Common use of Optional Substitution of Collateral Obligations Clause in Contracts

Optional Substitution of Collateral Obligations. (a) Subject to Section 12.3 of the Indenture, this Section 2.5 and the Repurchase and Substitution Limit, with respect to any Collateral Obligation as to which a Substitution Event has occurred, the Originator may (but shall not be obligated to except as required under the Indenture) either (x) convey to the Depositor and cause the 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 Depositor and cause the 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 Section any applicable provisions of Sections 12.3 and 12.4 of the Indenture, this Section 2.5 2.5, and the Repurchase and Substitution LimitLimit set forth in Section 7.4 of this Agreement, with respect to any Collateral Obligation as to which a Substitution Event has occurred, the Originator Transferor may (but shall not be obligated to except as required under the Indentureto) either (x) convey to the Depositor and cause the 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 Depositor and cause the 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 Section any applicable provisions of Sections 12.3 and 12.4 of the Indenture, this Section 2.5 2.08, and the Repurchase and Substitution LimitLimit set forth in Section 2.06 of this Agreement, with respect to any Collateral Obligation as to which a Substitution Event has occurred, the Originator Seller may (but shall not be obligated to except as required under the Indentureto) either (xi) convey to the Depositor and cause the Depositor 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 Depositor and cause the Depositor to convey to the Issuer Buyer one or more Collateral Obligations in exchange for the funds so deposited or a portion thereof.