Substitution of Receivables. (a) Whenever the Seller is required to repurchase Concentration Receivables, Defaulted Receivables, or Ineligible Receivables pursuant to subsection 2.7(b), 2.10 or 2.11, respectively, the Seller may, subject to the terms hereof, in lieu of making such repurchase, substitute one or more Eligible Receivables (each, a "Substituted Receivable") therefor on the Settlement Date on which the repurchase is required to be made; provided that the Settlement Statement delivered on the Reporting Date prior to such Settlement Date shall contain the information required thereby with respect to such proposed substitution. The option of the Seller to substitute one or more Substituted Receivables for any Receivables as aforesaid is subject to the following conditions precedent: (i) no Trigger Amortization Event has occurred and is then continuing, (ii) if such substitution occurs during the Amortization Period, and provided that no Trigger Amortization Event has occurred and is then continuing, the Majority Purchasers have approved such substitution and (iii) either the Substituted Receivable has a Final Payment Date which is not after the Final Payment Date of the replaced Receivable (each, replaced Receivable, a "Removed Receivable"), or if the Final Payment Date of the Substituted Receivable is after that of the Removed Receivable, then only that portion of the Principal Balance of such proposed Substituted Receivable which is scheduled to be paid on or prior to the Final Payment Date of the Removed Receivable shall be included as a Substituted Receivable. Defaulted Receivables shall be replaced with Substituted Receivables prior to replacement of Ineligible Receivables or Concentration Receivables with Substituted Receivables and, in each case, shall be replaced with Substituted Receivables in the following order of priority: (i) first, with Substituted Receivables which are 25% Repurchase Receivables, (ii) second, with Substituted Receivables which are 75% Repurchase Receivables, and (iii) third, with Substituted Receivables which are 90% Repurchase Receivables. The making of such substitution shall be subject to the satisfaction of the conditions set forth in paragraphs subsection 5.2, including, without limitation, the delivery of an Assignment and, if applicable, an FAA Assignment or Foreign Assignment.
Substitution of Receivables. The Originator may substitute a Pool Receivable with a new Receivable pursuant to Section 3.3 of the Sale and Servicing Agreement.
Substitution of Receivables. The Originator may substitute a Receivable with a new Receivable to the extent the SPV is permitted to substitute such Receivable pursuant to Section 6.5 of the Second Tier Agreement. If the Originator substitutes any Receivable pursuant to this Section 3.2, each such Substitute Receivable shall be accompanied by a supplement to this Agreement, substantially in the form of Exhibit B hereto, subjecting such Receivable, the Related Security, Collections and proceeds of the foregoing to the provisions hereof and providing with respect to such Substitute Receivable and the Related Security the information required in the schedule to such supplement.
Substitution of Receivables. On any day prior to the occurrence of a Termination Event (and after a Termination Event, at the discretion of the Facility Agent), the SPV may replace any Pool Receivable which has been pledged to the Facility Agent hereunder with one or more Eligible Receivables (each, a “Substitute Receivable”); provided, that, no such replacement shall occur unless each of the following conditions is satisfied as of the date of such replacement and substitution (such date the “Substitution Date”):
Substitution of Receivables. On any Settlement Date occurring on or before the Commitment Termination Date, the Seller may remove any Receivable that is either a Defaulted Receivable or is otherwise no longer an Eligible Receivable; provided, however, that simultaneously with such removal, Seller shall substitute a new Receivable which can be either a Right to Use Receivable or a Mortgage Loan Receivable, which is an Eligible Receivable as of the time of substitution and which has an outstanding Principal Balance equal to or greater than the Outstanding Principal Balance of the Receivable being removed from the Receivables Pool. After the Commitment Termination Date, provided that no Notice Date has occurred, on any Settlement Date Seller may remove any Receivable which is a Defaulted Receivable or which is no longer an Eligible Receivable from the Receivables Pool; provided, however, that simultaneously with such removal, the Seller shall substitute a new Receivable which is an Eligible Receivable as of the time of substitution, which has a final maturity date not later than the final maturity date of the
Substitution of Receivables. On any day prior to the occurrence of the Termination Date, the Pledgors may, subject to the conditions set forth in this Section 2.16, replace any Receivable with one or more other Receivables (each, a "Substitute Receivable"); provided, however, that no such replacement shall occur unless each of the following conditions is satisfied as of the date of such replacement and substitution by the Substitute Receivables to be substituted on such date:
Substitution of Receivables. If any Transferred Receivable shall prove to be an ineligible Receivable as of the applicable Transfer Date, or shall prove to be subject to any Adverse Claim, then, on or before the applicable Settlement Date, on written notice to the Transferee describing the circumstances thereof in reasonable detail, Transferor may substitute for such Transferred Receivables other Eligible Receivables which have an aggregate Dollar Equivalent Balance equal to such Transferred Receivables. If Transferor wishes to substitute any such Eligible Receivables it will, prior to the applicable Settlement Date, deliver to Transferee a duly completed Assignment Certificate listing such substitute Receivables. On receipt of such Assignment Certificate, Transferee shall reassign to Transferor without recourse, representation or warranty of any kind, and free and clear of any Adverse Claim created by Transferee, the Receivables for which such new Receivables are substituted. Any new Receivables so substituted must be Eligible Receivables. Notwithstanding anything else contained herein, no such substitution shall relieve the Transferor from its obligations hereunder and under any forward contracts entered into or deemed entered into pursuant to Section 1.03 to ensure that on the applicable Settlement Date the Transferee receives payment in cash in Dollars of the Transferred Receivables Amount.
Substitution of Receivables. On any day prior to the occurrence of the Termination Date, the Borrower may, subject to the conditions set forth in this Section 2.16, replace any Receivable with one or more other Receivables (each, a "Substitute Receivable"); provided, however, that no such replacement shall occur unless each of the following conditions is satisfied as of the date of such replacement and substitution by the Substitute Receivables to be substituted on such date: 52 58
Substitution of Receivables. On any day prior to the occurrence of the Termination Date, the Pledgors may, subject to the conditions set forth in this Section 2.16, replace any Receivable with one or more other Receivables (each, a "Substitute Receivable"); provided, however, that no such replacement shall occur unless each of the following conditions is satisfied as of the date of such replacement and substitution by the Substitute Receivables to be substituted on such date (it being understood that for all purposes hereunder the Outstanding Balance of a Substituted Receivable shall be calculated using the same Discount Rate applicable to the Receivable being replaced):
Substitution of Receivables. The Canadian Originator may substitute a Receivable with a new Receivable to the extent the Canadian SPV is permitted to substitute such Receivable pursuant to Section 6.5 of the Second Tier Agreement. If the Canadian Originator substitutes any Receivable pursuant to this Section 3.2, each such Substitute Receivable shall be accompanied by a supplement to this Agreement, substantially in the form of Exhibit B hereto, subjecting such Receivable, the Related Security, Collections and proceeds of the foregoing to the provisions hereof and providing with respect to such Substitute Receivable and the Related Security the information required in the schedule to such supplement.
