Servicing Advance Payment Date definition

Servicing Advance Payment Date. (a) For any Initial Servicing Advance Receivable, the Closing Date and (b) for any Additional Servicing Advance Receivable, the Funding Date (as defined in the Servicing Advance Financing Agreement) for such Additional Servicing Advance Receivable.
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Servicing Advance Payment Date means (i) with respect to any Servicing Advance other than a P&I Advance, any “Funding Date” therefor under the applicable Servicing Advance Financing Agreement and (ii) with respect to any Servicing Advance that is a P&I Advance, the date on which such Servicing Advance is required to be made under the related Servicing Agreement. If there are no Servicing Advance Financing Agreements or if there are no “Funding Dates” occurring under Servicing Advance Financing Agreements, the “Servicing Advance Payment Date” for Additional Servicing Advance Receivables shall be dates mutually agreed upon between the Seller and the Purchaser as contemplated on Schedule VI hereto.
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Examples of Servicing Advance Payment Date in a sentence

  • In addition, the Purchaser hereby agrees to pay to the Seller on the initial Servicing Advance Payment Date an amount equal to the outstanding amount of the Specified Receivables as of the Closing Date.

  • With respect to each Servicing Advance Payment Date, for each Servicing Advance Receivable, the outstanding amount that is reimbursable under the related Servicing Agreement with respect to such Servicing Advance Receivable as of such Servicing Advance Payment Date.

Related to Servicing Advance Payment Date

  • Servicing Advances All customary, reasonable and necessary "out of pocket" costs and expenses incurred in the performance by the Master Servicer of its servicing obligations, including, but not limited to, the cost of (i) the preservation, restoration and protection of a Mortgaged Property, (ii) any expenses reimbursable to the Master Servicer pursuant to Section 3.11 and any enforcement or judicial proceedings, including foreclosures, (iii) the management and liquidation of any REO Property and (iv) compliance with the obligations under Section 3.09.

  • Period Servicing Amount means, for any twelve month period with respect to each of the Shared-Loss Agreements during which the loss-sharing provisions of the applicable Shared-Loss Agreement are in effect, the product of (i) the simple average of the principal amount of Shared-Loss Loans and Shared-Loss Assets (other than the Shared-Loss Securities) (in each case as defined in the Shared-Loss Agreements), as the case may be, at the beginning of such period and at the end of such period times (ii) one percent (1%).