Common use of Periodic Advances Clause in Contracts

Periodic Advances. (a) If, on any Payment Date, the Servicer determines that any Monthly Payments due on the Due Date immediately preceding such Payment Date have not been received as of the close of business on the Business Day preceding such Payment Date, the Servicer shall determine the amount of any Periodic Advance required to be made with respect to the related Payment Date. The Servicer shall, on or prior to such Payment Date, furnish a statement to the Indenture Trustee (the information in such statement to be made available to the Initial Noteholder upon request) setting forth the amount of such Monthly Payments which were not received as of the close of business on the Business Day preceding the related Payment Date, and shall include in the amount to be deposited in the Collection Account on such Payment Date an amount equal to the Periodic Advance, if any, from its own funds. (b) The Servicer shall designate on its records the specific Loans and related installments (or portions thereof) as to which such Periodic Advance shall be deemed to have been made for purposes of withdrawals from the Collection Account pursuant to SECTION 5.01(c)(1).

Periodic Advances. (a) If, on any Payment Date, the Servicer determines that any Monthly Payments due on the Due Date immediately preceding such Payment Date have not been received as of the close of business on the Business Day preceding such Payment Date, the Servicer shall determine the amount of any Periodic Advance required to be made with respect to the related Payment Date. The Servicer shall, on or prior to such Payment Date, furnish a statement to the Indenture Trustee (the information in such statement to be made available to the Initial Noteholder upon request) setting forth the amount of such Monthly Payments which were not received as of the close of business on the Business Day preceding the related Payment Date, and shall include in the amount to be deposited in the Collection Account on such Payment Date an amount equal to the Periodic Advance, if any, from its own funds. (b) The Servicer shall designate on its records the specific Loans and related installments (or portions thereof) as to which such Periodic Advance shall be deemed to have been made for purposes of withdrawals from the Collection Account pursuant to SECTION 5.01(c)(15.01(C)(1).