Common use of Optional Substitution of Collateral Obligations Clause in Contracts

Optional Substitution of Collateral Obligations. (a) Subject to any applicable provisions of Sections 12.3 and 12.4 of the Indenture, this Section 2.5, and the Repurchase and Substitution Limit set forth in Section 7.4 of this Agreement, with respect to any Collateral Obligation as to which a Substitution Event has occurred, the Transferor may (but shall not be obligated to) either (x) convey to the Retention Holder (and cause the Retention Holder to contemporaneously convey to the Issuer) one or more Collateral Obligations in exchange for such Collateral Obligation or (y) deposit into the Principal Collection Subaccount the Transfer Deposit Amount with respect to such Collateral Obligation and then, prior to the expiration of the Substitution Period, convey to the Retention Holder (and cause the Retention Holder to convey to the Issuer) one or more Collateral Obligations in exchange for the funds so deposited or a portion thereof.

Optional Substitution of Collateral Obligations. (a) Subject to any applicable provisions of Sections 12.3 and 12.4 of the Indenture, this Section 2.52.08, and the Repurchase and Substitution Limit set forth in Section 7.4 2.06 of this Agreement, with respect to any Collateral Obligation as to which a Substitution Event has occurred, the Transferor Seller may (but shall not be obligated to) either (xi) convey to the Retention Holder (Intermediate Seller and cause the Retention Holder Intermediate Seller to contemporaneously convey to the Issuer) Buyer one or more Collateral Obligations in exchange for such Collateral Obligation or (yii) deposit into the Principal Collection Subaccount the Transfer Deposit Amount with respect to such Collateral Obligation and then, prior to the expiration of the Substitution Period, convey to the Retention Holder (Intermediate Seller and cause the Retention Holder Intermediate Seller to contemporaneously convey to the Issuer) Buyer one or more Collateral Obligations in exchange for the funds so deposited or a portion thereof.

Optional Substitution of Collateral Obligations. (a) Subject to any applicable provisions of Sections 12.3 and 12.4 of the Indenture, this Section 2.5, and the Repurchase and Substitution Limit set forth in Section 7.4 of this Agreement, with respect to any Collateral Obligation as to which a Substitution Event has occurred, the Transferor may (but shall not be obligated to) either (x) convey to the Retention Holder Depositor (and cause the Retention Holder Depositor to contemporaneously convey to the Issuer) one or more Collateral Obligations in exchange for such Collateral Obligation or (y) deposit into the Principal Collection Subaccount the Transfer Deposit Amount with respect to such Collateral Obligation and then, prior to the expiration of the Substitution Period, convey to the Retention Holder Depositor (and cause the Retention Holder Depositor to convey to the Issuer) one or more Collateral Obligations in exchange for the funds so deposited or a portion thereof.

Optional Substitution of Collateral Obligations. (a) Subject to any applicable provisions of Sections 12.3 and 12.4 of the Indenture, this Section 2.5, and the Repurchase and Substitution Limit set forth in Section 7.4 7.3 of this Agreement, with respect to any Collateral Obligation as to which a Substitution Event has occurred, the Transferor may (but shall not be obligated to) either (x) convey to the U.S. Retention Holder (and cause the U.S. Retention Holder to contemporaneously convey to the Issuer) one or more Collateral Obligations in exchange for such Collateral Obligation or (y) deposit into the Principal Collection Subaccount the Transfer Deposit Amount with respect to such Collateral Obligation and then, prior to the expiration of the Substitution Period, convey to the U.S. Retention Holder (and cause the U.S. Retention Holder to contemporaneously convey to the Issuer) one or more Collateral Obligations in exchange for the funds so deposited or a portion thereof.