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.
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.
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.