Common use of Servicing Advances Clause in Contracts

Servicing Advances. The parties hereby agree that the Servicer shall have the right to reimburse itself for any unreimbursed Servicing Advances owed to it by the Original Owner directly from the Collection Account. If funds in the Collection Account are insufficient to reimburse the Servicer for any unreimbursed Servicing Advances, the Original Owner shall directly reimburse the Servicer from its own funds within five (5) Business Days of receipt from the Servicer of a notification or invoice itemizing the unreimbursed Servicing Advances. Notwithstanding the foregoing, if upon the Servicing Transfer Date.