Common use of Delinquency Advances Clause in Contracts

Delinquency Advances. The Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in the Collection Account from its own funds an amount equal to such Delinquency Advance, (ii) cause to be made an appropriate entry in the records of the Custodial Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to make such Delinquency Advance or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Delinquency Advance. Any such funds being held in the Custodial Account for future distribution and so used shall be replaced by the Servicer from its own funds by deposit in such Custodial Account to the extent required on or before any future Servicer Remittance Date in which such funds would be due. The Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a Delinquency Advance required to be made pursuant to this Section 3.19, the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp), Pooling and Servicing Agreement (Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-4), Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp)

AutoNDA by SimpleDocs

Delinquency Advances. The Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in the Collection Account from its own funds an amount equal to such Delinquency Advance, (ii) cause to be made an appropriate entry in the records of the Custodial Account that funds in such account being held for future distribution payment or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to make such Delinquency Advance or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Delinquency Advance. Any such funds being held in the Custodial Account for future distribution payment and so used shall be replaced by the Servicer from its own funds by deposit in such Custodial Account to the extent required on or before any future Servicer Remittance Date in which such funds would be due. The Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a Delinquency Advance required to be made pursuant to this Section 3.19, the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or AMC (on behalf of the Seller (Seller, as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Payment Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Aegis Asset Backed Securities Corp), Transfer and Servicing Agreement (Aegis Asset Backed Securities Corp)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Distribution Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances with respect to the Mortgage Loans (including, without limitation, the Non-Serviced Mortgage Loans), if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of Certificate Account or, with respect to the Mortgage Loans related to the Serviced Whole Loans, the related Serviced Whole Loan Custodial Account that funds in allocable to such account being held Mortgage Loans, for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of amounts specified in clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided, that if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account or, if applicable, the amount allocable to a Mortgage Loan in the related Serviced Whole Loan Custodial Account, and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Certificate Account, or with respect to the Serviced Whole Loan, the related Serviced Whole Loan Custodial Account Account, for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such the Certificate Account or the related Serviced Whole Loan Custodial Account to the extent required on or before the next succeeding Determination Date (to the 242 extent not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m. (New York City time) on any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shallshall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency Advance), unless it determines that then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to facsimile no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m. (New York City time) on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advance would constitute a Nonrecoverable AdvanceAdvances by 11:00 a.m. (New York City time) on the Business Day immediately following such Master Servicer Remittance Date, itself makethen the Trustee shall make the portion of such Delinquency Advances that was required to be, or but was not, made by the Master Servicer pursuant to this Section 4.03(a). No Delinquency Advances shall cause be made by the successor Servicer Master Servicer, the Trustee or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances Fiscal Agent with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed Serviced B Notes or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advanceother companion loans or subordinate notes.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GMAC Commercial Mortgage Securities, Inc. Series 2005-C1 Trust), Pooling and Servicing Agreement (GMAC Commercial Mortgage Securities, Inc. Series 2005-C1 Trust)

Delinquency Advances. The Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in Advance pursuant to the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advancedefinition thereof. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in the Collection Account from its own funds an amount equal to such Delinquency Advance, (ii) cause to be made an appropriate entry in the records of the Custodial Account that funds in such account being held for future distribution payment or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to make such Delinquency Advance or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Delinquency Advance. Any such funds being held in the Custodial Account for future distribution payment and so used shall be replaced by the Servicer from its own funds by deposit in such Custodial Account to the extent required on or before any future Servicer Remittance Date in which such funds would be due. The Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a Delinquency Advance required to be made pursuant to this Section 3.19, the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or AMC (on behalf of the Seller (Seller, as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Payment Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated, provided that in no event shall the Servicer be required to make any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 2 contracts

Samples: Transfer and Servicing Agreement (Aegis Asset Backed Securities Trust 2005-2), Transfer and Servicing Agreement (Aegis Asset Backed Securities Trust 2005-3)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect not have delivered to the Mortgage Loans) Trustee the requisite Officer's Certificate and documentation related to makea determination of nonrecoverability of a Delinquency Advance), then the Trustee shall provide notice of such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation failure to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the related Business Day immediately following such Master Servicer Remittance Date an Officer’s Certificate Date, then the Trustee shall make the portion of a Servicing Officer indicating such Delinquency Advances that was required to be, but was not, made by the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Master Servicer be a Nonrecoverable Advancepursuant to this Section 4.03(a).

