Refinanced Re-Write Contracts Sample Clauses

Refinanced Re-Write Contracts. The Borrower shall not permit any Pledged Contract to be refinanced or otherwise become a “re-write” contract in accordance with the terms of the Credit and Collection Policy, unless: (i) the applicable Obligor or another third party by or on-behalf of the applicable Obligor has initiated the request for the “re-write”, (ii) such Pledged Contract is replaced in full (and treated as a replacement in full on the books and records of the Borrower and the Servicer) in accordance with the terms of the Credit and Collection Policy, (iii) cash proceeds in connection with such refinancing, in an amount not less than the Outstanding Balance of such Contract and all accrued and unpaid interest thereon at such time (the “Re-write Refinance Amount”), are deposited by or on behalf of the Borrower into the Collection Account the same manner and in accordance with the provisions set forth in Section 5.01(o) for the deposit of Add-on Refinance Amounts. Notwithstanding anything herein to the contrary, the sum of the Re-write Refinance Amount for any Monthly Period shall not exceed 3% of all Collections for such Monthly Period.