Renewal Loan Replacement definition

Renewal Loan Replacement means a Renewal effected by the Servicer or any Subservicer on behalf of the Issuer, after the Closing Date and during the Revolving Period, and so long as it is an Eligible Loan, in which (a) the applicable Renewal Loan (including the amount of the related Renewal Loan Advance) is sold by the Seller to the Depositor and conveyed by the Depositor to the Issuer and (b) the existing Contract with respect to the applicable Terminated Loan is terminated on the day such Renewal is effected.
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Renewal Loan Replacement means a Renewal effected on or prior to the last day of the Revolving Period in which (a) the applicable Renewal Loan (including the amount of the related Renewal Loan Advance) is sold by the applicable Seller to the Depositor and the Depositor Loan Trustee for the benefit of the Depositor and transferred by the Depositor and the Depositor Loan Trustee for the benefit of the Depositor to the Issuer and the Issuer Loan Trustee for the benefit of the Issuer and (b) the existing Loan Agreement with respect to the applicable Terminated Loan is terminated and replaced, on the day such Renewal is effected; provided, however, that if the Revolving Period is reinstated following the occurrence of an Early Amortization Event as contemplated in the definition of “Revolving Period,” the capacity to effect Renewal Loan Replacements shall be reinstated as well (subject to termination upon any subsequent expiration or termination of the Revolving Period).
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Examples of Renewal Loan Replacement in a sentence

  • Such assignment shall be effective as of the date such Renewal Loan Replacement is effected, which date shall also be the Addition Date with respect thereto.

  • In connection with each Renewal Loan Replacement, the Seller and the Depositor will be required, within two (2) Business Days of the date of such Renewal Loan Replacement, to deliver to the Depositor and the Issuer the Renewal File.

  • In connection with any Renewal that constitutes a Renewal Loan Replacement, such marking of the electronic records shall include recordation of the loan number for the Terminated Loan subject to such Renewal in the Renewal File for the Renewal Loan.

  • The Cut-Off Date with respect to the related Renewal Loan Replacement will be the date of such Renewal Loan Replacement.

  • Immediately upon effecting any such Renewal Loan Replacement, the Seller shall ▇▇▇▇ its electronic records with respect to the related Renewal Loan with the designation required by Section 2.01(c).

  • During the Revolving Period, the Depositor hereby agrees to, and immediately upon any Renewal Loan Replacement being effected and without further action hereby does, sell, transfer, assign, sets-over and otherwise convey, automatically and without further action, all of its rights as described in Section 2.01 above to each such Renewal Loan (to the extent not previously conveyed) to the Issuer.

  • In connection with any Renewal that does not constitute a Renewal Loan Replacement, on the day on which the Seller pays the Terminated Loan Price with respect to the Terminated Loan in immediately available funds to the Servicer pursuant to the Loan Purchase Agreement, for deposit into the Collection Account, the Servicer shall deposit such amounts in immediately available funds into such account on such date.

  • Immediately upon such Renewal Loan Replacement being effected, the Depositor shall ▇▇▇▇ its electronic records with respect to the related Renewal Loan with the designation required by Section 2.01(d).

  • The Issuer does hereby authorize the Servicer and Subservicers on the Issuer’s behalf to effect Renewals of Loans and, with respect to each Renewal, to elect whether to effect a Renewal Loan Replacement or to elect to receive the Terminated Loan Price; provided, that, the Servicer shall not take any action that would cause the Depositor or the Issuer to violate the Indenture or the Sale and Servicing Agreement.

  • Such assignment shall be effective as of the date such on the date on which a Renewal Loan Replacement is effected, which shall also be the Addition Date with respect to such Renewal Loan.