Common use of Prepaid Contract Clause in Contracts

Prepaid Contract. The Servicer may not voluntarily permit a Contract in the Asset Pool to become a Prepaid Contract (which shall not include a Contract that becomes a Prepaid Contract due to a Casualty Loss), unless (x) a Substitute Contract is provided in accordance with Section 2.17 or (y) such prepayment will not result in the Collection Account receiving an amount less than the Prepayment Amount.

Appears in 2 contracts

Sources: Note Purchase Agreement (NewStar Financial, Inc.), Note Purchase Agreement (NewStar Financial, Inc.)