Common use of Substitution of Warranty Loans Clause in Contracts

Substitution of Warranty Loans. If on any day a Loan is, or becomes, a Warranty Loan, the Borrower shall: (1) cure any related Borrowing Base Deficiency within the time period required by this Agreement; and (2) unless the related Warranty Event has been cured, no later than the date that is thirty (30) days following the earlier of actual knowledge by the Borrower or the Seller of such Loan becoming a Warranty Loan or receipt by the Borrower or the Seller from the Administrative Agent or the Collateral Agent of written notice thereof, either: (A) make a deposit in the Collection Account in immediately in available funds in an amount equal to the sum of (a) the Outstanding Balance of such Loan and (b) any accrued and unpaid interest thereon (the “Repurchase Price”); or (B) subject to the satisfaction of the conditions set forth in Section 2.14(b)(i), substitute for such Warranty Loan a Substitute Loan.

Substitution of Warranty Loans. If on any day a Loan is, or becomes, a Warranty Loan, the Borrower shall: (1) cure any related Borrowing Base Deficiency within the time period required by this Agreement; and (2) unless the related Warranty Event has been cured, no later than the date that is thirty (30) days following the earlier of actual knowledge by the Borrower or the Seller of such Loan becoming a Warranty Loan or receipt by the Borrower or the Seller from the Administrative Agent or the Collateral Agent of written notice thereof, either: (A) make a deposit in the Collection Account in immediately in available funds in an amount equal to the sum of (a) the Outstanding Balance of such Loan and (b) any accrued and unpaid interest thereon (the ““ Repurchase PricePrice ”); or (B) subject to the satisfaction of the conditions set forth in Section 2.14(b)(i)) , substitute for such Warranty Loan a Substitute Loan.