Debt Service Advances Sample Clauses

Debt Service Advances. If the Senior Notes Interest Shortfall Amount as determined on any Quarterly Calculation Date pursuant to Section 5.12(b) is greater than zero, in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (New York City time) on the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in such amount unless the Servicer notifies the Issuer, the Manager, the Back-Up Manager and the Trustee by such time that it has, reasonably and in good faith, determined such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance. If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance), pursuant to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance. In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer. All Debt Service Advances shall be deposited into the Senior Notes Interest Payment Account.
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Debt Service Advances. If the Senior Notes Interest Shortfall Amount as determined on any Quarterly Calculation Date pursuant to Section 5.12(b) is greater than zero, in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (New York City time) on the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in such amount unless the Servicer notifies the Co-Issuers, the Managers, the Back-Up Manager and the Trustee by such time that it has, reasonably and in good faith, determined such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance or, on or after the 2021 Springing Amendments Implementation Date, the Managers elect to eliminate the obligation of the Servicer and/or the Trustee to provide Advances upon satisfaction of the Rating Agency Condition or an Advance Suspension Period is then in effect. If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance), pursuant to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance or, on or after the 2021 Springing Amendments Implementation Date, the Managers elect to eliminate the obligation of the Servicer and/or the Trustee to provide Advances upon satisfaction of the Rating Agency Condition or an Advance Suspension Period is then in effect. In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer. All Debt Service Advances shall be deposited into the Senior Notes Interest Payment Account of the applicable Co-Issuer.
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Debt Service Advances. (a) If the Mortgage Loan is delinquent in the payment of scheduled monthly interest at the end of any Security Collection Period, the Servicer will be required to make an advance (each, a “Debt Service Advance”) not later than 3:00 p.m. (New York City time) on the Servicer Remittance Date for the related Distribution Date in an amount equal to the excess of the interest portion of the Monthly Payment Amount due during such Security Collection Period, in each case, excluding any interest in respect of any Component of the Mortgage Loan corresponding to Risk Retention Securities and any Post-ARD Additional Interest and Value Reduction Accrued Interest, or, if a Site has become an REO Property, the excess of the interest portion of the Assumed Monthly Payment Amount deemed to be due during such Security Collection Period, in each case, over the aggregate payments and collections of interest received on or in respect of the Mortgage Loan for the applicable Security Collection Period. If a late payment of the interest portion of such Monthly Payment Amount is received by 2:00 p.m. New York City time on, or prior to, the Servicer Remittance Date, the Servicer shall immediately set-off such late payment against such Debt Service Advance and shall promptly notify the Trustee. To the extent that the Servicer fails to make any Debt Service Advance required hereunder, the Trustee by 12:00 p.m. (New York City time) on such Distribution Date shall make such Debt Service Advance pursuant to the terms of this Agreement, in each case unless such Debt Service Advance is determined to be a Nonrecoverable Debt Service Advance. Under no circumstances shall a Debt Service Advance be required for any principal payable under the Mortgage Loan, default interest, any interst in respect of any Component of the Mortgage Loan corresponding to Risk Retention Securities, any Post-ARD Additional Interest, any Value Reduction Accrued Interest, any Prepayment Consideration and/or the amount of any Reserve Funds.
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Debt Service Advances. (a) If, on the Servicer Remittance Date, there are insufficient funds on deposit in the Collection Account properly available to pay the Monthly Payment Amount in accordance with the priorities set forth in Article V of the Indenture, then the Servicer will be required to make a Debt Service Advance not later than 1:00 p.m. (New York City time) on the Servicer Remittance Date for the related Payment Date. To the extent that the Servicer fails to make any Debt Service Advance required hereunder, the Indenture Trustee by 1:00 p.m. (New York City time) on the related Payment Date shall make such Debt Service Advance pursuant to the terms of this Agreement, in each case unless such Advance is determined to be a Nonrecoverable Debt Service Advance.
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Debt Service Advances. (a) If, on the Servicer Remittance Date, there are insufficient funds on deposit in the Central Account properly available to make the Monthly Payment Amount given the priorities set forth in Article V of the Indenture (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving any Issuer or by reason of a modification, waiver or amendment granted or agreed to by the Servicer following an Event of Default), then the Servicer will be required to make a Debt Service Advance not later than 3:00 p.m. (New York City time) on the Servicer Remittance Date for the related Payment Date; provided, however, that the Servicer will not be responsible for advancing any principal on the Notes or Prepayment Consideration.
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Debt Service Advances. (a) If, on the Servicer Remittance Date, there are insufficient funds on deposit in the Collection Account properly available to make the Monthly Payment Amount given the priorities set forth in Article V of the Indenture, then the Servicer will be required to make a Debt Service Advance not later than 3:00 p.m. (New York City time) on the Servicer Remittance Date for the related Payment Date. For the avoidance of doubt, nothing herein or in any other Transaction document shall require the Servicer to make any payment due under the Swap Contract. To the extent that the Servicer fails to make any Debt Service Advance required hereunder, the Indenture Trustee by 2:00 p.m. (New York time) on such Payment Date shall make such Debt Service Advance pursuant to the terms of this Agreement, in each case unless such Advance is determined to be a Nonrecoverable Debt Service Advance. The Servicer’s obligation to make Debt Service Advances with respect to the Class A-FL Notes will be limited to the obligation to make such payments to the Floating Rate Account with respect to interest on the Class A-FL Notes of each Series at a fixed rate equal to (and determined on the same basis as) the Class A-FX Note Rate of such Series.
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Debt Service Advances. If the Senior Notes Interest Shortfall Amount, as determined pursuant to Section 5.14(b), is greater than zero, in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (New York City time) on the
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Debt Service Advances. Subject to the terms and conditions of this Agreement and the Indenture, if the Borrower or the Manager determines on any Quarterly Calculation Date that there are insufficient funds available in the Senior Notes Interest Payment Account (including funds that are available in the Indenture Trust Accounts to pay such amounts on such Quarterly Payment Date in accordance with Section 5.14(a) of the Base Indenture) to pay the Senior Notes Quarterly Interest Amount (but, for the avoidance of doubt, no other amounts) due on the applicable Quarterly Payment Date, solely to the extent there are insufficient funds available in the Advance Funding Reserve Account, the Manager shall deliver an executed advance request in the form of Exhibit A hereto with respect to such Advance (each such request, an “Advance Request”) by no later than 11:00 (New York City time) one (1) business day prior to such Quarterly Payment Date, specifying the Debt Service Advance amount required to be paid by the Advance Funding Providers, to the Advance Funding Providers (with copies to the Back-Up Manager). Subject to Sections 2.01(e) and (f), the Advance Funding Providers shall make a Debt Service Advance in an amount equal to such requested amount no later than 3:00 p.m. (New York City time) on the Business Day prior to such Quarterly Payment Date.
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Debt Service Advances. (i) If, on the Manager Remittance Date, the sum of (i) the amount of funds on deposit in the Debt Service Sub-Accounts on such day and (ii) the amount on deposit in the Liquidity Reserve Sub-Account on such day is insufficient to pay the Monthly Payment Amount, then the Manager, subject to Section 9(d)(ii), will be required to make a Debt Service Advance not later than 1:00 p.m. (New York City time) on the Manager Remittance Date for the related Payment Date. To the extent that the Manager fails to make any Debt Service Advance required hereunder, the Indenture Trustee, upon written request of the Manager and subject to Section 9(d)(ii), by 3:00 p.m. (New York City time) on such Payment Date, shall make such Debt Service Advance pursuant to the terms of this Agreement.
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Related to Debt Service Advances

