Simple Interest Advance definition

Simple Interest Advance means, with respect to a Simple Interest Receivable, the amount, as of the last day of a Collection Period, which is advanced with respect to such Simple Interest Receivable by the Servicer pursuant to Section 4.4(a) of the Sale and Servicing Agreement.

Simple Interest Advance shall have the meaning specified in Section 4.04(a).

Simple Interest Advance means the amount of interest, as of the close of business on the last day of a Collection Period, which the Servicer is required to advance on the Simple Interest Receivables pursuant to Section 4.4(b) of the Sale and Servicing Agreement.

Examples of Simple Interest Advance in a sentence

• If the Servicer determines that there is a Simple Interest Shortfall for such related Collection Period, the Servicer shall make an advance (a "Simple Interest Advance") in the amount of such Simple Interest Shortfall and deposit such Simple Interest Advance into the Collection Account on or before the Business Day immediately preceding the next succeeding Payment Date.

• To the extent that the Servicer fails to make a Simple Interest Advance pursuant to Section 5.04(b) on the date required, the Servicer shall notify the Indenture Trustee to withdraw such amount (or, if determinable, such portion of such amount as does not represent advances for delinquent interest) from the Reserve Account and deposit such amount in the Collection Account.

• As of the close of business on the last day of each Collection Period, the Servicer will advance an amount equal to the amount of interest due on the Simple Interest Receivables at their respective APRs for the related Collection Period (assuming the Simple Interest Receivables pay on their respective due dates) minus the amount of interest actually received on the Simple Interest Receivables during the related Collection Period (such amount, a "Simple Interest Advance").

• All real and personal property owned by the Company shall be owned by the Company as an entity and no Member shall have any ownership interest in such property in its individual name or right, and each Member’s interest in the Company shall be deemed personal property for all purposes.

• To the extent that the Servicer fails to make a Simple Interest Advance pursuant to Section 5.04(b) on the date required, the Trustee shall withdraw such amount (or, if determinable, such portion of such amount as does not represent advances for delinquent interest) from the Reserve Account and deposit such amount in the Collection Account.

More Definitions of Simple Interest Advance

Simple Interest Advance means an advance in respect of interest on any Simple Interest Receivable in the amount determined as set forth in Section 5.04(a).

Simple Interest Advance. The amount, as of the last day of the related Monthly Period, which the Servicer is required to advance pursuant to Section 5.04(b) of the Trust Sale and Servicing Agreement.

Simple Interest Advance shall have the meaning specified in Section 14.04(a).

Simple Interest Advance means the amount of interest, as of the close ----------------------- of business on the last day of a Collection Period, which the Servicer is required to advance on the Simple Interest Receivables pursuant to Section 5.05(b).

Simple Interest Advance. The aggregate of the advances made by the Servicer pursuant to clause (iii) of the first sentence of Section 3.07(a), the amount of any such Simple Interest Advance with respect to a particular Collection Period being no more than the aggregate of the Simple Interest Advanceable Amounts in respect of the Mortgage Loans for such Collection Period.

Simple Interest Advance. The amount, as of the last day of the related Monthly Period, which the Servicer is required to advance pursuant to SUBSECTION 5.04(b) of the Trust Sale and Servicing Agreement.

Simple Interest Advance means, with respect to any Due Period and any Simple Interest Contract that was Outstanding as of the first day of such Due Period which had a Monthly Payment which was not timely made, an amount equal to (i) the product of (a) the Contract Principal Balance of such Contract on the first day of such Due Period and (b) one-twelfth of its APR, minus (ii) the amount of interest actually received on such Simple Interest Contract during such Due Period.