OPTIONAL SUBSTITUTION OF MORTGAGE LOANS. During the three-month period beginning on the Closing Date, the Depositor shall have the right, but not the obligation, in its sole discretion for any reason, to substitute for any Mortgage Loan, an Eligible Substitute Mortgage Loan. Any such substitution shall be carried out in the manner described in Section 2.03. The Substitution Adjustment Amount, if any, plus accrued interest thereon and the other amounts referred to in Section 2.03, shall be deposited in the Distribution Account. For purposes of determining the Substitution Adjustment Amount for any Mortgage Loan substituted pursuant to this Section 2.08, the purchase price for such Mortgage Loan shall be the Purchase Price.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-4 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust)
OPTIONAL SUBSTITUTION OF MORTGAGE LOANS. During the three-month period beginning on the Closing Date, the Depositor shall have the right, but not the obligation, in its sole discretion for any reason, to substitute for any Mortgage Loan, an Eligible Substitute Mortgage Loan. Any such substitution shall be carried out in the manner described in Section 2.03. The Substitution Adjustment Amount, if any, plus accrued interest thereon and the other amounts referred to in Section 2.03, shall be deposited in the Distribution Certificate Account. For purposes of determining the Substitution Adjustment Amount for any Mortgage Loan substituted pursuant to this Section 2.08, the purchase price for such Mortgage Loan shall be the Purchase Price.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2005-1 Trust), Pooling and Servicing Agreement (Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust)
