Common use of Substitution of Receivables Clause in Contracts

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 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, Receivable which is an Eligible Receivable as of the time of substitution and which has an outstanding 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 the 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 thethe Receivable being removed from the Receivables Pool 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. Any new Receivables being substituted for Receivables being removed from the Receivables Pool shall be separately identified on the related Settlement Statement.