Common use of Substitution of Mortgage Loans Clause in Contracts

Substitution of Mortgage Loans. (a) On a Determination Date which is on or before the date on which the Seller would otherwise be required to repurchase a Mortgage Loan under Sections 2.02, 2.04 or 2.10, the Seller may deliver to the Trust one or more Eligible Substitute Mortgage Loans in substitution for any one or more of the Defective Mortgage Loans or Locked Loans which the Seller would otherwise be required to repurchase pursuant to Sections 2.02, 2.04 or 2.10. In connection with any such substitution, the Seller shall calculate the Substitution Adjustment, if any, and shall deposit such amount to the Collection Account by 12:00 p.m. New York City time on the third Business Day prior to the Payment Date in the month succeeding the calendar month in which the related cure period expired.

Substitution of Mortgage Loans. (a) Section 2.07 On a Determination Date which is on or before the date on which the Seller would otherwise be required to repurchase a Mortgage Loan under Sections 2.02, 2.04 or 2.10, the Seller may deliver to the Trust one or more Eligible Substitute Mortgage Loans in substitution for any one or more of the Defective Mortgage Loans or Locked Loans which the Seller would otherwise be required to repurchase pursuant to Sections 2.02, 2.04 or 2.10. In connection with any such substitution, the Seller shall calculate the Substitution Adjustment, if any, and shall deposit such amount to the Collection Account by 12:00 p.m. New York City time on the third Business Day prior to the Payment Date in the month succeeding the calendar month in which the related cure period expired.