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled not have received any Delinquency Advance required to be reimbursed for all Delinquency Advances of its own funds made by the Master Servicer pursuant to this Section 4.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency 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. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as provided soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 3.8 hereof4.03(a). Subject to and in accordance with If the provisions of Article VII, in the event that the Servicer Trustee fails to remit make a Delinquency Advance required to be made pursuant to this Section 3.19by it hereunder, the Fiscal Agent shall make such advance no later than 1:00 p.m. New York City time on the Business Day immediately following such Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been madeDate. The obligation making of such Advance by the Fiscal Agent shall cure the failure by the Trustee to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Collection Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Collection Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Collection Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Collection Account on or before the next succeeding Determination Date (to the extent required not previously 148 replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled not have received any Delinquency Advance required to be reimbursed for all Delinquency Advances of its own funds made by the Master Servicer pursuant to this Section 4.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency 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. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as provided soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 3.8 hereof4.03(a). Subject to and in accordance with If the provisions of Article VII, in the event that the Servicer Trustee fails to remit make a Delinquency Advance required to be made pursuant to this Section 3.19by it hereunder, the Fiscal Agent shall make such advance no later than 1:00 p.m. New York City time on the Business Day immediately following such Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been madeDate. The obligation making of such Advance by the Fiscal Agent shall cure the failure by the Trustee to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect not have delivered to the Mortgage Loans) Trustee the requisite Officer's Certificate and documentation related to makea determination of nonrecoverability of a Delinquency Advance), then the Trustee shall provide notice of such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation failure to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no.(000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the related Business Day immediately following such Master Servicer Remittance Date an Officer’s Certificate Date, then the Trustee shall make the portion of a Servicing Officer indicating such Delinquency Advances that was required to be, but was not, made by the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Master Servicer be a Nonrecoverable Advance.pursuant to this Section 4.03(a). 147

