Common use of Variable Advances Clause in Contracts

Variable Advances. The MBS Issue Date shall be the first day of a month and the maturity date of the MBS funding each Variable Advance shall be specified by Borrower in its Advance Request, which date shall be: (i) no earlier than the date which completes one full month after the MBS Issue Date; and (ii) no later than the date which completes nine full months after the MBS Issue Date. For these purposes, a year shall be deemed to consist of 12 30-day months. For example, the date which completes three full months after September 1 shall be December 1; and the date which completes three full months after January 1 shall be April 1.

Variable Advances. The MBS Issue Date shall be the first day of a month and the maturity date of the MBS funding each Variable Advance shall be specified by Borrower in its Advance Request, which date shall be: (i) no earlier than the date which completes one three full month months after the MBS Issue Date; and (ii) no later than the date which completes nine full months after the MBS Issue Date. For these purposes, a year shall be deemed to consist of 12 30-day months. For example, the date which completes three full months after September 1 shall be December 1; and the date which completes three full months after January 1 shall be April 1. No principal payments in respect of any Variable Advance shall be due prior to the maturity date of such Variable Advance. Any prepayment of Variable Advances shall apply to the Variable Advance designated by Borrower.

Variable Advances. The MBS Issue Date shall be the first day of a month and the maturity date of the MBS funding each Variable Advance shall be specified by Borrower in its Advance Request, which date shall be: (i) no earlier than the date which completes one three full month months after the MBS Issue Date; and (ii) no later than the date which completes nine full months after the MBS Issue Date. For these purposes, a year shall be deemed to consist of 12 30-day months. For example, the date which completes three full months after September 1 shall be December 1; and the date which completes three full months after January 1 shall be April 1. No principal payments in respect of any Variable Advance shall be due prior to the maturity date of such Variable Advance.

Variable Advances. The MBS Issue Date shall be the first day of a month and the maturity date of the MBS funding each Variable Advance shall be specified by Borrower in its Advance Request, which date shall be: (i) no earlier than the date which completes one full month after the MBS Issue Date; and (ii) no later than the date which completes nine full months after the MBS Issue Date. For these purposes, a year shall be deemed to consist of 12 30-day months. For example, the date which completes three full months after September 1 shall be December 1; and the date which completes three full months after January 1 shall be April 1. No principal payments in respect of any Variable Advance shall be due prior to the maturity date of such Variable Advance.