Existing P&I Advances definition
Examples of Existing P&I Advances in a sentence
On each Funding Date during the Funding Period, the Seller shall sell and/or contribute to the Issuer and the Issuer shall acquire from the Seller, in accordance with the procedures and subject to the terms and conditions set forth herein and in the Indenture, Additional Receivables representing the contractual rights to be reimbursed for all of the P&I Advances with respect to the REMIC Trusts not previously sold and contributed to the Issuer (other than Existing P&I Advances and Extension Advances).
Except with respect to the Existing P&I Advances contributed to the Tranche A SPE, the Initial Receivables to be sold and contributed to the Issuer on the Closing Date shall consist of all of the P&I Advances with respect to the REMIC Trusts as of the Closing Date.