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Distribution Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances with respect to the Mortgage Loans (including, without limitation, the John Hancock Tower Mortgage Loan and the Boulevard Mall Mortgagx Xoxx), xf any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of Certificate Account or, with respect to the Mortgage Loans related to the Serviced Whole Loans, the related Serviced Whole Loan Custodial Account that funds in allocable to such account being held Mortgage Loans, for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of amounts specified in clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided, that if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account or, if applicable, the amount allocable to a Mortgage Loan in the related Serviced Whole Loan Custodial Account, and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Certificate Account, or with respect to the Serviced Whole Loan, the related Serviced Whole Loan Custodial Account Account, for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such the Certificate Account or the related Serviced Whole Loan Custodial Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m. (New York City time) on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shallshall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency Advance), unless it determines that then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (215) 328-3478 (or such alternative number provided by the Mastxx Xxxxxxxx to the Trustee in writing) and by telephone at telephone no. (215) 328-1258 (Attention: Master Servicing Manager) (or such alxxxxxxxxx xxxber provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m. (New York City time) on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advance would constitute a Nonrecoverable AdvanceAdvances by 11:00 a.m. (New York City time) on the Business Day immediately following such Master Servicer Remittance Date, itself makethen the Trustee shall make the portion of such Delinquency Advances that was required to be, or but was not, made by the Master 192 Servicer pursuant to this Section 4.03(a). No Delinquency Advances shall cause be made by the successor Master Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances Trustee with respect to any Serviced Companion Loans or any other Companion Loans or B Notes. With respect to Delinquency Advances relating to the John Hancock Tower Mortgage Loan and the Boulevard Mall Mortgagx Xxax xxx Xaster Servicer shall continue if such comply with the notice provisions (relating to the John Hancock Tower Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance thatBoulevard Mall Mortgage Xxxx, if made, would xx xxxlicable) set forth in the good faith judgment Section 4.03 of the Servicer be a Nonrecoverable AdvanceJohn Hancock Tower Co-Lender Agreement and Section 3.6 of txx Xouxxxxxx Mall Intercreditor Agreement, as applicable.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related 153 Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled not have received any Delinquency Advance required to be reimbursed for all Delinquency Advances of its own funds made by the Master Servicer pursuant to this Section 4.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency 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. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as provided soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 3.8 hereof4.03(a). Subject to and in accordance with If the provisions of Article VII, in the event that the Servicer Trustee fails to remit make a Delinquency Advance required to be made pursuant to this Section 3.19by it hereunder, the Fiscal Agent shall make such advance no later than 1:00 p.m. New York City time on the Business Day immediately following such Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been madeDate. The obligation making of such Advance by the Fiscal Agent shall cure the failure by the Trustee to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Distribution Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances with respect to the Mortgage Loans (including, without limitation, the Mall at Millenia Mortgage Loan, the Xxxxx Fargo Tower Mortgage Loan and the Geneva Commons Mortgage Loan), if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of Certificate Account or, with respect to the Mortgage Loans related to the Serviced Whole Loans, the related Serviced Whole Loan Custodial Account that funds in allocable to such account being held Mortgage Loans, for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of amounts specified in clauses (i) and (ii) aggregating 243 the total amount of Delinquency Advances to be made; provided, that if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account or, if applicable, the amount of allocable to a Mortgage Loan in the related Serviced Whole Loan Custodial Account, and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Certificate Account, or with respect to the Serviced Whole Loan, the related Serviced Whole Loan Custodial Account Account, for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such the Certificate Account or the related Serviced Whole Loan Custodial Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m. (New York City time) on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled not have received any Delinquency Advance required to be reimbursed for all Delinquency Advances of its own funds made by the Master Servicer pursuant to this Section 4.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency 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. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as provided soon as possible, but in any event before 5:00 p.m. (New York City time) on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m. (New York City time) on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 3.8 hereof4.03(a). Subject to and in accordance with If the provisions of Article VII, in the event that the Servicer Trustee fails to remit make a Delinquency Advance required to be made pursuant to this Section 3.19by it hereunder, the Fiscal Agent shall make such advance no later than 1:00 p.m. (New York City time) on the Business Day immediately following such Master Servicer shallRemittance Date. The making of such Advance by the Fiscal Agent shall cure the failure by the Trustee to make such Advance. No Delinquency Advances shall be made by the Master Servicer, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer Trustee or the Seller (as owner of the servicing rights Fiscal Agent with respect to any Serviced Companion Loans, any other companion loans or the Mall at Millenia B Note. Pursuant to the Greenwich Commercial Mortgage Loans) to makeTrust 2003-C2 Pooling and Servicing Agreement, such Delinquency Advance on or before the Distribution Date following the Greenwich Commercial Mortgage Trust 2003-C2 Master Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation is obligated to make Delinquency Advances with respect to any the Xxxxx Fargo Tower Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidatedXxxxx Fargo Tower Companion Loans. The Servicer shall deliver Notwithstanding anything herein to the contrary, the Master Servicer on shall not be required to make any Delinquency Advance with respect to the related Xxxxx Fargo Tower Mortgage Loan unless and until the Master Servicer Remittance Date an Officer’s Certificate has received timely notice pursuant to the Greenwich Commercial Mortgage Trust 2003-C2 Pooling and Servicing Agreement from either of a Servicing Officer indicating the amount Greenwich Commercial Mortgage Trust 2003-C2 Master Servicer or the Greenwich Commercial Mortgage Trust 2003-C2 Trustee of any proposed failure of the Greenwich Commercial Mortgage Trust 2003-C2 Master Servicer to make a principal and interest advance required under the Greenwich Commercial Mortgage Trust 2003-C2 Pooling and Servicing Agreement by 3:00 p.m. (New York City time) one Business Day prior to the Delinquency Advance that, if made, would in Date. Upon receipt of notice that the good faith judgment of the Greenwich Commercial Mortgage Trust 2003-C2 Master Servicer be a Nonrecoverable Advance.has failed to

