Further Advance Receivable definition

Further Advance Receivable means any and all rights of the relevant Transferor (and after assignment of such rights to the CBC, of the CBC) under or in connection with a Further Advance.

Further Advance Receivable means any and all rights of the relevant Transferor under or in connection with a Further Advance;

Further Advance Receivable means the Mortgage Receivable resulting from a Further Advance;

Examples of Further Advance Receivable in a sentence

• When a Further Advance is granted to the relevant Borrower and the Issuer purchases and accepts assignment of the relevant Further Advance Receivable and the Beneficiary Rights relating thereto, the Issuer will at the same time create a first right of pledge on such Further Advance Receivable and to the extent possible the Beneficiary Rights relating thereto in favour of the Security Trustee.

• If such Further Advance was made by an Originator which is not the Transferor the Originator will transfer the relevant Further Advance Receivable to the Transferor.

• If a Further Advance Receivable is not validly secured by a mortgage right, this constitutes a breach of the Representations and Warranties and the relevant Transferor will be required to accept the retransfer of such Further Advance Receivable.

• When a Further Advance is granted to the relevant Borrower and the Issuer purchases and accepts assignment of the relevant Further Advance Receivable and the Beneficiary Rights relating thereto, the Issuer will at the same time create a first right of pledge on such Further Advance Receivable and the Beneficiary Rights relating thereto in favour of the Security Trustee.

• The Issuer will apply the Notes Redemption Available Amount towards payment of the Initial Purchase Price in respect of such Further Advance Receivable.

• The Issuer is entitled to the principal proceeds and the interest proceeds (including penalty interest) in respect of the Loan Receivables purchased on the Transfer Date from (and including) the Cut-Off Date and, as applicable, in respect of each Further Advance Receivable purchased on the Closing Date, from (and including) its origination date.

• If a Further Advance Receivable is not validly secured by a mortgage right, this constitutes a breach of the Representations and Warranties and the relevant Transferor will be required to repurchase such Further Advance Receivable.

• If a Further Advance Receivable is not validly secured by a mortgage right, this constitutes a breach of the Representations and Warranties and the relevant Transferor will be required to repurchase such FurtherAdvance Receivable.

• If a Further Advance Receivable is transferred to the Issuer on the Closing Date and it is clear that it is not validly secured by a mortgage right, this constitutes a breach of the representations and warranties granted by the relevant Seller, resulting in an obligation of the relevant Seller to repurchase the relevant Further Advance Receivable.

• In respect of the Further Advance Receivables, if the Additional Purchase Conditions are not met and the Issuer does not purchase any such Further Advance Receivable, the Seller has undertaken to repurchase the Mortgage Receivable which results from the Mortgage Loan to which such Further Advance relates.

More Definitions of Further Advance Receivable

Further Advance Receivable means any and all rights of the relevant Seller (or its assignee) against any Borrower under or in connection with any Further Advance relating to a Mortgage Loan (including but not limited to any and all claims of the relevant Seller on the Borrower as a result of the Further Advance being terminated, dissolved or declared null and void);

Further Advance Receivable. ’ means any and all rights of the Seller against any Borrower under or in connection with any Further Advance;