Common use of Collateral substitution Clause in Contracts

Collateral substitution. Pursuant to the terms of the GMSLA, the Borrower may from time to time require the substitution of Collateral already delivered for alternative collateral. NTC may also require the Borrower’s delivery of alternative collateral in substitution of Collateral prior to any issuer payment record dates or maturity dates for such Collateral. NTC will ensure such alternative collateral satisfies the requirements described at Schedule A of this Agreement, and will return the substituted Collateral to the Borrower upon receipt of the alternative collateral (which shall then be held, controlled and managed by NTC for the same purpose and subject to the same terms and conditions as the original Collateral delivered by the Borrower).