Related Payment Date definition
Examples of Related Payment Date in a sentence
The Borrower shall render (or cause to be rendered) an accounting (each, a “Payment Date Report”), determined as of the close of business on each Determination Date preceding a Payment Date (such Determination Date, a “Payment Date Report Determination Date”), and shall deliver such Payment Date Report to the Agents, the Servicer and each Lender not later than the second Business Day preceding the related Payment Date.
If, as of the last day of any Collection Period, the aggregate Securitization Value of the 2026-A Series Assets is less than or equal to 10% of the initial aggregate Securitization Value of the 2026-A Series Assets as of the Cutoff Date, the Servicer shall have the option to purchase (and/or to designate one or more other parties to purchase) the 2026-A Series Certificate from the Issuing Entity on the related Payment Date (“Optional Purchase”).
If the Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the Collection Account by noon, New York City time, on the Business Day prior to the related Payment Date only the net amount distributable to Persons other than the Servicer and its Affiliates on such Payment Date.
Notwithstanding the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate remittance schedule (but not later than the Business Day prior to the related Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule.
If the Servicer (or its designee) exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole but not in part on the related Payment Date for the Redemption Price.
All payments of principal and interest on the Loans and fees with respect to the Loans shall be paid by each Borrower to the Lenders reflected in the Register maintained by the Administrative Agent as of the related Record Date, based on their respective, Pro Rata Shares, by wire transfer of immediately available funds for receipt prior to 11:00 a.m. (New York City time) on the related Payment Date.
If the Servicer exercises the Optional Purchase, the Servicer (and/or its designee) shall deposit, subject to Section 8.04 of the Servicing Agreement, the Optional Purchase Price into the 2026-A Series Collection Account on the Deposit Date relating to the related Payment Date.