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances (including with respect to the Oakbrook Center Mortgage Loan), if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of amounts specified in clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided, that if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Certificate Account or with respect to the Xxxxxxxx Fashion Center Mortgage Loan, the Xxxxxxxx Fashion Center Custodial Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such the Certificate Account or with respect to the Xxxxxxxx Fashion Center Mortgage 213 Loan, the Xxxxxxxx Fashion Center Custodial Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m. (New York City time) on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled not have received any Delinquency Advance required to be reimbursed for all Delinquency Advances of its own funds made by the Master Servicer pursuant to this Section 4.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency 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. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as provided soon as possible, but in any event before 5:00 p.m. (New York City time) on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m. (New York City time) on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 3.8 hereof4.03(a). Subject to and in accordance with If the provisions of Article VII, in the event that the Servicer Trustee fails to remit make a Delinquency Advance required to be made pursuant to this Section 3.19by it hereunder, the Fiscal Agent shall make such advance no later than 1:00 p.m. (New York City time) on the Business Day immediately following such Master Servicer shallRemittance Date. The making of such Advance by the Fiscal Agent shall cure the failure by the Trustee to make such Advance. No Delinquency Advances shall be made by the Master Servicer, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer Trustee or the Seller (as owner of the servicing rights Fiscal Agent with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment either of the Servicer be a Nonrecoverable AdvanceXxxxxxxx Fashion Center Companion Loans.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in the Collection Account from its own funds an amount equal to such Delinquency Advance, (ii) cause to be made an appropriate entry in the records of the Custodial Account that funds in such account being held for future distribution payment or withdrawal have been, as permitted by this Section 3.193.20, used by the Servicer to make such Delinquency Advance or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Delinquency Advance. Any such funds being held in the Custodial Account for future distribution payment and so used shall be replaced by the Servicer from its own funds by deposit in such Custodial Account to the extent required on or before any future Servicer Remittance Date in which such funds would be due. The Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a Delinquency Advance required to be made pursuant to this Section 3.193.20, the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or AMC (on behalf of the Seller (Seller, as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Payment Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s 's Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Aegis 2006-1)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Account Mortgage Loan Subaccount from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Account that funds in such account being held Mortgage Loan Subaccount for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Mortgage Loan Subaccount and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Account Mortgage Loan Subaccount for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial Account the Mortgage Loan Subaccount on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect not have delivered to the Mortgage Loans) Trustee the requisite Officer's Certificate and documentation related to makea determination of nonrecoverability of a Delinquency Advance), then the Trustee shall provide notice of such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation failure to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the related Business Day immediately following such Master Servicer Remittance Date an Officer’s Certificate Date, then the Trustee shall make the portion of a Servicing Officer indicating such Delinquency Advances that was required to be, but was not, made by the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Master Servicer be a Nonrecoverable Advancepursuant to this Section 4.03(a).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in the Collection Account from its own funds an amount equal to such Delinquency Advance, (ii) cause to be made an appropriate entry in the records of the Custodial Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to make such Delinquency Advance or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Delinquency Advance. Any such funds being held in the Custodial Account for future distribution and so used shall be replaced by the Servicer from its own funds by deposit in such Custodial Account to the extent required on or before any future Servicer Remittance Date in which such funds would be due. The Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a Delinquency Advance required to be made pursuant to this Section 3.19, the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-5)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled not have received any Delinquency Advance required to be reimbursed for all Delinquency Advances of its own funds made by the Master Servicer pursuant to this Section 4.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's 153 Certificate and documentation related to a determination of nonrecoverability of a Delinquency 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. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (215) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as provided soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 3.8 hereof4.03(a). Subject to and in accordance with If the provisions of Article VII, in the event that the Servicer Trustee fails to remit make a Delinquency Advance required to be made pursuant to this Section 3.19by it hereunder, the Fiscal Agent shall make such advance no later than 1:00 p.m. New York City time on the Business Day immediately following such Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been madeDate. The obligation making of such Advance by the Fiscal Agent shall cure the failure by the Trustee to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

