Common use of Substitution of Contracts Clause in Contracts

Substitution of Contracts. (a) Subject to the provisions of Sections 4.02(b) through (d) hereof, First Sierra, upon notice from the Servicer, may substitute one or more Contracts (each a "Substitute Contract") and transfer all of its right, title and interest in the Substitute Conveyed Assets for and replace any Contract and terminate the security interest in the related Equipment that (i) becomes a Delinquent Contract, Defaulted Contract or an Early Termination Contract or (ii) is the subject of a Prepayment, a Casualty Loss or a Warranty Event.

Substitution of Contracts. (a) Subject to the provisions of Sections 4.02(b) through (d) hereof, First Sierra, upon notice from the ServicerServicer and with the consent of the Note Insurer, may substitute one or more Contracts (each a "Substitute Contract") and transfer all of its right, title and interest in the Substitute Conveyed Assets related Equipment for and replace any Contract Contracts and terminate the security interest in the related Equipment that (i) becomes a Delinquent Contract, Defaulted Contract or an Early Termination Contract or (ii) is are the subject of a Prepayment, a Casualty Loss or a Warranty Event.

Substitution of Contracts. (a) Subject to the provisions of Sections 4.02(b) through (d) hereof, First Sierra, with the consent of the Note Insurer and upon notice from the Servicer, may substitute one or more Contracts (each a "Substitute Contract") and transfer all of its right, title and interest in the Substitute Conveyed Assets related Equipment for and replace any Contract Contracts and terminate the security interest in the related Equipment that (i) becomes a Delinquent Contract, Defaulted Contract or an Early Termination Contract or (ii) is are the subject of a Prepayment, a Casualty Loss or a Warranty Event.

Substitution of Contracts. (a) Subject to the provisions of Sections 4.02(b) through (d) hereof, First Sierra, upon notice from the ServicerServicer and with the consent of the Note Insurer, may substitute one or more Contracts (each a "Substitute Contract") and transfer all of its right, title and interest in the Substitute Conveyed Assets for and replace any Contract and terminate the security interest in the related Equipment that (i) becomes a Delinquent Contract, Defaulted Contract or an Early Termination Contract or (ii) is are the subject of a Prepayment, a Casualty Loss or a Warranty Event.