Common use of Servicer Reimbursement Clause in Contracts

Servicer Reimbursement. To the extent the Master Servicer or the respective trustee, if any, must advance their respective funds due to the failure of the Servicer to advance as provided for in this Agreement or to remit funds to the Certificate Account as required by Section 18.3.1, the Servicer shall reimburse the advancing party for such amounts, on demand, together with all costs and expenses incurred by the advancing party, including, but not limited to, interest on the funds advanced. Such interest shall be calculated at the lesser of the "prime rate" publicly announced in effect from time to time at the Reference Bank plus one percentage point and the maximum interest rate permitted by law.

Servicer Reimbursement. To the extent the Master Servicer or the respective trustee, if any, must advance their respective funds due to the failure of the Servicer to advance as provided for in this Agreement or to remit funds to the Certificate Account as required by Section 18.3.1, the Servicer shall reimburse the advancing party for such amounts, on demand, together with all costs and expenses incurred by the advancing party, including, but not limited to, interest on the funds advanced. Such interest shall be calculated at the lesser of the "“prime rate" ” publicly announced in effect from time to time at the Reference Bank plus one percentage point and the maximum interest rate permitted by law.