Common use of Reimbursement of Advances and Advance Interest Clause in Contracts

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an “Available Advance Reimbursement Amount.” (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan or any REO Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Date shall be applied to reimburse (i) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes or REO Loans. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Rate. The Master Servicer, the Certificate Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 19 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an “Available Advance Reimbursement Amount.” (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan or any REO Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Date shall be applied to reimburse (i) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes or REO Loans. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Rate. The Master Servicer, the Certificate Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 7 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2012-C4), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an “Available Advance Reimbursement Amount.” (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan or any REO Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Date shall be applied to reimburse (i) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes or REO Loans. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Rate. The Master Servicer, the Certificate Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 6 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an “Available Advance Reimbursement Amount. (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan or any REO Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Date shall be applied to reimburse (i) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes or REO Loans. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Rate. The Master Servicer, the Certificate Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an “Available Advance Reimbursement Amount.” (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan or any REO Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Date shall be applied to reimburse (i) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes or REO Loans. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) daysBusiness Days) after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Rate. The Master Servicer, the Certificate Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 3 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an “Available Advance Reimbursement Amount.” (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan or any REO Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Date shall be applied to reimburse (i) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes or REO Loans. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts ▇▇▇▇▇▇▇ applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Rate. The Master Servicer, the Certificate Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, Loan or B Note, Note or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2; provided, however, that a B Note P&I Advance and any Advance Interest thereon may be reimbursed only from amounts collected on the A/B Mortgage Loan which are allocable to the B Note pursuant to the A/B Mortgage Loan Intercreditor Agreement. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan PairCompanion Loan, any A/B Whole Loan Note, any Specially Serviced Mortgage Loans or any REO Mortgage Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans, Companion Loan, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan PairsCompanion Loan, A/B Whole Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan PairsCompanion Loan, A/B Whole Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Master Servicer with respect to such Advances and then (iv) the Special Servicer for any Advances outstanding to the Special Servicer with respect to any of such Mortgage Loans, Companion Loan, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Mortgage Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Fiscal Agent, the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s 's, the Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes or REO Mortgage Loans. (c) Advance Interest will be paid to the Fiscal Agent, the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges Late Fees and Allocable Modification Fees default interest collected from the Mortgage Loans and, subject to during the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, available prior to payment from any other amounts. Late Fees and default interest will be applied on a "pool basis" for non-Specially Serviced Mortgage Loans and on a "loan-by-loan basis" (under which Late Fees and default interest will be offset against the Advance Interest arising only from that particular Specially Serviced Mortgage Loan) for Specially Serviced Mortgage Loans, as the case may be, to the payment of Advance Interest on all Advances on such non-Specially Serviced Mortgage Loans or such Specially Serviced Mortgage Loans, as the case may be, then being reimbursed. Advance Interest payable to the Master Servicer, the Special Servicer Servicer, the Fiscal Agent or the Trustee in respect of Servicing Advances on any a Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances Balance thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Mortgage Loan, B Note, Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan PairServiced Companion Mortgage Loan, any A/B Whole Loan Note, any Specially Serviced Mortgage Loans or any REO Mortgage Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans, Serviced Companion Mortgage Loan, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan PairsServiced Companion Mortgage Loan, A/B Whole Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan PairsServiced Companion Mortgage Loan, A/B Whole Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Master Servicer with respect to such Advances and then (iv) the Special Servicer for any Advances outstanding to the Special Servicer with respect to any of such Mortgage Loans, Serviced Companion Mortgage Loan, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Mortgage Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Fiscal Agent, the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s 's, the Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Mortgage Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Mortgage Loans, B Notes or REO Mortgage Loans. (c) Advance Interest will be paid to the Fiscal Agent, the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges Late Fees and Allocable Modification Fees default interest collected from the Mortgage Loans and, subject to during the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, available