Substitute Contract definition

Substitute Contract means any Contract conveyed, assigned and transferred by the Depositor or CFUSA to the Trust pursuant to Section 2.04.

Substitute Contract shall have the meaning set forth in Section 3.04(b) hereof.

Substitute Contract means an Eligible Contract substituted by the Contributor pursuant to either Section 5.03 or Section 7.01 of the Amended and Restated Contribution and Servicing Agreement.

Examples of Substitute Contract in a sentence

• In connection with the substitution of a Contract, if the Discounted Contract Balance of such Substitute Contract is less than the Discounted Contract Balance of the Predecessor Contract, the Contributor shall, on the date of substitution, deposit an amount equal to such difference into the Collection Account.

• Upon any substitution of Contracts in accordance with the provisions of this Section 7, the Company's obligations hereunder with respect to the Predecessor Contract shall cease but the Contributor and the Company shall each thereafter have the same obligations with respect to the Substitute Contract substituted as it has with respect to all other Contracts subject to the terms hereof.

• No proceeds of the sale of any Initial Contract or Substitute Contract hereunder received by the Originator will be used by the Originator to purchase or carry any "margin stock" as such term is defined in Regulation G, T, U or X of the Board of Governors of the Federal Reserve System.

• The Depositor or the Servicer of a Contract may substitute for such Contract a Substitute Contract or Contracts pursuant to Section 2.02, 2.04 or 2.08, which substitution shall be accomplished within [three months] of the Closing Date and in the manner and subject to the conditions set forth in Section 2.07.

• 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.

More Definitions of Substitute Contract

Substitute Contract means a Contract that is (a) transferred to the Issuer under Section 2.04 with respect to which a related Substitution Event has occurred with respect to a Contract or Contracts then held in the Contracts Pool and identified in the related Addition Notice and (b) becomes part of the Contracts Pool.

Substitute Contract. The meaning specified in the Receivables Purchase Agreement.

Substitute Contract. On any day, an Eligible Contract which meets each of the conditions for substitution set forth in Schedule IV hereto.

Substitute Contract. A Contract substituted by the Depositor or the related Servicer for a Deleted Contract which must, on the date of such substitution, (i) have an outstanding Principal Balance, after deduction of the principal portion of the monthly payment due in the month of substitution (or in the case of a substitution of more than one Contract for a Deleted Contract, an aggregate Principal Balance), not in excess of the Principal Balance of the Deleted Contract [and not less than __% of Principal Balance of the Deleted Contract] (the amount of any shortage will be deposited by the Depositor or the Servicer in the Certificate Account and distributed by the Master Servicer to Certificateholders in the month of substitution); (ii) have an APR not less than the APR of the Deleted Contract but not greater than __% in excess of the APR of the Deleted Contract; (iii) have a remaining term to maturity not greater than ___ years and not more than ___ years less than the remaining term of the Deleted Contract; and (iv) comply with each representation and warranty set forth in Section 2.04 or in the related Warranty Servicing Agreement.

Substitute Contract has the meaning specified in Section 4.02(a) of the Indenture.

Substitute Contract means an Eligible Contract that is added to the pool of Eligible Contracts by the Borrower as a substitute for a Replaceable Contract, in accordance with Sections 11.01(b) and (c) of this Loan Agreement.

Substitute Contract. A Contract substituted by the Servicer in replacement of one or more Contracts of the Issuer pursuant to the terms and provisions of the Transaction Documents.