OPTIONAL SUBSTITUTION OF CONTRACTS Sample Clauses

OPTIONAL SUBSTITUTION OF CONTRACTS. (a) In addition to the substitution option specified in Section 4.01 with respect to Contract for which a Warranty Event exists, the Originator shall have the option but not the obligation to, subject to the provisions of this Section 4.02 and Section 3.04 of the Receivables Transfer Agreement, remove one or more Contracts owned by LLC II which are (i) 90-Day Delinquent Contracts, (ii) Defaulted Contracts, (iii) Contracts that are subject to a Full Prepayment and (iv) Contracts that are subject of a Casualty Loss, and to replace such Contracts with one or more Substitute Contracts. In connection therewith, the Originator shall transfer all of its right, title and interest in the related Substitute Conveyed Assets. (b) Each Substitute Contract shall be a Qualified Substitute Contract. (c) Notwithstanding anything herein to the contrary, no substitution of a Substitute Contract under Section 4.01 and Section 4.02 shall be permitted if: (i) on a cumulative basis from the Closing Date, the sum of the Discounted Contract Balance (as of the related Transfer Date) of such Substitute Contract and the aggregate Discounted Contract Balances (as of the related Transfer Dates) of all Substitute Contracts since the Closing Date, would exceed ten percent (10%) of the sum of (x) the Aggregate Outstanding Contract Balance as of the Closing Date plus (y) the Original Pre-Funded Amount; or (ii) on a cumulative basis from the Closing Date, the sum of the Discounted Contract Balances (as of the related Transfer Date) of such Substitute Contract and the aggregate Discounted Contract Balances of all other Substitute Contracts substituted pursuant to the Originator's obligation resulting from the occurrence of Warranty Events, would exceed five percent (5%) of the sum of (x) the Aggregate Outstanding Contract Balance as of the Closing Date and (y) the Original Pre-Funded Amount; or (iii) the related Substitute Transfer Date would occur after the 15th day of a calendar month. (d) Prior to any substitution pursuant to this Section 4.02, (i) the related Contract File shall have been delivered to the Custodian at least two Business Days prior to such conveyance and the Custodian shall have issued a Custody Receipt with respect to such Contract File and (ii) the Indenture Trustee shall have issued a Trustee Certification and shall have received (A) an executed transfer agreement substantially in the form of EXHIBIT E hereto, between the Issuers and the Originator, providing for the u...
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Related to OPTIONAL SUBSTITUTION OF CONTRACTS

  • Termination of Contracts Neither the Company nor any of its Subsidiaries has sent or received any communication regarding termination of, or intent not to renew, any material contract or agreement referred to or described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus or filed as an exhibit to the Registration Statement, and no such termination or non-renewal has been threatened by the Company or any of its Subsidiaries or by any other party to any such contract or agreement.

  • DURATION OF CONTRACT This agreement shall be in effect for 12 months beginning October 1, 2019 and ending September 30, 2020.

  • Construction of Contract Both parties have participated fully in the review and revision of this contract. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply to the interpretation of this contract.

  • Transfer of Contracts 33.1 The contractor shall not abandon, transfer, cede assign or sublet a contract or part thereof without the written permission of the purchaser.

  • CANCELLATION OF CONTRACT The Division of Procurement Services reserves the right to cancel a contract with a thirty-day written notice OR cancel immediately if the contractor does not conform to terms and conditions and specifications of contract.

  • FORMATION OF CONTRACT This proposed purchase contract, which incorporates by reference these General Provisions and all other terms and conditions set forth in this proposed purchase contract (collectively, the “Contract”), is Buyer's offer to purchase the services and any related goods, materials, and/or other deliverables (collectively, the “Services”) described in this offer. Acceptance is strictly limited to the terms and conditions included in this offer. Unless specifically agreed to in writing by Xxxxx's Authorized Procurement Representative, Xxxxx objects to, and is not bound by, any term or condition that differs from or adds to this offer. Seller's commencement of performance or acceptance of this offer in any manner shall conclusively evidence acceptance of this offer as written. Seller’s provision of the Services shall be governed solely by this Contract. Xxxxx and Seller are referred to herein as a “Party” or collectively as the “Parties.”

  • EXECUTION OF CONTRACT 20.1 Depending on the type of service provided, one of the following methods will be employed. The method applicable to this contract will be checked below: _ a. PURCHASE ORDER, unless otherwise noted. 1. This contract shall consist of a Lancaster County Purchase Order. 2. A copy of the Bidder’s bid response (or referenced bid number) attached and that the same, in all particulars, becomes the contract between the parties hereto: that both parties thereby accept and agree to the terms and conditions of said bid documents.

  • Distribution of Contract Within forty-five (45) days after the execution of this contract, the District shall print or duplicate and provide without charge a copy of this contract to every employee in the bargaining unit, plus ten (10)

  • MODIFICATION OF CONTRACT This Contract may be supplemented, amended or modified only by a writing signed by both Parties. No oral conversation, promise or representation by or between any officer or employee of the Parties shall modify any of the terms or conditions of this Contract. COMMISSION shall not be deemed to have approved or consented to any alteration of the terms of this Contract, including its Exhibits, by virtue of COMMISSION’s review and approval of, or failure to object to, contracts or other business transactions entered into by CONTRACTOR.

  • Termination of Contract The Department may terminate the Contract for refusal by the Contractor to comply with this section by not allowing access to all public records, as defined in Chapter 119, F. S., made or received by the Contractor in conjunction with the Contract.

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