prior to payment from any other amounts. Late Fees and default interest will be applied on a "pool basis" for non-Specially Serviced Mortgage Loans and on a "loan-by-loan basis" (under which Late Fees and default interest will be offset against the Advance Interest arising only from that particular Specially Serviced Mortgage Loan) for Specially Serviced Mortgage Loans, as the case may be, to the payment of Advance Interest on all Advances on such non-Specially Serviced Mortgage Loans or such Specially Serviced Mortgage Loans, as the case may be, then being reimbursed. Advance Interest payable to the Master Servicer, the Special Servicer Servicer, the Fiscal Agent or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Mortgage Loan on a pro rata basis based upon the respective Unpaid Principal Balances Balance thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top18), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2005-Top18)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, Loan or B Note, Note or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan Loans or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan PairB Note, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO Mortgage Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan PairsB Note, A/B Whole Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan PairsB Note, A/B Whole Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Mortgage Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO Mortgage Loans. (c) Advance Interest will be paid to the TrusteeFiscal Agent, the Master Servicer Trustee and/or the Special Master Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges Late Fees and Allocable Modification Fees default interest collected from the Mortgage Loans and, subject to during the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, available prior to payment from any other amounts. Late Fees and default interest will be applied on a "pool basis" for non-Specially Serviced Mortgage Loans and on a "loan-by-loan basis" (under which Late Fees and default interest will be offset against the Advance Interest payable arising only from that particular Specially Serviced Mortgage Loan) for Specially Serviced Mortgage Loans, as the case may be, to the Master Servicer, the Special Servicer or the Trustee in respect payment of Servicing Advance Interest on all Advances on any Loan Pair shall be allocated to such non-Specially Serviced Mortgage Loans or such Specially Serviced Mortgage Loans, as the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereofcase may be, then being reimbursed. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Series 2002 Top7)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section Sections 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO LoansProperty, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans or Specially Serviced Mortgage Loans or REO Property, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO LoansProperty, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Trustee's and the Trustee’s Fiscal Agent's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (ed) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced 68 76 Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails defaults under its obligation to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was orAdvance, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such paymentAdvance, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Servicer and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e4.6(d) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e4.6(d).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO LoansProperty, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans or Specially Serviced Mortgage Loans or REO Property, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO LoansProperty, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Specially Serviced Mortgage Loans and/or or REO LoansProperty, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the TrusteeFiscal Agent, the Master Servicer Trustee and/or the Special Master Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance first from Late Fees and default interest collected with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from respect to the Mortgage Loans and, subject as to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursedAdvances were made, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereofProceeds. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the Master Servicer fails to reimburse the Special Servicer hereunder or event that the Master Servicer determines that such Servicing Advance was orAdvance, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Trustee in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Servicer and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital 1 Inc Series 2000-Prin)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an “Available Advance Reimbursement Amount.” (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO Mortgage Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole any of such Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer or the Special Servicer, as the case may be, with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole any of such Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Master Servicer and or the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Mortgage Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Trustee, the Special Master Servicer or the Master Special Servicer, as the case may be, from amounts on deposit in the Collection applicable Certificate Account (or sub-account thereof) (or, if not available from such Certificate Account, the other Certificate Account) or the Distribution AccountAccount pursuant to Section 5.2(a) or Section 5.3(b)(ii), to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii)thereunder. The Master Servicer’s, the Special Servicer’s and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances and interest thereon shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO Mortgage Loans. (c) Advance Interest arising on or after the Cut-off Date and not previously paid with respect to any Mortgage Loan will be paid to the Trustee, the Master Special Servicer and/or the Special Master Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance from Late Fees and default interest collected with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from respect to such Mortgage Loan during the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursedPeriod, and then from Excess Liquidation Proceeds then available, available prior to payment from any other amounts. Late Fees and default interest will be applied on a “loan-by-loan basis” (under which Late Fees and default interest