Examples of Substituted Loans in a sentence
During the Supplemental Purchase Period or the Funding Period with respect to the Additional Loans (and thereafter with respect to Substituted Loans), the sale and purchase of Eligible Loans pursuant to an Additional Purchase Agreement shall be consummated upon (i) Funding’s receipt from VG Funding and the VG Funding Eligible Lender Trustee of a fully executed copy of the related Additional Purchase Agreement; and (ii) the payment by Funding to VG Funding of the related Purchase Price.
In addition, at any time, VG Funding may transfer Substituted Loans to Funding in satisfaction of any Loan repurchase obligations hereunder.
The sale and purchase (or substitution) of Additional Loans (or Substituted Loans) pursuant to an Additional Purchase Agreement shall be consummated as set forth in this Section 3.2.