AutoNDA by SimpleDocs

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled not have received any Delinquency Advance required to be reimbursed for all Delinquency Advances of its own funds made by the Master Servicer pursuant to this Section 4.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency 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.(312) 499-5406 (or such alternative number provided by the Mastxx Xxxxxxxx to the Trustee in writing) and by telephone at telephone no. (312) 499- 5485 (Attention: Master Servicing Manager) (or such alternaxxxx xxxber provided by the Master Servicer to the Trustee in writing) as provided soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 3.8 hereof4.03(a). Subject to and in accordance with If the provisions of Article VII, in the event that the Servicer Trustee fails to remit make a Delinquency Advance required to be made pursuant to this Section 3.19by it hereunder, the Fiscal Agent shall make such advance no later than 1:00 p.m. New York City time on the Business Day immediately following such Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been madeDate. The obligation making of such Advance by the Fiscal Agent shall cure the failure by the Trustee to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in Advance pursuant to the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advancedefinition thereof. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in the Collection Account from its own funds an amount equal to such Delinquency Advance, (ii) cause to be made an appropriate entry in the records of the Custodial Account that funds in such account being held for future distribution payment or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to make such Delinquency Advance or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the amount of such Delinquency Advance. Any such funds being held in the Custodial Account for future distribution payment and so used shall be replaced by the Servicer from its own funds by deposit in such Custodial Account to the extent required on or before any future Servicer Remittance Date in which such funds would be due. The Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a Delinquency Advance required to be made pursuant to this Section 3.19, the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or Aegis (on behalf of the Seller (Seller, as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Payment Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated, provided that in no event shall the Servicer be required to make any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance.

Appears in 1 contract

Samples: Transfer and Servicing Agreement (Aegis Asset Backed Securities Trust 2005-1)

Delinquency Advances. The Servicer On any Deposit Date, the Trustee (in its individual capacity and not as Trustee) shall determine deposit funds equal to the Delinquent Amount for the related Determination Date into the Certificate Account; provided that the Trustee (in such individual capacity) shall be obligated to make such deposit only to the extent of funds determined by it (in its sole discretion) to be recoverable from future Remittances, Net Recoveries and other proceeds or collections on or before in respect of the Mortgage Loans, provided, however, the Trustee may only recover funds for Delinquent Amounts relating to Third Party Mortgage Loans or Affiliated Mortgage Loans from Remittances, Net Recoveries and other proceeds relating to Third Party Mortgage Loans or Affiliated Mortgage Loans, respectively. CMSI shall pay to the Trustee a servicing administration fee of $100 in respect of each Determination Deposit Date whether it is required to make on which the Trustee (in such individual capacity) makes such a Delinquency Advancedeposit, promptly after CMSI receives notice thereof from the Trustee. The Servicer CMSI shall advance funds in also reimburse the Trustee for the amount of any Scheduled Payment that was due during such deposit on the related Collection Period and not received by Business Day CMSI receives notice from the Servicer as Trustee of the related Determination Date; amount thereof, provided that if such notice is received after 1:00 p.m., New York City time, on a Business Day, such reimbursement shall be made to the Trustee on the next following Business Day, not later than 1:00 p.m. To the extent the Trustee receives an amount on or in no event shall respect of the Servicer be required Third Party Mortgage Loans or Affiliated Mortgage Loans, respectively, identified to make it as being in respect of any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunderdeposit, the Servicer Trustee shall on or before the Servicer Remittance Date either (i) deposit in the Collection Account from its own funds an amount equal repay to such Delinquency Advance, (ii) cause to be made an appropriate entry in the records of the Custodial Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to make such Delinquency Advance or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating CMSI the amount of such Delinquency Advancereimbursement not later than the Business Day after the Trustee receives the same. Any such funds being held Promptly after the Trust Fund is terminated pursuant to Article IX hereof, CMSI shall notify the Trustee in writing of the Custodial Account for amount of Third Party Trustee Advances and Affiliated Trustee Advances that were not recovered from future distribution and so used shall be replaced by Remittances, Net Recoveries or other proceeds or collections on or in respect of the Servicer from its own funds by deposit Third Party Mortgage Loans or Affiliated Mortgage Loans, respectively. The Trustee (in such Custodial Account individual capacity) shall reimburse CMSI for the amount of Third Party Trustee Advances or Affiliated Trustee Advances not so recovered and repaid to CMSI on the next Business Day after its receipt of notice thereof. CMSI shall furnish to the extent required on or before any future Servicer Remittance Date in which Trustee such funds would be due. The Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a Delinquency Advance required to be made pursuant to this Section 3.19, the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights information within CMSI's possession with respect to the Mortgage Loans) to makeLoans as the Trustee may require, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation in order to make Delinquency Advances with respect to a determination that any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and advance made by the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer Trustee will be a Nonrecoverable Advancerecoverable.

