Common use of Objection and Purchase Clause in Contracts

Objection and Purchase. If the Insurer (if no Insurer Default has occurred and is continuing) or any holder of the Notes (if an Insurer Default has occurred and is continuing) objects to any substitution of Leases within ten days of receipt of the Servicer's monthly report providing notice thereof pursuant to Section 6.01 above, on the grounds either that any Substitute Lease or Additional Lease is not an Eligible Lease within the meaning of the definition thereof or that such substitution or addition is otherwise not permitted under the provisions of Section 11.01 hereof, the Originator shall be entitled to present such additional information as it deems appropriate in an effort to demonstrate that such Lease is an Eligible Lease and that such substitution is permitted under the provisions of Section 11.01 hereof. Following such presentation, the substitution shall remain effective if each person originally objecting to the substitution withdraws the objection. If the conditions specified in the preceding sentence are not satisfied, or if at any time it is established that any lease was not, at the time of substitution, an Eligible Lease, then the Originator shall be required to purchase such Lease in accordance with the provisions of Section 5.04 hereof.

Objection and Purchase. If [the Insurer (if no Insurer Default has occurred and is continuing) or or] any holder of the Notes [(if an Insurer Default has occurred and is continuing) )] objects to any substitution of Leases within ten days of receipt of the Servicer's monthly report providing notice thereof pursuant to Section 6.01 above, on the grounds either that any Substitute Lease or Additional Lease is not an Eligible Lease within the meaning of the definition thereof or that such substitution or addition is otherwise not permitted under the provisions of Section 11.01 hereof, the Originator shall be entitled to present such additional information as it deems appropriate in an effort to demonstrate that such Lease is an Eligible Lease and that such substitution is permitted under the provisions of Section 11.01 hereof. Following such presentation, the substitution shall remain effective if each person originally objecting to the substitution withdraws the objection. If the conditions specified in the preceding sentence are not satisfied, or if at any time it is established that any lease was not, at the time of substitution, an Eligible Lease, then the Originator shall be required to purchase such Lease in accordance with the provisions of Section 5.04 hereof.