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GLOSSARY: Enter search term:
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Glossary Term: ADVANCES

Definition(s) for ADVANCES:


1. ) Amounts Advanced By The Servicer To The Trust For Shortfalls In Scheduled Payments Of Interest On The Receivables, In An Amount Equal To The Difference Between (1) The Product Of The Principal Balance Of Each Receivable As Of The First Day Of The Related Collection Period And One-Twelfth Of Its Apr, And (2) The Amount Of Interest (And Principal In The Case Of A Precomputed Receivable) Actually Received From The Obligor, If Less


See Also:
FHLB ADVANCES, SERVICING ADVANCES


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