders in subsequent months in discharge of any such obligation to make such P&I Advance Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of the P&I Advance Advances to be made 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 Remittance DateLate Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. Any amounts allocable to the Allied Interests and the Funding Note held in the Collection Certificate Account for future remittances hereunder distribution and so used to make a P&I Advance 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 from its own funds by deposit in the Collection Certificate Account on or before the next succeeding Remittance Determination Date (to the extent not previously replaced through the deposit of collections Late Collections of the delinquent principal and/or interest in respect of which such P&I Advance was Advances were made). 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 Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a P&I Advance), then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (216) 902-8501 (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 10:00 a.m., New York City time, on the related Distribution Date, then (i) unless the Trustee determines that such Advance would be a Nonrecoverable P&I Advance if made, the Trustee shall make, by 11:00 a.m. (New York City time) on the Distribution Date or in any event by such time as shall be required in order to make the 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 part of the Master Servicer. Neither the Master Servicer nor the Trustee shall advance any amount due to be paid by the Swap Counterparty for distributions to the Class A-2F Certificates in the event that the Swap Counterparty fails to make a required payment. In the event that the Master Servicer fails to remit the amount of any P&I Advance to the Trustee on the related Master Servicer Remittance Date, the Master Servicer shall pay to the Trustee interest at the Reimbursement Rate on such amount for the period from and including such Master Servicer Remittance Date to but excluding the related Distribution Date. (b) The aggregate amount of the P&I Advance Advances to be made on in respect of the Mortgage Loans (including, without limitation, Balloon Mortgage Loans delinquent as to their respective Balloon Payments) and any Remittance REO Loans for any Distribution Date shallshall equal, subject to subsection (c) below, the aggregate of all Monthly Payments (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 Collection Period and 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 before the Master Servicer Remittance Date; provided that, if an Appraisal Reduction Amount exists with respect to any Required Appraisal Loan, 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 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 excess, if any, product of (i) the sum amount of the Interest Distribution Amount interest portion of such P&I Advance for the related Distribution Date and the Principal Distribution Amount such Required Appraisal Loan for such Distribution Date over without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the Remittable Funds for numerator of which is equal to the Stated Principal Balance of such Remittance Required Appraisal Loan immediately prior to such Distribution Date, reduced by any amounts then held by the Indenture Trustee in the Bond Distribution Account and available for payment to Bondholders on net of the related Appraisal Reduction Amount, if any, and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date; and provided, further, that the Master Servicer shall not advance Excess Interest with respect to ARD Loans. (c) The obligation of the Servicer to make any P&I Advance is mandatory; provided, however, that notwithstanding Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if and to the extent such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In addition, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(a) out of general collections on the Mortgage Pool on deposit in the Certificate Account. 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, 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 (5) Business Days prior to the Indenture related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Depositor, the Directing Certificateholder and the IssuerRating Agencies, detailing a setting forth the basis for such determination, together with (such determination is prior to the liquidation of the related Mortgage Loan or REO Property) a copy of an appraisal Appraisal of each the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the twelve (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 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 Mortgage Loans. (d) As and to the extent permitted by Section 3.05(a), the Master Servicer and prepared the Trustee shall each 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 relates to a Past Grace Period Loan when made, or remains outstanding when such Mortgage Loan becomes a Past Grace Period Loan, in which case such interest shall begin to accrue when such Mortgage Loan becomes a Past Grace Period Loan, for so long as such P&I Advance is outstanding (or, in the 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 an Independent appraiser the Master Servicer). Such interest will be paid, subject to the terms of a Co-Lender Agreement with respect to the related Loan Pair: first, out of any Default Charges; 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. As and to the extent provided by Section 3.05(a), the Master Servicer shall reimburse itself or the Trustee, as appropriate, for any P&I Advance made thereby as soon as practicable after funds available for such purpose are deposited in the Certificate 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 Servicing Standardcorresponding Late Collection had been received as of the related date on which such P&I Advance was made. (e) With regard to such P&I Advances, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall account for that part of the P&I Advances which is attributable to Past Grace Period Loans, and that part of the P&I Advances which is attributable to Within Grace Period Loans. (f) Neither the Master Servicer nor the Trustee shall make a P&I Advance with respect to any other information relevant thereto which supports Companion Loan or, after the CML Senior Component of a CML has been reduced to zero, with respect to such determination by the Servicer. The Servicer shall not have any liability to theCML.

