GUARANTEE AND SUBROGATION. (a) If as a result of an Act of Insolvency or for any other reason a Borrower fails to return any Loaned Securities or any other Distributions due when required, Bank shall promptly notify Lender, if in its reasonable discretion, it believes that such notice is warranted and take all actions which it deems necessary or appropriate to liquidate Approved Investments and Collateral in connection with Loans to such Borrower and, unless advised by Lender to the contrary, shall make a reasonable effort for two Business Days (the "Replacement Period") to apply the proceeds thereof to the purchase of Securities identical to the Loaned Securities and non-cash Distributions (or the equivalent thereof in the event of a reorganization or recapitalization of the issuer) not returned (collectively, "Replacement Securities") and to the payment of any cash Distributions then due. If during the Replacement Period the Collateral liquidation proceeds are insufficient to replace any of the Loaned Securities and any Distributions then due, Bank shall, subject to satisfaction of Lender's obligations under Paragraph 2(c) of this Article, pay such additional amounts as are necessary to make such replacement or payment. Purchases of Replacement Securities by Bank shall be made only in such markets, in such manner and upon such terms as Bank shall consider appropriate, in its reasonable discretion and Bank shall make reasonable efforts to advise Lender of such efforts. Replacement Securities shall be credited to the Account upon receipt by Bank. If Bank is unsuccessful in purchasing any Replacement Securities during the Replacement Period, the proceeds of the liquidation of Approved Investments and Collateral pursuant hereto shall be credited to the Account, and Bank shall, subject to satisfaction of Lender's obligations under Paragraph 2(c) of this Article, credit to the Account cash in an amount (if any) equal to (X) the Market Value of the Loaned Securities and Distributions not returned, minus (Y) the Collateral liquidation proceeds, such calculation to be made on the date of such credit. If following such crediting Lender purchases Replacement Securities within five Business Days of such crediting in the principal market, if any, in which the Securities regularly trade, or from any dealer who from time to time is an Approved Borrower under this Agreement or a similar agreement with Bank, the price paid by Lender on settlement of such purchase shall be deemed the Market Value f...
GUARANTEE AND SUBROGATION. 1. In the event that the regulations of one Contracting Party contain a guarantee for investments made abroad, this guarantee may be accorded, after examining case by case, to investments made by nationals or companies of this Party on the territory or in the maritime area of the other Party.
GUARANTEE AND SUBROGATION. A. Bank shall indemnify the Department against any loss resulting from the failure of any Borrower to remit, when due, amounts equivalent to any cash Distributions on Loaned Securities by crediting the Department’s Account in cash on the due date with an amount equal to the amount of interest or other Distributions due but not received by Bank.
GUARANTEE AND SUBROGATION. To the extent that the regulations of one of the Contracting Parties provide for a guarantee for investments made abroad, such guarantee may be granted, on a case-by-case basis, to investments made by nationals or companies of that Party in the territory or maritime zone of the other Party. Investments by nationals and companies of one of the Contracting Parties in the territory or maritime zone of the other Party may not obtain the guarantee referred to in the preceding paragraph unless they have first obtained the approval of the latter Party. If one of the Contracting Parties, by virtue of a guarantee given for an investment made in the territory or maritime zone of the other Party, makes payments to one of its nationals or to one of its companies, it is thereby subrogated to the rights and actions of that national or company. Such payments shall not affect the rights of the beneficiary of the guarantee to have recourse to ICSID or to pursue actions brought before it until the proceedings have been completed.
GUARANTEE AND SUBROGATION. If one Contracting Party or its designated agency makes a payment to its investors under a guarantee or a contract of insurance against non-commercial risks it has accorded in respect of an investment made in the territory of the other Contracting Party, the latter Contracting Party shall recognize:
GUARANTEE AND SUBROGATION. Subject to the provisions of Article 11 of the Base Indenture, the Guarantor irrevocably, fully and unconditionally guarantees, on an unsecured basis, the full and punctual payment (whether at maturity, upon redemption, or otherwise) of the principal of and interest on, and all other amounts payable under, each Series of Securities to be issued pursuant to this Indenture, and the full and punctual payment of all other amounts payable by the Issuer under this Indenture. Upon failure by the Issuer to pay punctually any such amount, the Guarantor shall forthwith on demand pay the amount not so paid at the place and in the manner specified in this Indenture. Subject to the provisions in Section 5.03 of the Base Indenture, the Obligors may at any time, without the consent of any Holders, arrange for and cause the substitution of the Guarantor (including any successor Guarantor pursuant to Section 5.01 of the Base Indenture) for the Issuer as the principal obligor in respect of each or any series of Securities then outstanding, if, immediately after giving effect to such substitution, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, has occurred and is continuing (other than a Default or Event of Default that would be cured by such substitution). The Guarantee will terminate with respect to the Notes upon defeasance or discharge of the Notes, as provided in Article 8 of the Base Indenture, and upon the substitution of the Guarantor for the Issuer as provided in Section 5.03 of the Base Indenture with respect to the Notes.
