Common use of Substitutions and Modifications Clause in Contracts

Substitutions and Modifications. In addition to any right of substitution pursuant to Section 3.03 of the Contribution Agreement, the Servicer has the right (but not the obligation) at any time to substitute one or more Series 1998-1 Contracts (each a "Substitute Contract") for a Series 1998-1 Contract ("Predecessor Contract") if: (i) the Predecessor Contract then meets the requirements for being a "Charged-Off Contract," and (ii) the aggregate Contract Principal Balance(s) of such Substitute Contract or Contracts is at least equal to the aggregate Contract Principal Balance(s) of such Predecessor Contract or Contracts, each as of the Calculation Date immediately following the date of such substitution and calculated, with respect to the Predecessor Contract, as if such Predecessor Contract were not a Charged-Off Contract. (iii) the aggregate, cumulative Contract Principal Balance of all Substitute Contracts does not exceed 10% of the Original Aggregate Contract Principal Balance, exclusive of Substitute Contracts relating to any breach of the representations or warranties as provided in Section 3.01 of the Contribution Agreement.

Substitutions and Modifications. In addition to any right of substitution pursuant to Section 3.03 of the Contribution Agreement, the Servicer has the right (but not the obligation) at any time to substitute one or more Series 1998-1 Contracts (each a "Substitute Contract") for a Series 1998-1 Contract ("Predecessor Contract") if: (i) the Predecessor Contract then meets the requirements for being a "Charged-Off Contract," and"; (ii) the aggregate Contract Principal Balance(s) of such Substitute Contract or Contracts Contract(s) is at least equal to the aggregate Contract Principal Balance(s) of such Predecessor Contract or ContractsContract(s), each as of the Calculation Date immediately following the date of such substitution and calculated, with respect to the Predecessor Contract, as if such Predecessor Contract were not a Charged-Off Contract.; (iii) the aggregate, cumulative Contract Principal Balance of all Substitute Contracts does not exceed 10% of the Original Initial Aggregate Contract Principal Balance, exclusive of Substitute Contracts relating to any breach of the representations or warranties as provided in Section 3.01 of the Contribution Agreement; and (iv) the aggregate Booked Residual of all Equipment is not materially reduced as a result of such substitution.