P&I Advances. (a) On If the Mortgage Loan is delinquent at the end of any Collection Period, the Servicer will be required to make an advance (each a "P&I Advance") not ----------- later than 1:00 p.m. on the Servicer Remittance Date for the related Distribution Date. The P&I Advance will be an amount equal to the shortfall between (i) the Monthly Payment Amount due during such Collection Period or, if the Balloon Payment is delinquent on the Mortgaged Properties or before 1:00 p.m.if a Mortgage Property has become an REO Property following default and foreclosure, the Assumed Monthly Payment Amount allocable to such REO Property deemed to be due during such Collection Period (in either case, net of any Uncapped Interest except in respect of the Class A Certificates, to which the Maturity Cap Rate does not apply) and (ii) the amount of the collections received on or in respect of the Mortgage Loan, as applicable. If a late payment of such Monthly Payment Amount is received by 3:00 p.m. New York City timetime on, on each or prior to, the Servicer Remittance Date, the Servicer shall deposit immediately available funds to set-off such late payment against such Advance and shall promptly notify the Bond Distribution Account in an amount equal to the P&I Advance, if any, to Trustee. No advance will be made in respect of Default Interest, the related Balloon Payment or any Uncapped Interest. To the extent that the Servicer fails to make any P&I Advance required hereunder, the Trustee by 12:00 p.m. New York time on such Distribution Date, from either (i) the Servicer's own funds, (ii) amounts allocable and to the Allied Interests or extent it fails to do so, the Funding Note held in the Collection Account for future remittances hereunder in discharge of any Fiscal Agent by 1:00 p.m. New York time on such obligation to Distribution Date, shall make such P&I Advance or (iii) any combination of (i) and (ii) aggregating the total amount of the P&I Advance to be made on such Remittance Date. Any amounts allocable pursuant to the Allied Interests and the Funding Note held terms of this Agreement, in the Collection Account for future remittances hereunder and so used each case subject to make a P&I Advance shall be appropriately reflected in the Servicer's records and replaced by the Servicer from its own funds by deposit in the Collection Account on or before the next succeeding Remittance Date (to the extent not previously replaced through the deposit determination of collections of the delinquent principal and/or interest in respect of which such P&I Advance was made)recoverability. (b) The amount of the P&I Advance to be made on any Remittance Date shall, subject to subsection (c) below, equal the excess, if any, of (i) the sum of the Interest Distribution Amount for the related Distribution Date and the Principal Distribution Amount for such Distribution Date over (ii) the Remittable Funds for such Remittance Date, reduced by any amounts then held by the Indenture Trustee in the Bond Distribution Account and available for payment to Bondholders on the related Distribution Date. (c) The obligation of the Servicer to make any P&I Advance is mandatory; provided, however, that notwithstanding Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if and to the extent such P&I Advance (including interest thereon) would, if made, constitute a Nonrecoverable P&I Advance. The determination by the Servicer (or the Trustee or Fiscal Agent, as applicable) 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 sole discretion exercised in good faith and shall be evidenced by an Officer's Certificate delivered to the Indenture Trustee (in the case of the Servicer) and the IssuerDepositor (on or before the related Servicer Remittance Date in the case of a proposed P&I Advance), detailing a setting forth the basis for such determination, together with accompanied by a copy of an appraisal Appraisal of each the related Mortgaged Property or REO Property, as the case may be, Property performed within the twelve 12 months preceding such determination by a Qualified Appraiser, if available, and further accompanied 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 