Examples of Advance Reduction in a sentence
Fees & Expenses Paid by/to Servicer 0.00 Interest Paid to Servicer on Outstanding Advances 0.00 ASER Interest Advance Reduction 0.00 Interest Not Advanced (Current Period) 0.00 Recoup of Prior Advances by Servicer 0.00 Servicing Fees Paid Servicer on Loans Not Advanced 0.00 Misc.
The related Concentration Limit Advance Reduction shall be paid on the earliest to occur of (A) the next following Remittance Date, (B) the next following Funding Date,(C) the next following date of Optional Repayment pursuant to Section 2(g)(ii) and (D) two (2) Business Days following notice or discovery by such Borrower that such Concentration Limit has been breached.
With respect to any determination pursuant to Section 2(i)(iii)(A) that a Concentration Limit Advance Reduction needs to be paid, the Administrative Agent shall communicate to the Borrower in writing by the Payment Notification Time, its calculation of the Concentration Limit Advance Reduction.
These five transaction types are: Obligation Limitation Obligation Cost Summary Advance of Funds Advance Reduction VoucherExplanations of each of these transaction types follow.Obligation Limitation – The “Obligation Limitation” establishes the amount of federal funds available for expenditure under NHTSA 402 and designated incentive grant funds.
With respect to each Advance for which the Administrative Agent has communicated its calculation of the Repayment Amount, Advance Reduction or Concentration Limit Advance Reduction by the Payment Notification Time, the Borrower shall pay to the Administrative Agent the Repayment Amount, Advance Reduction or Concentration Limit Advance Reduction, as applicable, for each Advance on the immediately following Remittance Date.
With respect to any determination pursuant to Section 2 (i)(ii)(A) that an Advance Reduction needs to be paid, the Administrative Agent shall communicate to the Borrower in writing by such Payment Notification Time, its calculation of Advance Reduction.
The related Advance Reduction shall be paid on the earliest to occur of (A) the next following Remittance Date, (B) the next following Funding Date, (C) the next following date of Optional Repayment pursuant to Section 2(g)(ii) and (D) two (2) Business Days following the determination by Borrower Representative of such Borrowing Base Deficiency.
In connection with any Concentration Limit Advance Reduction as provided in this Section 2(i)(iii)(A), the Borrower shall be entitled to request the release of the related Financed Property per clause 2(i)(iii)(B) below.
In connection with any Advance Reduction as provided in this Section 2(i)(ii)(A), the Borrower shall be entitled to request the release of the related Financed Property.
On each reduction of Advances Outstanding pursuant to Section 2.4(b), or on each repayment of Advances or each pledge of additional Eligible Loans, in each case to pay any Required Advance Reduction Amount pursuant to Section 2.6(b), the Borrower (and the Servicer on its behalf) will provide a Repayment Notice and a Borrowing Base Certificate, each updated as of such date, to the Administrative Agent and each Purchaser Agent (with a copy to the Trustee and the Backup Servicer).