Replacement Security definition
Replacement Security shall have the meaning assigned to it in Section 3.12.
Replacement Security has the meaning set forth in Section 5.3 hereof.
Replacement Security means a Security purchased by the Trustee pursuant to Section 3.07 hereof.
Examples of Replacement Security in a sentence
Whenever a Replacement Security is acquired by the Depositor pursuant to the provisions of this Section 3.07, the Trustee shall, within five days thereafter, mail to all Unit Holders notices of such acquisition, including an identification of the Special Security and the Replacement Security acquired.
Any excess of the purchase price of a Failed Contract Security over the purchase price of its corresponding Replacement Security shall be credited to the Capital Account.
The Depositor shall not be liable for any failure to instruct the Trustee to purchase any Replacement Security or for errors of judgment in selecting any Replacement Security.
At any time during the Term of this Agreement Seller shall deliver to T&D credit support in a form that meets the definition of Replacement Security, within five (5) Business Days of Seller’s receipt of T&D’s request therefor, in an amount equal to Seller’s Exposure.
Whenever a Replacement Security is acquired by the Trustee pursuant to the provisions of this Section, the Trustee will, as agent for the Depositor, not later than five days after such acquisition, mail to each Unitholder a notice of such acquisition, including an identification of the Securities eliminated and the Securities acquired.
More Definitions of Replacement Security
Replacement Security means either: (a) cash; (b) an irrevocable letter of credit, substantially in the form set forth as Exhibit A, issued by a commercial bank authorized to do business and in good standing in the United States of America with a minimum long-term unsecured debt rating of at least “A-” by Standard & Poor’s or “A3” by Moody’s, or an equivalent debt rating by one of these agencies; or (c) other security acceptable to the Party receiving such Replacement Security. If, at any time, the issuer of the Replacement Security fails to possess the minimum applicable requirements set forth in (b) or (c) in the immediately foregoing sentence (such occurrence defined herein as a “Replacement Downgrade Event”), the Party causing such Replacement Security to be issued shall deliver replacement credit support in a form and in the amount that meets the definition of Replacement Security within five (5) Business Days of notice of such Replacement Downgrade Event. The other Party shall return the original Replacement Security to the Party causing the additional Replacement Security to be issued within five (5) Business Days of the provision of such additional Replacement Security to the other Party.
Replacement Security has the meaning ascribed thereto in section 2.2(a)(ii);
Replacement Security means any security replacing the BoS Security;
Replacement Security means either: (a) cash; (b) an irrevocable letter of credit issued by a commercial bank authorized to do business and in good standing in the United States of America with a minimum long-term unsecured debt rating of at least “A-” by S&P or “A3” by ▇▇▇▇▇’▇, or an equivalent debt rating by one of these agencies; or (c) other security acceptable to the Party receiving such Replacement Security. If, at any time, the issuer of the Replacement Security fails to possess the minimum applicable requirements set forth in (b) or (c) in the immediately foregoing sentence (such occurrence defined herein as a “Replacement Downgrade Event”), the Party causing such Replacement Security to be issued shall deliver replacement credit support in a form and in the amount that meets the definition of Replacement Security within five (5) Business Days of notice of such Replacement Downgrade Event. The other Party shall return the original Replacement Security to the Party causing the additional Replacement Security to be issued within five (5) Business Days of the provision of such additional Replacement Security to the other Party.
Replacement Security means either: (a) cash; (b) an irrevocable Letter of Credit issued by a commercial bank authorized to do business and in good standing in the United States of America with a minimum long-term unsecured debt rating of at least “A-” by S&P or “A3” by ▇▇▇▇▇’▇, or an equivalent debt rating by one of these agencies;
Replacement Security shall have the meaning assigned to it in Section 3.14."
21. Section 2.01(a) of the Standard Terms and Conditions of Trust is replaced in its entirety with the following:
(a) The Depositor, on the date of the Trust Agreement, has deposited with the Trustee in trust the Securities listed in the Schedules attached to the Trust Agreement in bearer form or duly endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form to be held, managed and applied by the Trustee as herein provided. The Depositor shall deliver the Contract Securities within 90 days after execution and delivery of the Trust Agreement, or if the contract to buy such Contract Security between the Depositor and seller is terminated by the seller thereof for any reason beyond the control of the Depositor, the Depositor shall forthwith take the remedial action specified in Section 3.14."
22. The second paragraph of Section 2.01(b) of the Standard Terms and Conditions of Trust is replaced in its entirety with the following: "The Depositor, in each case, shall ensure that each deposit of additional Securities pursuant to this Section shall be, as nearly as is practicable, in the identical ratio as the Percentage Ratio for such Securities. The Depositor shall deliver the additional Securities which were not delivered concurrently with the deposit of additional Securities and which were represented by Contract Securities within 10 calendar days after such deposit of additional Securities (the "Additional Securities Delivery Period"). If a contract to buy such Securities between the Depositor and seller is terminated by the seller thereof for any reason beyond the control of the Depositor or if for any other reason the Securities are not delivered to the Trust by the end of the Additional Securities Delivery Period for such deposit, the Trustee shall immediately draw on the Letter of Credit, if any, in its entirety, apply the moneys in accordance with Section 2.01(d), and the Depositor shall forthwith take the remedial action specified in Section 3.14. If the Depositor does not take the action specified in Section 3.14 within 10 calendar days of the end of the Additional Securities Delivery Period, the Trustee shall forthwith take the action specified in Section 3.14."
23. Section 2.01(d) of the Standard Terms and Conditions of Trust is replaced in its entirety with the following:
Replacement Security has the meaning ascribed thereto in section 2.2 of the Plan of Arrangement;