  • Term Advances The Borrower shall pay to the Administrative Agent for the ratable benefit of each Term Lender the aggregate outstanding principal amount of the Term Advances in quarterly installments each equal to $412,500 (which is equal to five percent (5%) of $8,250,000). Such quarterly installments shall be due and payable on each March 31st, June 30th, September 30th, and December 31st, commencing with December 31, 2012, and a final installment of the remaining, unpaid principal balance of the Term Advances payable on the Term Maturity Date.

  • Disbursement of Loans Not later than 1:00 p.m. (Chicago time) on the date of any requested advance of a new Borrowing, subject to Section 7 hereof, each Lender shall make available its Loan comprising part of such Borrowing in funds immediately available at the principal office of the Administrative Agent in Chicago, Illinois (or at such other location as the Administrative Agent shall designate). The Administrative Agent shall make the proceeds of each new Borrowing available to the Borrower on the date of such Borrowing as instructed by the Borrower.

  • Repayment and Amortization of Loans; Evidence of Debt (a) The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the earlier of the Maturity Date and demand by the Administrative Agent, and (iii) to the Administrative Agent the then unpaid principal amount of each Overadvance on the earlier of the Maturity Date and demand by the Administrative Agent.

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Application of Prepayments of Loans to Base Rate Loans and Eurodollar Rate Loans Considering each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by Borrower pursuant to Section 2.18(c).

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

  • Loans, Advances, Investments, Etc Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to make, any Investment in any other Person except for Permitted Investments.

  • Base Rate Advances During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to time plus (y) the Applicable Margin in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Base Rate Advance shall be Converted or paid in full.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

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