Interest Payment Advance definition
Examples of Interest Payment Advance in a sentence
For the avoidance of doubt, in the event that the amount of interest on the Trust Loan is reduced as a result of any modification to the Trust Loan, any Monthly Interest Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required as a result of such reduction.
The Servicer shall have no obligation to make any Monthly Interest Payment Advance for any Companion Loan.
In addition, the Certificate Administrator shall notify the Trustee by telephone and electronically if as of 11:00 a.m., New York City time, on any Distribution Date if the Servicer has not made the Monthly Interest Payment Advance required to have been made on the related Remittance Date pursuant to this Section 3.23(a).
The Certificate Administrator shall notify the Servicer and the Trustee by telephone and electronically if as of 3:00 p.m., New York City time, on the Remittance Date, if the Certificate Administrator has not received the amount of a Monthly Interest Payment Advance required pursuant to this Section 3.23(a).
Notwithstanding the foregoing provisions of this Section 3.23(a) or any other contrary provisions of this Agreement, any portion of a Monthly Interest Payment Advance intended to cover the CREFC® Licensing Fee shall be advanced directly to CREFC® on the applicable Remittance Date.
Neither the Servicer nor the Trustee shall make any Monthly Interest Payment Advance or Administrative Advance with respect to any Loan Seller Percentage Interest in the Trust Loan that has been repurchased as described herein.
If a Monthly Interest Payment Advance is made with respect to the Trust Loan, then that Monthly Interest Payment Advance, together with interest on such Monthly Debt Service Advance, shall only be reimbursed out of future payments and collections on the Trust Loan, but not out of payments or other collections on the Companion Loans.
An advance of Loan proceeds for the purpose of paying interest at the Payment Rate on that portion of the Combined Balance of the Loan that constitutes the Premium Rate Balance of the Loan is referred to in this Agreement as an "Interest Payment Advance".
If a Monthly Interest Payment Advance is made with respect to the Trust Loan, then that Monthly Interest Payment Advance, together with interest on such Monthly Debt Service Advance, shall only be reimbursed out of future payments and collections on the Trust Loan, but not out of payments or other collections on the Companion Loan(s).
In addition, the Certificate Administrator shall notify (if the Certificate Administrator is not acting as the Back-Up Advancing Agent) the Back-Up Advancing Agent by telephone and electronically if, as of 11:00 a.m., New York City time, on any Distribution Date, the Servicer has not made the Monthly Interest Payment Advance required to have been made on the related Remittance Date pursuant to this Section 3.23(a).