Substitute Loan Clause Samples

Substitute Loan. A Loan substituted by a Seller for a Deleted Loan(s) which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit J, (a) have a Stated Principal Balance not in excess of, and not more than 10% less than, the Stated Principal Balance(s) of the Deleted Loans (such Stated Principal Balances to be measured as of the respective Due Dates in the month of substitution); (b) have an interest rate that is determined in the same manner as that of the Deleted Loans(s); (c) have a Mortgage Rate not lower than, and not more than 1% per annum higher than, that of the Deleted Loan(s); (d) have a Combined Loan-to-Value Ratio not higher than that of the Deleted Loan(s); (e) have a debt to income ratio not higher than that of the Deleted Loan(s); (f) have been originated pursuant to the same underwriting standards as the Deleted Loan(s); (g) have a remaining term to maturity not greater than, and not more than one year less than, that of the Deleted Loan(s); and (h) comply, as of the date of substitution, with each representation and warranty set forth or referred to in Section 2.03. The meaning ascribed to such term pursuant to Section 2.03. The account established and maintained by the Trustee pursuant to Section 3A.01. The Master Agreement dated as of September 28, 2006 (including the Schedule thereto and the Transaction (as defined in the Swap Agreement) thereunder evidenced by the Confirmation (as defined in the Swap Agreement) bearing the reference number N512429N dated as of September 28, 2006), relating to the Transaction, by and between the Swap Counterparty and the Trustee not in its individual capacity, but solely as trustee of the External Trust relating to the Popular ABS, Inc. Mortgage Pass-Through Certificates, Series 2006-D. As to the Class B-1 Certificates and as of any Distribution Date, the lesser of (a) the Swap Unpaid Realized Loss Amount for the Class B-1 Certificates as of that Distribution Date and (b) the excess of (i) the Swap Distribution Amount over (ii) the sum of the amounts described in clauses (i) through (xxx) of Section 4.02(e) for that Distribution Date. As to the Class B-2 Certificates and as of any Distribution Date, the lesser of (a) the Swap Unpaid Realized Loss Amount for the Class B-2 Certificates as of that Distribution Date and (b) the excess of (i) the Swap Distribution Amount over (ii) the sum of the amounts described in clauses (i) through (xxxi) of Section 4.02(e) for...