Substitute Loans definition

Substitute Loans has the meaning assigned thereto in Section 16.

Substitute Loans means, for purposes of this Agreement, the Substitute Loans listed in the Subsequent List of Loans attached hereto as Exhibit A.]

Substitute Loans shall have the meaning provided in Section 6.01.

Examples of Substitute Loans in a sentence

• In connection therewith, the Seller shall repurchase or substitute one or more Substitute Loans for the affected Loan within 90 days of the earlier of discovery or receipt of such notice with respect to such affected Loan.

• Monthly Payments due with respect to Substitute Loans in the month of substitution are not a part of the Trust Fund and will be retained by the Servicer.

• The Servicer shall amend or cause to be amended the Mortgage Loan Schedule to reflect the removal of such Mortgage Loan and the substitution of the Eligible Substitute Loans and the Servicer shall promptly deliver the amended Mortgage Loan Schedule to the Owner Trustee and Indenture Trustee.

• In lieu of repurchasing any such Loan as provided above, if so provided in the Mortgage Loan Purchase Agreement, the Seller may cause such Loan to be removed from REMIC I (in which case it shall become a Deleted Loan) and substitute one or more Substitute Loans in the manner and subject to the limitations set forth in Section 2.3(b).

• Monthly Payments due with respect to Substitute Loans in the month of substitution are not part of REMIC I and shall be retained by the Seller.

More Definitions of Substitute Loans

Substitute Loans means residential mortgage loans (a) with an aggregate value which is equal to or greater than the Repurchase Price; and (b) which KMC, acting as a Prudent Mortgage Lender, considers to have similar or better credit characteristics than the Loan(s) to be repurchased, together with its related Mortgages and Mortgage Rights, which are substituted into the Mortgage Pool by the Seller following a breach of Warranty;

Substitute Loans means any additional consumer mobile home purchase loans owned by seller as may be acceptable to purchaser, in its

Substitute Loans. As defined in Section 2.07 of the Pooling and Servicing Agreement.

Substitute Loans is defined in Section 3.5.

Substitute Loans has the meaning defined in Section 2.6.

Substitute Loans means with respect to the Loans, DSRA LC Loans and the Energy Hedge LC Loan as certified by any Lender to Borrower, a reasonable alternative basis for making available or, as the case may be, maintaining such Lender’s Proportionate Share of Loans, DSRA LC Loans or the Energy Hedge LC Loan, including alternative interest periods, alternative types of Loans, DSRA LC Loans or the Energy Hedge LC Loan, alternative currencies or alternative rates of interest, provided that the margin above the cost of funds to such Lender is equivalent to the margin otherwise payable to such Lender pursuant to the Financing Agreement.

Substitute Loans means with respect to the Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans and Project Agreement LC Loans as certified by any Lender to Borrower, a reasonable alternative basis for making available or, as the case may be, maintaining such Lender’s Proportionate Share of Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC Loans, including alternative interest periods, alternative types of Loans, Cash Collateral Loans, DSRA LC Loans, Energy Hedge LC Loans or Project Agreement LC Loans, alternative currencies or alternative rates of interest, provided that the margin above the cost of funds to such Lender is equivalent to the margin otherwise payable to such Lender pursuant to the Financing Agreement.