Eligible Substitute Contract means, as to any Replaced Contract for which such Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), a Contract that (a) as of the date of its substitution, satisfies all of the representations and warranties (which, except when expressly stated to be as of origination, shall be deemed to be determined as of the date of its substitution rather than as of the Cut-off Date or the Closing Date) in Section 3.02 and does not cause any of the representations and warranties in Section 3.03, after giving effect to such substitution, to be incorrect, (b) after giving effect to the scheduled payment due in the month of such substitution, has a Scheduled Principal Balance that is not greater than the Scheduled Principal Balance of such Replaced Contract, (c) has a Contract Rate that is at least equal to the Contract Rate of such Replaced Contract, (d) has a remaining term to scheduled maturity that is not greater than the remaining term to scheduled maturity of the Replaced Contract, and (e) is a Land-and-Home Contract if the Replaced Contract is a Land-and-Home Contract and is otherwise secured by a Manufactured Home that is similar in type and value to the collateral serving the Replaced Contract. If more than one Contract is being substituted pursuant to Section 3.05(b) for more than one Replaced Contract on a particular date, then the conditions specified above shall be applied to the Contracts being substituted, in the aggregate, and the Replaced Contracts, in the aggregate.
Eligible Substitute Contract means, as to any Replaced Contract for which such Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), a Contract that (a) as of the date of its substitution, satisfies all of the representations and warranties (which, except when expressly stated to be as of origination, shall be deemed to be determined as of the date of its substitution rather than as of the Cut-off Date or the Closing Date) in Section 3.02 and does not cause any of the representations and warranties in Section 3.03, after giving effect to such substitution, to be incorrect, (b) after giving effect to the scheduled payment due in the month of such substitution, has a Scheduled Principal Balance that is not greater than the Scheduled Principal Balance of such Replaced Contract, (c) has a Contract Rate that is at least equal to the Contract Rate of such Replaced Contract and (d) has a remaining term to scheduled maturity that is not greater than the remaining term to scheduled maturity of the Replaced Contract.
Eligible Substitute Contract. As to any Replaced Contract for which such Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), a Contract that (a) as of the date of its substitution, satisfies all of the representations and warranties (which, except when expressly stated to be as of origination, shall be deemed to be determined as of the date of its substitution rather than as of the Cut-off Date or the Closing Date) in Section 3.02 and does not cause any of the representations and warranties in Section 3.03, after giving effect to such substitution, to be incorrect, (b) after giving effect to the scheduled payment or payments due in the month of such substitution, has a Scheduled Principal Balance that is not greater than the Scheduled Principal Balance of such Replaced Contract, (c) has an APR that is at least equal to the APR of such Replaced Contract, (d) has a remaining term to scheduled maturity that is not greater than the remaining term to scheduled maturity of the Replaced Contract, (e) has not been delinquent for more than 31 days as to any scheduled payment due within twelve months of the date of its substitution, (f) if the Replaced Contract is secured by a Manufactured Home which was new at the time of origination, it shall be replaced by a new Eligible Substitute Contract and (g) if the Replaced Contract is secured by a Manufactured Home which is a double-wide, the Eligible Substitute Contract shall be a double-wide. Notwithstanding the foregoing, in the event that on any date more than one Eligible Substitute Contract is substituted for one or more Replaced Contracts, the requirement set forth in clause (b) above with respect to Scheduled Principal Balance may be satisfied if the aggregate of the Scheduled Principal Balances of such Eligible Substitute Contracts is not greater than the aggregate of the Scheduled Principal Balances of such Replaced Contracts; the requirement set forth in clause (c) above with respect to APR may be satisfied if the weighted average APR of such Eligible Substitute Contracts is at least equal to the weighted average APR of such Replaced Contracts (provided that the APR of each Eligible Substitute Contract to be substituted for a Fixed Rate Contract shall be equal to or greater than the Weighted Average Net Contract Rate); the requirement set forth in clause (d) above with respect to remaining term to scheduled maturity may be satisfied if the weighted average remaining term to scheduled maturity of such Eligible Subs...
Examples of Eligible Substitute Contract in a sentence
Notwithstanding the foregoing, the Originator shall repurchase any Land-and-Home Contract, at such Contract's Repurchase Price, or substitute for it an Eligible Substitute Contract as described in Section 3.06(b), if the Seller has failed to deliver the related Land-and-Home Contract File to the Trustee within 30 days of the Closing Date.
In the event that any Opinion of Counsel referred to in the preceding sentence is not obtainable with respect to a state after reasonable effort, then the Company shall either record the assignments of mortgage for each Land-and-Home Contract located in such state or substitute an Eligible Substitute Contract (which would not be a Land-and-Home Contract in such state) for each Land-and-Home Contract in such state, in each case, within 90 days of the Closing Date.
Upon such deposit of the Repurchase Price or receipt of such Eligible Substitute Contract and related deposit of any additional amount under Section 3.05(b)(vii), the Servicer shall be deemed to have released any claims to such Contract as a result of Advances with respect to such Contract.
Upon assignment to the Depositor of any Eligible Substitute Contract under the Asset Purchase Agreement, the Depositor shall, and hereby does, assign the same to the Issuer.
Notwithstanding the foregoing, the Company shall repurchase any Land-and-Home Contract, at such Contract's Repurchase Price, or substitute for it an Eligible Substitute Contract as described in Section 3.05(b), if the Company has failed to deliver the related Land-and-Home Contract File to the Trustee within 30 days of the Closing Date.