Appears in 1 contract

Samples: Citicorp Mortgage Securities Inc

Delinquency Advances. The (a) On or before 1:00 p.m., New York City time, on each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Distribution Account (or, to the extent made to cover unpaid Master Servicing Fees and Special Servicing Fees, the Certificate Account) from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required on or before any future Servicer Remittance Date not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such funds would be dueDelinquency Advances were made). The If, as of 3:00 p.m., New York City time, on any Delinquency Advance Date, the Master Servicer shall be entitled to be reimbursed for all Delinquency Advances of its own funds not have made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a any Delinquency Advance required to be made on such date pursuant to this Section 3.194.03(a) (and shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency Advance), then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer shallby facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, unless it determines that but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the Business Day immediately following such Delinquency Advance would constitute a Nonrecoverable AdvanceDate, itself make, or then the Trustee shall cause make the successor Servicer or the Seller (as owner portion of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation Advances that was required to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to be, but was not, made by the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable AdvanceDate.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City 120 time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect not have delivered to the Mortgage Loans) Trustee the requisite Officer's Certificate and documentation related to makea determination of nonrecoverability of a Delinquency Advance), then the Trustee shall provide notice of such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation failure to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the related Business Day immediately following such Master Servicer Remittance Date an Officer’s Certificate Date, then the Trustee shall make the portion of a Servicing Officer indicating such Delinquency Advances that was required to be, but was not, made by the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Master Servicer be a Nonrecoverable Advancepursuant to this Section 4.03(a).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled not have received any Delinquency Advance required to be reimbursed for all Delinquency Advances of its own funds made by the Master Servicer pursuant to this Section 4.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency 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. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as provided soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 3.8 hereof4.03(a). Subject to and in accordance with If the provisions of Article VII, in the event that the Servicer Trustee fails to remit make a Delinquency Advance required to be made pursuant to this Section 3.19by it hereunder, the Fiscal Agent shall make such advance no later than 1:00 p.m. New York City time on the Business Day immediately following such Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been madeDate. The obligation making of such advance by the Fiscal Agent shall cure the failure by the Trustee to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advanceadvance.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances (including with respect to the Mesa Grande Loan A2), if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect not have delivered to the Mortgage Loans) Trustee the requisite Officer's Certificate and documentation related to makea determination of nonrecoverability of a Delinquency Advance), then the Trustee shall provide notice of such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation failure to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the related Business Day immediately following such Master Servicer Remittance Date an Officer’s Certificate Date, then the Trustee shall make the portion of a Servicing Officer indicating such Delinquency Advances that was required to be, but was not, made by the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Master Servicer be a Nonrecoverable Advancepursuant to this Section 4.03(a).