Common use of Servicing Advance Receivables Purchase Price Clause in Contracts

Servicing Advance Receivables Purchase Price. In consideration of the sale, assignment, transfer and conveyance to Purchaser of the Servicing Advance Receivables and related Transferred Receivables Assets, on the terms and subject to the conditions set forth in this Sale Supplement, Purchaser shall, on the Servicing Advance Payment Date immediately following the date on which the related Servicing Advance was made (with respect to any Servicing Advance other than a P&I Advance) or on the related Servicing Advance Payment Date (with respect to any Servicing Advance that is a P&I Advance), pay and deliver to an account designated in writing by Seller to Purchaser, in immediately available funds, a purchase price equal to the applicable Servicing Advance Receivables Purchase Price; provided that Seller shall have complied with the terms of Section 3.3 and Section 3.5 with respect to the related Servicing Advance Receivable.

Servicing Advance Receivables Purchase Price. In consideration of the sale, assignment, transfer and conveyance to Purchaser of the Servicing Advance Receivables and related Transferred Receivables Assets, on the terms and subject to the conditions set forth in this Sale Supplement, Purchaser shall, on the Servicing Advance Payment Date immediately following the date on which the related Servicing Advance was made (with respect to any Servicing Advance other than a P&I Advance) or on the related Servicing Advance Payment Date (with respect to any Servicing Advance that is a P&I Advance), pay and deliver to an account designated in writing by Seller to Purchaser, in immediately available funds, a purchase price equal to the applicable Servicing Advance Receivables Purchase Price; provided that Seller shall have complied with the terms of Section 3.3 and Section 3.5 with respect to the related Servicing Advance Receivable. In addition, the Purchaser hereby agrees to pay to the Seller on the initial Servicing Advance Payment Date an amount equal to the outstanding amount of the Specified Receivables as of the Closing Date.