More Definitions of Eligible Substitute Contract
Eligible Substitute Contract. As to any Replaced Contract for which such Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), a Contract that (a) as of the date of its substitution, satisfies all of the representations and warranties (which, except when expressly stated to be as of origination, shall be deemed to be determined as of the date of its substitution rather than as of the Cut-Off Date or the Closing Date) in Section 3.02 and does not cause any of the representations and warranties in Section 3.03, after giving effect to such substitution, to be incorrect, (b) after giving effect to the Scheduled Payment due in the month of such substitution, has a Scheduled Principal Balance that is not greater than the Scheduled Principal Balance of such Replaced Contract, (c) has a Contract Rate that is at least equal to the Contract Rate of such Replaced Contract, (d) has a remaining term to scheduled maturity that is not greater than the remaining term to scheduled maturity of the Replaced Contract, and (e) has not been delinquent for more than 31 days as to any Scheduled Payment due within twelve months of the date of its substitution. In addition, an Eligible Substitute Contract which is a Land Home Contract may only be used to replace a Replaced Contract which was a Land Home Contract.
Eligible Substitute Contract means, as to any Replaced Contract for which such Eligible Substitute Contract is being substituted pursuant to Section 3.06(b), a Contract that
Eligible Substitute Contract means, as to any Replaced Contract for which ---------------------------- such Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), a Contract that (a) as of the date of its substitution, satisfies all of the representations and warranties (which, except when expressly stated to be as of origination, shall be deemed to be determined as of the date of its substitution rather than as of the Cut-off Date, Subsequent Cut-off Date or the Closing Date) in Section 3.02 and does not cause any of the representations and warranties in Section 3.03, after giving effect to such substitution, to be incorrect, (b) after giving effect to the scheduled payment due in the month of such substitution, has a Scheduled Principal Balance that is not greater than the Scheduled Principal Balance of such Replaced Contract, (c) has a Contract Interest Rate that is at least equal to the Contract Interest Rate of such Replaced Contract, (d) has a remaining term to scheduled maturity that is not greater than the remaining term to scheduled maturity of the Replaced Contract, and (e) if an Adjustable Rate Home Equity Contract, bears interest at a Contract Interest Rate that (i) is subject to adjustment based on the same index as the Replaced Contract, (ii) is calculated by adding a specified percentage amount (the "gross margin") to the index that is no less than the gross margin on the Replaced Contract, and (iii) is subject to a minimum rate of interest no less than the minimum rate of interest on the Replaced Contract and a maximum rate of interest no more than 1.0% greater than the rate of interest on the Replaced Contract.
Eligible Substitute Contract means, as to any Replaced Contract for which ---------------------------- such Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), a Contract
Eligible Substitute Contract means, as to any Replaced Contract for which such Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), a Contract that (a) as of the date of its substitution, satisfies all of the representations and warranties (which, except when expressly stated to be as of origination, shall be deemed to be determined as of the date of its substitution rather than as of the Cut-off Date, the Subsequent Cut-off Date or the Closing Date) in Section 3.02 and does not cause any of the representations and warranties in Section 3.03, after giving effect to such substitution, to be incorrect, (b) after giving effect to the scheduled payment due in the month of such substitution, has a Scheduled Principal Balance that is not greater than the Scheduled Principal Balance of such Replaced Contract, (c) has a Contract Rate that is at least equal to the Contract Rate of such Replaced Contract, (d) has a remaining term to scheduled maturity that is not greater than the remaining term to scheduled maturity of the Replaced Contract, and (e) is secured by a Manufactured Home that is similar in type and value to the collateral serving the Replaced Contract. If more than one Contract is being substituted pursuant to Section 3.05(b) for more than one Replaced Contract on a particular date, then the conditions specified above shall be applied to the Contracts being substituted, in the aggregate, and the Replaced Contracts, in the aggregate.
Eligible Substitute Contract means, as to (1) any Replaced Contract for which an Eligible Substitute Contract is being substituted pursuant to Section 3.05(b), and (2) any Prepaid Contract for which an Eligible Substitute Contract is being substituted pursuant to Section 2.06, a Contract that (a) as of the date of its substitution, satisfies all of the representations and warranties (which, except when expressly stated to be as of origination, shall be deemed to be made as of the date of its substitution rather than as of the Cut-off Date or the Closing Date) in Section 3.02 and does not cause any of the representations and warranties in Section 3.03, after giving effect to such substitution, to be incorrect, (b) after giving effect to the scheduled payment due in the month of such substitution, has a Scheduled Principal Balance that is not greater than the Scheduled Principal Balance of such Replaced Contract or, but for such Principal Prepayment in Full, the Scheduled
Eligible Substitute Contract. As to any Replaced Contract for which such Eligible Substitute Contract is being substituted pursuant to Section 2.06(b) of the Sale and Servicing Agreement or Section 2(c)(2) of the Contract Purchase Agreement, as applicable, a Contract that (a) as of the date of its substitution, satisfies all of the representations and warranties (which, except when expressly stated to be as of origination, shall be deemed to be determined as of the date of its substitution rather than as of the Cut-off Date or the Closing Date) in Section 2.05 of the Sale and Servicing Agreement or Section 2(b) of the Contract Purchase Agreement, as applicable, (b) after giving effect to the Scheduled Payment due in the month of such substitution, has a Principal Balance that is not greater than the Principal Balance of such Replaced Contract, (c) has a Contract Rate that is at least equal to the Contract Rate of such Replaced Contract, (d) has a remaining term to scheduled maturity that is not greater than the remaining term to scheduled maturity of the Replaced Contract, and (e) has not been delinquent a greater number of days as to any Scheduled Payment due within twelve months as of the date of its substitution than the Replaced Contract was as of the Cut-off Date. In addition, an Eligible Substitute Contract which is a Land Home Contract may only be used to replace a Replaced Contract which was a Land Home Contract.