cost of which reports or Appraisal shall be a Servicing Advance. The Trustee and the Fiscal Agent shall be entitled to rely conclusively on any nonrecoverability determination made by the Servicer or the Special Servicer 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 Loan and prepared by the related REO Property as such party required to make P&I Advances may reasonably request. (c) The Servicer, the Special Servicer, the Fiscal Agent and the Trustee shall each be entitled to receive interest at the Prime Rate (except as set forth in Section 4.03(f)) in effect from time to time, accrued on the amount of ---------------- each P&I Advance (other than a deemed Advance made pursuant to Section 4.03(f)) ---------------- made thereby (with its own funds), on an Independent appraiser actual/360 basis for so long as such P&I Advance is outstanding. Such interest with respect to any P&I Advance shall be payable: (i) from Default Interest and late payment fees as and to the extent provided in Section 3.25; or (ii) but only if and to the extent that such ------------ Default Interest and late payment fees are insufficient to cover such Advance Interest, out of general collections on the Mortgage Loan and any REO Property on deposit in the Collection Account as and to the extent provided in Section ------- 3.05 (a) As and to the extent provided in Section 3.05(a), the Servicer shall ------- --------------- reimburse itself, the Trustee or the Fiscal Agent, as applicable, for any outstanding P&I Advance made thereby as soon as practicable after funds available for such purpose are deposited in the Collection Account, and in no event shall interest accrue in accordance with this Section 4.03(c) on any P&I --------------- Advance as to which the Servicing Standardcorresponding Late Collection was received as of 3:00 p.m. on the related Servicer Remittance Date. (d) Notwithstanding anything herein to the contrary, if it is determined that an Appraisal Reduction Amount exists with respect to the Mortgage 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 interest portion of each P&I Advance, if any, required to be made in respect of the Mortgage Loan during the period that such Appraisal Reduction Amount continues to exist, shall be reduced to an amount equal to the product of (i) the amount of the interest portion of the subject P&I Advance that would otherwise be required in respect of the Mortgage Loan without regard to this sentence, multiplied by (ii) a fraction, the numerator of which is equal to the principal balance of the Mortgage Loan, net of the Appraisal Reduction Amount as of the related Determination Date, and the denominator of which is equal to the principal balance of the Mortgage Loan. (e) If, in connection with any other information relevant thereto which supports Distribution Date, the Trustee has reported the amount of an anticipated distribution to DTC based on the expected receipt of amounts due on the Mortgage Loan or a prepayment of principal on the Mortgage Loan scheduled or permitted to be made on such determination by Distribution Date, and the Borrower fails to make such payments at such time, the Trustee will use commercially reasonable efforts to cause DTC to make the revised distribution on a timely basis on such Distribution Date but there can be no assurance that DTC can do so. The Trustee, the Servicer, the Special Servicer 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 such distribution to Certificateholders. The In addition, if the Trustee incurs out-of-pocket expenses, despite reasonable efforts to avoid/mitigate such expenses, as a consequence of a Borrower failing to make such payments, the Trustee will be entitled to reimbursement from the Trust Fund. Any such reimbursement will constitute "Additional Trust Fund Expenses." (f) No later than 12:00 p.m. on any Servicer Remittance Date occurring after the Maturity Date, the Trustee shall not have report to the Servicer, the Special Servicer (if the Mortgage Loan is a Specially Serviced Mortgage Loan) and the Fiscal Agent the amount of any liability Uncapped Interest with respect to thethe related Distribution Date.