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Distribution Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances with respect to the Mortgage Loans (including, without limitation, the Non-Serviced Mortgage Loans), if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of Certificate Account or, with respect to the Mortgage Loans related to the Serviced Whole Loan, the related Serviced Whole Loan Custodial Account that funds in allocable to such account being held Mortgage Loans, for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of amounts specified in clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided, that if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account or, if applicable, the amount allocable to a Mortgage Loan in the related Serviced Whole Loan Custodial Account, and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Certificate Account, or with respect to the Serviced Whole Loan, the related Serviced Whole Loan Custodial Account Account, for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such the Certificate Account or the related Serviced Whole Loan Custodial Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m. (New York City time) on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.194.03(a) (and the Master Servicer shall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency Advance), then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to facsimile no. (215) 328-3478 (or such alternative number provided by the Master Sxxxxxxx xx xxx Trustee in writing) and by telephone at telephone no. (215) 328-1258 (Attention: Master Servicing Manager) (or such alterxxxxxx xxxxxx provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m. (New York City time) on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m. (New York City time) on the Business Day immediately following such Master Servicer Remittance Date, then the Trustee shall make the portion of such Delinquency Advances that was required to be, but was not, made by the Master Servicer pursuant to this Section 4.03(a). No Delinquency Advances shall be made by the Master Servicer or the Trustee with respect to any Serviced Companion Loans or any other companion loans or subordinate notes. 219 With respect to Delinquency Advances relating to the Strategic Hotel Portfolio Mortgage Loan and the Houston Center Mortgage Loan, the Master Servicer shallshall comply with the notice provisions (relating to the Strategic Hotel Portfolio Mortgage Loan and the Houston Center Mortgage Loan, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner applicable) set forth in Section 3.6 of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated Strategic Hotel Portfolio A Notes Intercreditor Agreement and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment Section 3.5.3 of the Servicer be a Nonrecoverable AdvanceHouston Center Intercreditor Agreement.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Certificate Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances, if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of the Custodial Certificate Account that funds in such account being held for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided that, if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Custodial Certificate Account for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such Custodial the Certificate Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m., New York City time, on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shall, unless it determines that such Delinquency Advance would constitute a Nonrecoverable Advance, itself make, or shall cause the successor Servicer or the Seller (as owner of the servicing rights with respect not have delivered to the Mortgage Loans) Trustee the requisite Officer's Certificate and documentation related to makea determination of nonrecoverability of a Delinquency Advance), then the Trustee shall provide notice of such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation failure to make Delinquency Advances with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to a Servicing Officer of the Master Servicer by facsimile transmission sent to telecopy no. (312) 845-8617 (or such alternative number provided by the Master Xxxxxxxx xx xhe Trustee in writing) and by telephone at telephone no. (312) 845-8500 (Attention: Master Servicing Manager) (or such alxxxxxxxxx xxxxer provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New York City time, on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advances by 11:00 a.m., New York City time, on the related Business Day immediately following such Master Servicer Remittance Date an Officer’s Certificate Date, then the Trustee shall make the portion of a Servicing Officer indicating such Delinquency Advances that was required to be, but was not, made by the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Master Servicer be a Nonrecoverable Advancepursuant to this Section 4.03(a).