MONTHLY SETTLEMENTS / SETTLEMENT DATES Clause Samples

MONTHLY SETTLEMENTS / SETTLEMENT DATES. On the third business day of each month, ▇▇▇▇▇▇ Mae shall notify Servicer of the Early Reimbursement Compensation amount. On the fifth business day of each calendar month, Servicer shall fund to an account designated by ▇▇▇▇▇▇ ▇▇▇ the Early Reimbursement Compensation. Such date shall be deemed a “Settlement Date.” In the event that ▇▇▇▇▇▇ Mae does not timely receive such funding, on the following business day ▇▇▇▇▇▇ ▇▇▇ may withdraw an amount equal to such unpaid Early Reimbursement Compensation directly from the Collections Account prior to the calculation of the Periodic Early Reimbursement Amount for that month. Such withdrawal will not avoid the occurrence of a Stop Event. Following the occurrence of, and during the continuance of, a Stop Event that has not been waived by ▇▇▇▇▇▇ Mae, a Settlement Dates shall occur with such frequency (e.g., weekly or daily) as ▇▇▇▇▇▇ ▇▇▇ shall direct.