Substitute Securities. In the event that any Contract --------------------- Security or Security to be purchased pursuant to a contract entered into by the Trustee in accordance with Section 2.5 is not delivered due to any occurrence, act or event beyond the control of the Depositors and of the Trustee (such a Contract Security being herein called a "Failed Security"), the Depositors may instruct the Trustee to purchase Substitute Securities which have been selected by the Depositors having a cost not in excess of the cost of the Failed Securities. To be eligible for inclusion in the Trust, the Substitute Securities which the Depositors select must: (a) be of the same type as that replaced (e.g., both will be common stock or preferred stock); (b) in the ---- Depositors' judgment, be substantially similar to the Failed Security, as the case may be, as respects the investment characteristics which led the Depositors to select the Failed Security for inclusion in the Trust; and (c) be purchased prior to, simultaneously with, or no more than twenty days after delivery of written notice to the Trustee or Depositors, as appropriate, of the failed contract (the "Failed Contract Notice"). Any Substitute Securities received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Securities deposited hereunder. No such deposit of Substitute Securities shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Distribution Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement.
Substitute Securities. So long as any Secured Obligations remain outstanding, in the event that Borrower sells or disposes of any Pledged Securities, Borrower will promptly provide substitute securities of equal or greater value to such Pledged Securities or cash or cash equivalents or any combination thereof.
Substitute Securities. The Company reserves the right to issue shares of a new series of Preferred Stock which shall be convertible into non-voting Common Stock and/or Warrants in lieu of the issuance of the Shares and Warrants referenced in (a) and (b) above.
Substitute Securities. The Substitute Securities will be creditworthy to the same or a higher degree than the Municipal Securities.
Substitute Securities. In the event that any Contract Security or Security to be purchased pursuant to a contract entered into by the Trustee in accordance with Section 2.5 is not delivered due to any occurrence, act or event beyond the control of the Depositor and of the Trustee (such a Contract Security being herein called a “Failed Security”), the Depositor may instruct the Trustee to purchase Substitute Securities which have been selected by the Depositor having a cost not in excess of the cost of the Failed Securities. To be eligible for inclusion in the Trust, the Substitute Securities which the Depositor selects must: (a) be of the same type as that replaced (e.g., both will be, a Bond, common stock or preferred stock); (b) in the Depositor’s judgment, be substantially similar to the Failed Security, as the case may be, as respects the investment characteristics which led the Depositor to select the Failed Security for inclusion in the Trust; (c) be purchased prior to, simultaneously with, or no more than twenty days after delivery of written notice to the Trustee or Depositor, as appropriate, of the failed contract (the “Failed Contract Notice”); and (d) with respect to a Failed Security which is a Bond, the Replacement Bonds which the Depositor selects must: (i) yield current interest which is exempt from taxation for Federal income tax purposes; (ii) have a fixed maturity or disposition date comparable to the bonds replaced; (iii) be purchased at a price that results in a yield to maturity and in a current return, in each case as of the execution and delivery of the applicable Reference Trust Agreement, which is approximately equivalent to the yield maturity and current return of the Special Bonds which failed to be delivered and for which the Replacement Bonds are substituted; and (iv) be rated in the same rating category or better by at least one national rating organization. Any Substitute Securities received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Securities deposited hereunder. No such deposit of Substitute Securities shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Distribution Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement.
Substitute Securities. 17 Section 3.8. Sale of Securities........................................................................18 Section 3.9. Counsel...................................................................................19 Section 3.10. Notice and Sale by Trustee...............................................................19 Section 3.11.
Substitute Securities. In the event that any Contract Security or Security to be purchased pursuant to a contract entered into by the Trustee in accordance with Section 2.5 is not delivered due to any occurrence, act or event beyond the control of the Depositors and of the Trustee (such a Contract Security being herein called a "Failed Security"), the Depositors may instruct the Trustee to purchase Substitute Securities which have been selected by the Depositors having a cost not in excess of the cost of the Failed Securities. To be eligible for inclusion in the Trust, the Substitute Securities which the Depositors select must: (a) be of the same type as that replaced (e.g., both will be common stock or preferred stock); (b) in the Depositors' judgment, be substantially similar to the Failed Security, as the case may be, as respects the investment characteristics which led the Depositors to select the Failed Security for inclusion in the Trust; and (c) be purchased prior
Substitute Securities. So long as there remain outstanding any shares of Class C Common Stock, the Company shall permit a Preemptive Offeree to purchase, in lieu of shares of Class A Common Stock (or rights to acquire the same, as the case may be) to be issued in the proposed Issuance, (i) shares of Class C Common Stock (or rights to acquire the same, as the case may be) in the case of Telmex, and (ii) shares of Class D Common Stock (or rights to acquire the same, as the case may be) in the case of Forstmann Little (in the case of either clause (i) or (ii), “Substitute Securities”); provided, however, that, to the extent that there are not sufficient shares of Class C Common Stock or Class D Common Stock, as the case may be, authorized by the Certificate of Incorporation, the Preemptive Offeree may purchase the securities to be issued in the proposed Issuance and the terms of the proposed Issuance shall be adjusted accordingly to allow the Preemptive Offeree to convert such securities into Substitute Securities as soon as reasonably practicable after such shares of Class C Common Stock or Class D Common Stock are so authorized. The Company shall take such further action (to the extent consistent with applicable law) as shall be necessary to ensure that there is available out of its authorized but unissued shares of Common Stock such number of its shares of Common Stock as shall be sufficient to effect the issuance of Substitute Securities. If a Preemptive Offeree elects to purchase Substitute Securities pursuant to this Section 7.2, the number of securities to be issued to such Preemptive Offeree, the purchase price therefor and the other material terms of the proposed Issuance shall be adjusted accordingly to preserve the economics of the securities.
Substitute Securities. In the event that any Contract Security is not delivered due to any occurrence, act or event beyond the control of the Depositor and of the Trustee (such a Contract Security being herein called a "Failed Security"), the Depositor may instruct the Trustee to purchase Substitute Securities which have been selected by the Depositor having a cost not in excess of the cost of the Failed Securities. To be eligible for inclusion in the Trust, the Substitute Securities which the Depositor selects must: (A) be of the same type as that replaced (e.g., both will be common stock or preferred stock); (B) in the Depositor's judgment, be substantially similar to the Failed Security, as the case may be, as respects the investment characteristics which led the Depositor to select the Failed Security for inclusion in the Trust; and (C) be purchased prior to, simultaneously with, or no more than twenty days after delivery of written notice to the Trustee of the failed contract (the "Failed Contract Notice"). Any Substitute Securities received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Securities deposited hereunder. No such deposit of Substitute Securities shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Payment Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement.
Substitute Securities. If Substitute Securities are issued in exchange for Company Voting Securities at any time during the Term, unless the exchange transaction constitutes a Change in Control, Executive shall substitute as collateral for the Loan Substitute Securities with an aggregate Closing Price per Share equal to the aggregate Closing Price per Share of the Pledged Shares on the effective date of the transaction in which the Substitute Securities were issued, but in any event not greater than the Maximum Loan Amount.