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Delinquency Advances. The (a) On each Delinquency Advance Date, the Master Servicer shall determine on or before each Determination Date whether it is required to make a Delinquency Advance. The Servicer shall advance funds in the amount of any Scheduled Payment that was due during the related Collection Period and not received by the Servicer as of the related Determination Date; provided that in no event shall the Servicer be required to make any such Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advance. With respect to any Mortgage Loan, if a Delinquency Advance is required to be made hereunder, the Servicer shall on or before the Servicer Remittance Date either (i) deposit in into the Collection Distribution Account from its own funds an amount equal to such the aggregate amount of Delinquency AdvanceAdvances with respect to the Mortgage Loans (including, without limitation, the Non-Serviced Mortgage Loans), if any, to be made in respect of the related Distribution Date, (ii) cause to be made an appropriate entry apply amounts held in the records of Certificate Account or, with respect to the Mortgage Loans related to the Serviced Whole Loans, the related Serviced Whole Loan Custodial Account that funds in allocable to such account being held Mortgage Loans, for future distribution or withdrawal have been, as permitted by this Section 3.19, used by the Servicer to Certificateholders in subsequent months in discharge of any such obligation to make such Delinquency Advance Advances, or (iii) make Delinquency Advances in the form of any combination of amounts specified in clauses (i) and (ii) aggregating the total amount of Delinquency Advances to be made; provided, that if Late Collections (net of related Workout Fees) of the delinquent Monthly Payments for which Delinquency Advances are to be made for the related Distribution Date, are on deposit in the Certificate Account or, if applicable, the amount allocable to a Mortgage Loan in the related Serviced Whole Loan Custodial Account, and available to make such Delinquency AdvanceAdvances, the Master Servicer shall utilize such Late Collections to make such Advances pursuant to clause (ii) above. Any such funds being amounts held in the Certificate Account, or with respect to the Serviced Whole Loan, the related Serviced Whole Loan Custodial Account Account, for future distribution and so used to make Delinquency Advances shall be appropriately reflected in the Master Servicer's records and replaced by the Master Servicer from its own funds by deposit in such the Certificate Account or the related Serviced Whole Loan Custodial Account on or before the next succeeding Determination Date (to the extent required not previously replaced through the deposit of Late Collections of the delinquent principal and interest in respect of which such Delinquency Advances were made). If, as of 3:00 p.m. (New York City time) on or before any future Master Servicer Remittance Date in which such funds would be due. The Servicer Date, the Trustee shall be entitled to be reimbursed for all Delinquency Advances of its own funds made pursuant to this Section as provided in Section 3.8 hereof. Subject to and in accordance with the provisions of Article VII, in the event that the Servicer fails to remit a not have received any Delinquency Advance required to be made by the Master Servicer pursuant to this Section 3.19, 4.03(a) (and the Master Servicer shallshall not have delivered to the Trustee the requisite Officer's Certificate and documentation related to a determination of nonrecoverability of a Delinquency Advance), unless it determines that then the Trustee shall provide notice of such failure to a Servicing Officer of the Master Servicer by facsimile transmission sent to facsimile no. (000) 000-0000 (or such alternative number provided by the Master Servicer to the Trustee in writing) and by telephone at telephone no. (000) 000-0000 (Attention: Master Servicing Manager) (or such alternative number provided by the Master Servicer to the Trustee in writing) as soon as possible, but in any event before 5:00 p.m. (New York City time) on such day. If after such notice the Trustee does not receive the full amount of such Delinquency Advance would constitute a Nonrecoverable AdvanceAdvances by 11:00 a.m. (New 259 York City time) on the Business Day immediately following such Master Servicer Remittance Date, itself makethen the Trustee shall make the portion of such Delinquency Advances that was required to be, or but was not, made by the Master Servicer pursuant to this Section 4.03(a). No Delinquency Advances shall cause be made by the successor Master Servicer or the Seller (as owner of the servicing rights with respect to the Mortgage Loans) to make, such Delinquency Advance on or before the Distribution Date following the Servicer Remittance Date on which such Delinquency Advance should have been made. The obligation to make Delinquency Advances Trustee with respect to any Mortgage Loan shall continue if such Mortgage Loan has been foreclosed Serviced Companion Loans, any Serviced B Notes or otherwise terminated and the related Mortgaged Property has not been liquidated. The Servicer shall deliver to the Master Servicer on the related Servicer Remittance Date an Officer’s Certificate of a Servicing Officer indicating the amount of any proposed Delinquency Advance that, if made, would in the good faith judgment of the Servicer be a Nonrecoverable Advanceother companion loans or subordinate notes.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (GMAC Commercial Mortgage Securities, Inc. Series 2006-C1 Trust)

Time is Money Join Law Insider Premium to draft better contracts faster.