with respect to a Mortgage Loan will be offset against the Advance Interest payable incurred and unpaid with respect to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu such Mortgage Loan and arising on or after the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereofCut-off Date). (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall shall, subject to Section 4.4, reimburse the Special Servicer for such expenditures with interest at on the Advance Rate promptly (but no later than five (5) days) after receiving next succeeding Master Servicer Remittance Date, provided the Special Servicer has delivered, on or before the related Determination Date, an invoice and a report substantiating such expenses from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing requesting such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Datereimbursement. All such amounts paid by the Special Servicer and reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e4.6(d) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e4.6(d).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc.)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an " Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO LoansProperty, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans or Specially Serviced Mortgage Loans or REO Property, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO LoansProperty, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the TrusteeFiscal Agent, the Master Servicer Trustee and/or the Special Master Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance first from Late Fees and default interest collected with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from respect to the Mortgage Loans and, subject as to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursedAdvances were made, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereofProceeds. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails defaults under its obligation to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was orAdvance, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such paymentAdvance, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Trustee in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Servicer and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e4.6(d) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e4.6(d).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Ser 1999-Life1)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property and each Companion Loan relating to a Mortgage Loan or Specially Serviced Mortgage Loan (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section Sections 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property or Companion Loans relating to Mortgage Loans or Specially Serviced Mortgage Loans shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO Property or Companion Loans relating to Mortgage Loans or Specially Serviced Mortgage Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans or Specially Serviced Mortgage Loans or REO Property or Companion Loans relating to Mortgage Loans or Specially Serviced Mortgage Loans, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO Property or Companion Loans relating to Mortgage Loans or Specially Serviced Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or a Companion Loan relating thereto or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (ed) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the Master event that the Servicer fails defaults under its obligation to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was orAdvance, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such paymentAdvance, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e4.6(d) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e4.6(d).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Mortgage Loan, B Note, Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Mortgage Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan PairServiced Companion Mortgage Loan, any A/B Whole Loan Note, any Specially Serviced Mortgage Loans or any REO Mortgage Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans, Serviced Companion Mortgage Loan, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan PairsServiced Companion Mortgage Loan, A/B Whole Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan PairsServiced Companion Mortgage Loan, A/B Whole Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Master Servicer with respect to such Advances and then (iv) the Special Servicer for any Advances outstanding to the Special Servicer with respect to any of such Mortgage Loans, Serviced Companion Mortgage Loan, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Mortgage Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Fiscal Agent, the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s 's, the Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Mortgage Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Mortgage Loans, B Notes or REO Mortgage Loans. (c) Advance Interest will be paid to the Fiscal Agent, the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges Late Fees and Allocable Modification Fees default interest collected from the Mortgage Loans and, subject to during the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, available prior to payment from any other amounts. Late Fees and default interest will be applied on a "pool basis" for non-Specially Serviced Mortgage Loans and on a "loan-by-loan basis" (under which Late Fees and default interest will be offset against the Advance Interest arising only from that particular Specially Serviced Mortgage Loan) for Specially Serviced Mortgage Loans, as the case may be, to the payment of Advance Interest on all Advances on such non-Specially Serviced Mortgage Loans or such Specially Serviced Mortgage Loans, as the case may be, then being reimbursed. Advance Interest payable to the Master Servicer, the Special Servicer Servicer, the Fiscal Agent or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Mortgage Loan on a pro rata basis based upon the respective Unpaid Principal Balances Balance thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Trustee in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Servicer and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Capital I Tr 2004-Hq3)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Loan or B Note or the ▇▇▇▇ ▇▇▇▇▇ Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced the ▇▇▇▇ ▇▇▇▇▇ Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pairthe ▇▇▇▇ ▇▇▇▇▇ Companion Loan, any A/B Whole Loan Note, any Specially Serviced Mortgage Loans or any REO Mortgage Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans, the ▇▇▇▇ ▇▇▇▇▇ Companion Loan, B Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairsthe ▇▇▇▇ ▇▇▇▇▇ Companion Loan, A/B Whole Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s and the Trustee’s right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes or REO Loans. