Common use of Objection and Purchase Clause in Contracts

Objection and Purchase. If the Lender objects to any purchase of release or substitution of Contracts within ten days of receipt of the Monthly Servicer's Report providing notice thereof pursuant to Section 4.01 of the Servicing Agreement, on the grounds either that any Substitute Contract is not an Eligible Contract within the meaning of the definition thereof or that such purchase of release or substitution is otherwise not permitted under the provisions of Section 11.01 hereof, the Borrower shall be entitled to present such additional information as it deems appropriate in an effort to demonstrate that such Contract is an Eligible Contract and that such purchase of release or substitution is permitted under the provisions of Section 11.01 hereof. Following such presentation, the procurement of release or 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 Contract was not, at the time of substitution, an Eligible Contract, then the Borrower shall be required to purchase the release of such Contract in accordance with the provisions of Section 11.01(a) hereof.

Objection and Purchase. If the Lender objects to any purchase of release or substitution of Contracts within ten days of receipt of the Monthly Servicer's Report Certificate providing notice thereof pursuant to Section 4.01 3.09 of the Servicing Agreement, on the grounds either that any Substitute Contract is not an Eligible 47 Warehouse and Security Agreement Contract within the meaning of the definition thereof or that such purchase of release or substitution is otherwise not permitted under the provisions of Section 11.01 hereof, the Borrower shall be entitled to present such additional information as it deems appropriate in an effort to demonstrate that such Contract is an Eligible Contract and that such purchase of release or substitution is permitted under the provisions of Section 11.01 hereof. Following such presentation, the procurement of release or 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 Contract was not, at the time of substitution, an Eligible Contract, then the Borrower shall be required to purchase the release of such Contract in accordance with the provisions of Section 11.01(a) hereof.

Objection and Purchase. If the Lender objects to any purchase of release or substitution of Contracts within ten (10) days of receipt of the Monthly Servicer's ’s Report providing notice thereof pursuant to Section 4.01 of the Servicing Agreement, on the grounds either that any Substitute Contract is not an Eligible Contract within the meaning of the definition thereof or that such purchase of release or substitution is otherwise not permitted under the provisions of Section 11.01 hereof, the Borrower shall be entitled to present such additional information as it deems appropriate in an effort to demonstrate that such Contract is an Eligible Contract and that such purchase of release or substitution is permitted under the provisions of Section 11.01 hereof. Following such presentation, the procurement of release or 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 Contract was not, at the time of substitution, an Eligible Contract, then the Borrower shall be required to purchase the release of such Substitute Contract in accordance with the provisions of Section 11.01(a) hereof.