Limitation on Optional Repurchases and Substitutions of Timeshare Loans. The aggregate Cut-Off Date Loan Balance of Defaulted Timeshare Loans that may be repurchased and of Defaulted Timeshare Loans that may be substituted pursuant to Section 6(b) shall be limited on any date to 15% and 20%, respectively, of the Aggregate Loan Balance on the Initial Cut-Off Date less the sum of the Loan Balances of all Defaulted Timeshare Loans (as of the date they became Defaulted Timeshare Loans) previously repurchased or substituted, as applicable, at the Seller’s option.
Appears in 5 contracts
Samples: Sale Agreement (Diamond Resorts International, Inc.), Sale Agreement (Diamond Resorts International, Inc.), Sale Agreement (Diamond Resorts International, Inc.)
Limitation on Optional Repurchases and Substitutions of Timeshare Loans. The aggregate Cut-Off Date Loan Balance of Defaulted Timeshare Loans that may be repurchased and of Defaulted Timeshare Loans that may be substituted pursuant to Section 6(b) shall be limited on any date to 15% and 20%, respectively, of the Aggregate Loan Balance on the Initial Cut-Off Date less the sum of the Loan Balances of all Defaulted Timeshare Loans (as of the date they became Defaulted Timeshare Loans) previously repurchased or substituted, as applicable, at the Seller’s option.. (d)
Appears in 1 contract
Samples: Sale Agreement