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Rate. The Master Servicer, the Certificate Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Cap I Inc Dep for Ser 2003 Hq2)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Specially Serviced Mortgage Loan or Loan, REO Property or the Federal Center Plaza Companion Loan (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced the Federal Center Plaza Companion Loan or any B Note or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pairthe Federal Center Plaza Companion Loan, any A/B Whole Loan Note, any Specially Serviced Mortgage Loans or any REO Mortgage Loans, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇ Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, A/B Whole ▇ Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan Pairs▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, A/B Whole ▇ Note, Specially Serviced Mortgage Loans and/or or REO Mortgage Loans, plus any Advance Interest owed to the Master Servicer with respect to such Advances and then (iv) the Special Servicer for any Advances outstanding to the Special Servicer with respect to any of such Mortgage Loans, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇ Note, Specially Serviced Mortgage Loans or REO Mortgage Loans, plus any Advance Interest owed to the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Servicer, the Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Mortgage Loan cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be payable to the Fiscal Agent, the Trustee, the Special Servicer or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s 's, the Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced the Federal Center Plaza Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, B Notes or REO Mortgage Loans. (c) Advance Interest will be paid to the Fiscal Agent, the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges Late Fees and Allocable Modification Fees default interest collected from the Mortgage Loans and, subject to during the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, available prior to payment from any other amounts. Late Fees and default interest will be applied on a "pool basis" for non-Specially Serviced Mortgage Loans and on a "loan-by-loan basis" (under which Late Fees and default interest will be offset against the Advance Interest arising only from that particular Specially Serviced Mortgage Loan) for Specially Serviced Mortgage Loans, as the case may be, to the payment of Advance Interest on all Advances on such non-Specially Serviced Mortgage Loans or such Specially Serviced Mortgage Loans, as the case may be, then being reimbursed. Advance Interest payable to the Master Servicer, the Special Servicer Servicer, the Fiscal Agent or the Trustee in respect of Servicing Advances on any the Loan Pair shall be allocated to the Serviced Federal Center Plaza Pari Passu Mortgage Loan and the Serviced Federal Center Plaza Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances Balance thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Trust 2003-Top10)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section Sections 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO LoansProperty, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans or Specially Serviced Mortgage Loans or REO Property, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO LoansProperty, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (ed) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to 71 81 Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails defaults under its obligation to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was orAdvance, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such paymentAdvance, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e4.6(d) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e4.6(d).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO LoansProperty, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans or Specially Serviced Mortgage Loans or REO Property, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO LoansProperty, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the TrusteeFiscal Agent, the Master Servicer Trustee and/or the Special Master Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance first from Late Fees and default interest collected with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from respect to the Mortgage Loans and, subject as to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursedAdvances were made, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereofProceeds. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the Master Servicer fails to reimburse the Special Servicer hereunder or event that the Master Servicer determines that such Servicing Advance was orAdvance, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2000 Life1)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO LoansProperty, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans or Specially Serviced Mortgage Loans or REO Property, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO LoansProperty, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the TrusteeFiscal Agent, the Master Servicer Trustee and/or the Special Master Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance first from Late Fees and default interest collected with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from respect to the Mortgage Loans and, subject as to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursedAdvances were made, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the event that the Master Servicer fails to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was or, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Trustee in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO LoansProperty, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO LoansProperty, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (ii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Master Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Specially Serviced Mortgage Loans and/or or REO LoansProperty, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the Trustee, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s, the Special Servicer’s 's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the Trustee, Trustee and/or the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance first from Late Fees and default interest collected with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from respect to the Mortgage Loans and, subject as to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursedAdvances were made, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereofProceeds. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (e) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the Master Servicer fails to reimburse the Special Servicer hereunder or event that the Master Servicer determines that such Servicing Advance was orAdvance, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such payment, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Trustee in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Servicer and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Trust 2001-PPM)

