Other Replacement Clause Samples
Other Replacement. The delivery of Alternate Letters of Credit in anticipation of the expiration of current Letters of Credit shall be governed by Subsection 5.08(b). Otherwise, if at any time the Company shall provide for the delivery to the Trustee of (1) Alternate Letters of Credit which shall have terms which are the same in all material respects (except as to Expiration Date and except any changes pursuant to this Indenture with respect to interest or premium coverage in connection with a concurrent interest rate reset or conversion) as the current Letters of Credit, which shall have an Expiration Date that is not less than one year from the date of their delivery and not sooner than the Expiration Date of the current Letters of Credit then in effect and that follows an Interest Payment Date by not less than two Business Days and not more than 15 calendar days and which shall be issued by a national banking association, a bank, a trust company or other financial institution or credit provider satisfying the requirements of Subsection 5.08(b), and (2) an opinion of counsel to the proposed issuer satisfactory to the Trustee with respect to the validity, binding effect and enforceability of such Alternate Letters of Credit, and if the requirements set forth in this Subsection are met, then the Trustee shall accept such Alternate Letters of Credit and promptly surrender for cancellation the previously held Letters of Credit to the issuer thereof in accordance with the terms of such Letters of Credit. Any Alternate Letters of Credit shall provide for drawings to pay up to (i) while the Bonds are in the Weekly Mode, an amount equal to the principal amount of the outstanding Bonds, plus 43 days interest thereon computed at the Maximum Rate based on a 365-day year, and (ii) while the Bonds are in the Term Mode, an amount equal to the principal amount of the outstanding Bonds, plus 210 days interest thereon at the Term Rate based on a 360-day year. The institutions issuing the Alternate Letters of Credit must be such as to maintain a rating on the Bonds equal to or higher than the then current rating on the Bonds given by the Rating Agencies. The replacement of the Letters of Credit by the Alternate Letters of Credit must not, by itself, adversely affect the current rating or ratings on the Bonds, and the absence of such an adverse effect shall be evidenced in writing by the Rating Agencies to the Trustee prior to such replacement.
Other Replacement. Subject to the remainder of this Section 3.3 (Replacement Collaboration Targets and Additional [**]), with respect to each Initial Collaboration Target, or Additional Collaboration Target, in each case, for which no Collaboration Compound has Achieved the DC Criteria and the JSC has determined that no Collaboration Compound has met or is likely to meet the criteria set forth in the DC Criteria of such Collaboration Target, then Novartis may, at any time during the Research Term of such Collaboration Target, nominate with respect to each such Collaboration Target up to [**] to replace such Collaboration Target in accordance with the process set forth in Section 3.3(c) (Target Replacement Procedure) (for clarity, all [**] shall be treated as one Collaboration Target and can [**] be replaced by up to [**]). If a Collaboration Target is replaced with a Replacement Collaboration Target pursuant to this Section 3.3(b), such Replacement Collaboration Target [**].