P&I Advances. (a) On or before 1:00 p.m., New York City time, on each Master Servicer Remittance Date, the Master Servicer shall either (i) deposit immediately available funds to into the Bond Distribution Account in from its own funds an amount equal to the aggregate amount of P&I AdvanceAdvances, if any, to be made in respect of the related Distribution Date, from either (i) the Servicer's own funds, (ii) apply amounts allocable to the Allied Interests or the Funding Note held in the Collection Certificate Account for future remittances hereunder distribution to Certificateholders in subsequent months in discharge of any such obligation to make such P&I Advance Advances, or (iii) make P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of the P&I Advance Advances to be made 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 Remittance DateLate Collections (net of any Master Servicing Fees, Liquidation Fees and Workout Fees payable therefrom) to make such P&I Advances. Any amounts allocable to the Allied Interests and the Funding Note held in the Collection Certificate Account for future remittances hereunder distribution and so used to make a P&I Advance 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 from its own funds by deposit in the Collection Certificate Account on or before the next succeeding Remittance Determination Date (to the extent not previously replaced through the deposit of collections Late Collections of the delinquent principal and/or interest in respect of which such P&I Advance was Advances were made). 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 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 Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. ▇-▇▇▇-▇▇▇-▇▇▇▇ (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 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. on the Distribution Date or in any event by such time as shall be required in order to make the 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 part of the Master Servicer. None of the Master Servicer, the Trustee and the Fiscal Agent shall advance any amount due to be paid by the Swap Counterparty for distributions to the Class A-2F Certificates in the event that the Swap Counterparty fails to make a required payment. (b) The aggregate amount of the P&I Advance Advances to be made on in respect of the Mortgage Loans (including, without limitation, Balloon Mortgage Loans delinquent as to their respective Balloon Payments) and any Remittance REO Loans for any Distribution Date shallshall equal, subject to subsection (c) below, the aggregate of all Monthly Payments (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 Collection Period and 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 before the Master Servicer Remittance Date; provided that, if an Appraisal Reduction Amount exists with respect to any Required Appraisal Loan, 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 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 excess, if any, product of (i) the sum amount of the Interest Distribution Amount interest portion of such P&I Advance for the related Distribution Date and the Principal Distribution Amount such Required Appraisal Loan for such Distribution Date over without regard to this proviso, multiplied by (ii) a fraction, expressed as a percentage, the Remittable Funds for numerator of which is equal to the Stated Principal Balance of such Remittance Required Appraisal Loan immediately prior to such Distribution Date, reduced by any amounts then held by the Indenture Trustee in the Bond Distribution Account and available for payment to Bondholders on net of the related Appraisal Reduction Amount, if any, and the denominator of which is equal to the Stated Principal Balance of such Required Appraisal Loan immediately prior to such Distribution Date; and provided, further, that the Master Servicer shall not advance Excess Interest with respect to ARD Loans. (c) The obligation of the Servicer to make any P&I Advance is mandatory; provided, however, that notwithstanding Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if and to the extent such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In addition, Nonrecoverable P&I Advances shall be reimbursable pursuant to Section 3.05(a) out of general collections on the Mortgage Pool on deposit in the Certificate Account. The determination by the Servicer Master Servicer, the Trustee or if applicable, the 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 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 (5) Business Days prior to the Indenture related Master Servicer Remittance Date) to the Trustee (or, if applicable, retained thereby), the Depositor, the Directing Certificateholder and the IssuerRating Agencies, detailing a setting forth the basis for such determination, together with ( such determination is prior to the liquidation of the related Mortgage Loan or REO Property) a copy of an appraisal Appraisal of each the related Mortgaged Property or REO Property, as the case may be, which shall have been performed within the twelve (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 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 prepared the Master Servicer shall be entitled to rely on any determination of nonrecoverability that may have been made by an Independent appraiser the Special Servicer with respect to a particular P&I Advance in the case of Specially Serviced Mortgage Loans. (d) As and to the extent permitted by Section 3.05(a), the Master Servicer, the Trustee and the Fiscal Agent shall each 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 relates to a Past Grace Period Loan when made, or remains outstanding when such Mortgage Loan becomes a Past Grace Period Loan, in which case such interest shall begin to accrue when such Mortgage Loan becomes a Past Grace Period Loan, for so long as such P&I Advance is outstanding (or, in the 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; 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. As and to the extent provided by Section 3.05(a), the Master Servicer shall reimburse itself, the Trustee or the Fiscal Agent, as appropriate, for any P&I Advance made thereby as soon as practicable after funds available for such purpose are deposited in the Certificate 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 Servicing Standardcorresponding Late Collection had been received as of the related date on which such P&I Advance was made. (e) With regard to such P&I Advances, the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent shall account for that part of the P&I Advances which is attributable to Past Grace Period Loans, and any other information relevant thereto that part of the P&I Advances which supports such determination by the Servicer. The Servicer shall not have any liability is attributable to theWithin Grace Period Loans.