Reimbursement of Advances and Advance Interest. (a) Advances made with respect to each Mortgage Loan, Serviced Companion Loan, B Note, Loan or Specially Serviced Mortgage Loan or REO Property (including Advances later determined to be Nonrecoverable Advances) and Advance Interest thereon shall be reimbursed to the extent of the amounts identified to be applied therefor in Section 5.2. The aggregate of the amounts available to repay Advances and Advance Interest thereon pursuant to Section Sections 5.2 collected in any Collection Period with respect to Mortgage Loans, any Serviced Companion Loan or any B Note Loans or Specially Serviced Mortgage Loans or REO Property shall be an "Available Advance Reimbursement Amount." (b) To the extent that Advances have been made on the Mortgage Loans, any Loan Pair, any A/B Whole Loan Specially Serviced Mortgage Loans or any REO LoansProperty, the Available Advance Reimbursement Amount with respect to any Master Servicer Remittance Determination Date shall be applied to reimburse (i) the Fiscal Agent for any Advances outstanding to the Fiscal Agent with respect to any of such Mortgage Loans or Specially Serviced Mortgage Loans or REO Property, plus any Advance Interest owed to the Fiscal Agent with respect to such Advances and then (ii) the Trustee for any Advances outstanding to the Trustee with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or or Specially Serviced Mortgage Loans or REO LoansProperty, plus any Advance Interest owed to the Trustee with respect to such Advances, Advances and then (iiiii) the Master Servicer and the Special Servicer for any Advances outstanding thereto to the Servicer with respect to any of such Mortgage Loans, Loan Pairs, A/B Whole Loans and/or REO Loans, plus any Advance Interest owed to the Master Servicer and the Special Servicer with respect to such Advances. To the extent that any Advance Interest payable to the Master Servicer, the Special Servicer Trustee or the Trustee Fiscal Agent with respect to an Advance on a Specially Serviced Mortgage Loan or REO Loan Property cannot be recovered from the related Mortgagor, the amount of such Advance Interest shall be treated as a Servicing Advance and shall be payable to the TrusteeFiscal Agent, the Special Servicer Trustee or the Master Servicer, as the case may be, from amounts on deposit in the Collection Certificate Account (or sub-account thereof) or the Distribution Account, to the extent of amounts identified to be applied therefor, Account pursuant to Section 5.2(a), Section 5.2(b) or Section 5.3(b)(ii). The Master Servicer’s's, the Special Servicer’s Fiscal Agent's and the Trustee’s 's right of reimbursement under this Agreement for Advances, together with Advance Interest thereon, Advances shall be prior to the rights of the Certificateholders (and, in the case of a Serviced Companion Loan, the holder thereof and, in the case of a B Note, the holder thereof) to receive any amounts recovered with respect to such Mortgage Loans, Serviced Companion Loans, B Notes Loans or REO LoansProperties. (c) Advance Interest will be paid to the Trustee, the Master Servicer and/or the Special Servicer (in accordance with the priorities specified in the preceding paragraph) first, in accordance with Section 5.2(b), from Penalty Charges and Allocable Modification Fees collected from the Mortgage Loans and, subject to the related Intercreditor Agreements, the Serviced Companion Loans and B Note (including REO Loans) during any particular Collection Period during which the related Advance is reimbursed, and then from Excess Liquidation Proceeds then available, prior to payment from any other amounts. Advance Interest payable to the Master Servicer, the Special Servicer or the Trustee in respect of Servicing Advances on any Loan Pair shall be allocated to the Serviced Pari Passu Mortgage Loan and the Serviced Companion Loan on a pro rata basis based upon the respective Unpaid Principal Balances thereof. (d) Amounts applied to reimburse Advances shall first be applied to reduce Advance Interest thereon that was not paid from amounts specified in the preceding paragraph (c) and then to reduce the outstanding amount of such Advances. (ed) To the extent that the Special Servicer incurs out-of-pocket expenses, in accordance with the Servicing Standard, in connection with servicing Specially Serviced Mortgage Loans, the Master Servicer shall reimburse the Special Servicer for such expenditures with interest at the Advance Rate promptly (but no later than five (5) days) within 30 days after receiving an invoice and a report from the Special Servicer, subject to Section 4.4. The Special Servicer shall not invoice the Master Servicer more than once per calendar month and shall provide an Officer’s Certificate setting forth its expenses and appropriate documentation evidencing such reimbursements. With respect to each Collection Period, the Special Servicer shall deliver such invoice and report to the Master Servicer by the following Determination Date. All such amounts reimbursed by the Master Servicer shall be a Servicing Advance, subject to Section 4.4. If In the Master event that the Servicer fails defaults under its obligation to reimburse the Special Servicer hereunder or the Master Servicer determines that such Servicing Advance was orAdvance, if made, would be a Nonrecoverable Advance and the Master Servicer does not make such paymentAdvance, the Special Servicer shall notify the Master Servicer and the Certificate Administrator Paying Agent in writing of such nonpayment and the amount payable to the Special Servicer and shall be entitled to receive reimbursement from the Trust in the same manner as the Master Servicer would have been reimbursed for the Advance with interest at the Advance Ratean Additional Trust Expense. The Master Servicer, the Certificate Administrator Paying Agent and the Trustee shall have no obligation to verify the amount payable to the Special Servicer pursuant to this Section 4.6(e4.6(d) and circumstances surrounding the notice delivered by the Special Servicer pursuant to this Section 4.6(e4.6(d).

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Sources: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)