Examples of Further Advance Receivable in a sentence
The Initial Purchase Price for any Further Advance Receivable will be funded from the Available Principal Funds.
If the purchase of such Further Advance Receivable would, if completed, result in a breach of any of the Additional Purchase Conditions then the Issuer will not be obliged to purchase such Further Advance Receivable and will instead be obliged to sell, and the Seller will be obliged to repurchase and accept reassignment of, all Mortgage Receivables relating to the Mortgage Loan in respect of which the relevant Further Advance was granted.
Until the Notes Payment Date immediately preceding the First Optional Redemption Date, the Issuer is obliged to accept each such offer of Further Advance Receivables, on the condition that the purchase of such Further Advance Receivable does not result in a breach of any of the Additional Purchase Conditions.
In the Mortgage Receivables Purchase Agreement, the Seller furthermore covenants, among other things, that if it makes any Further Advance under the Mortgage Conditions relating to a Mortgage Receivable, then on the first following Mortgage Collection Payment Date, the Seller will offer such Further Advance Receivable for sale and assignment to the Issuer for an amount equal to the Gross Outstanding Principal Balance of such Further Advance Receivable as at the relevant Cut-off Date.
Besides this, the Seller will undertake to repurchase and accept re-assignment of a Mortgage Receivable, a New Mortgage Receivable or a Further Advance Receivable, if the relevant Borrower fails to pay the first interest instalment due in respect thereof.
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, to the extent possible, 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.
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.
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.
Furthermore, the Seller will undertake to repurchase and accept re-assignment of a Mortgage Receivable if a Further Advance is granted and the Mortgage Receivable together with the Further Advance Receivable no longer meets the Mortgage Loans Criteria.
The Issuer will apply the Notes Redemption Available Amount towards payment of the Initial Purchase Price in respect of such Further Advance Receivable.