Substitute Asset definition

Substitute Asset. On any day, an Eligible Asset that meets each of the conditions for substitution set forth in Section 2.18.

Substitute Asset means an issue of multifamily housing revenue bonds, or senior custodial receipts evidencing a senior ownership interests in such bonds, substituted for an issue of Enhanced Bonds or Enhanced Custodial Receipts pursuant to Section 3.19.

Substitute Asset means any Aircraft Engine or Airframe that is to be substituted for any Removed Asset (as defined in the Asset Purchase Agreement).

Examples of Substitute Asset in a sentence

• Upon confirmation of the deposit of such Retransfer Price into the Collection Account or the delivery by the Seller of a Substitute Asset for each Warranty Asset (the “Retransfer Date”), such Warranty Asset shall not be included in the Borrowing Base (and, if and when the Seller elects to accept the retransfer of such Warranty Asset, the Collateral) and, as applicable, the Substitute Asset shall be included in the Collateral.

• In either of the foregoing instances, the Seller may (in its discretion) accept retransfer of each such Warranty Asset and any Related Security and the Borrowing Base shall be reduced by the Outstanding Asset Balance of each such Warranty Asset and, if applicable, increased by the Outstanding Asset Balance of each Substitute Asset.

• Unless otherwise provided in the Pooling and Servicing Agreement, the right to substitute a Qualified Substitute Asset for any Replaced Asset that is an asset of the Trust shall be limited to (1) in the case of substitutions pursuant to Section 2.06(a) or 2.06(c), the two-year period beginning on the Closing Date and (2) in the case of any other substitution, the three-month period beginning on the Closing Date.

• The Servicer shall amend the Asset Schedule to reflect the removal of such Replaced Asset from the terms of the Pooling and Servicing Agreement and the substitution of the Qualified Substitute Asset or Assets.

• Upon such substitution, such Qualified Substitute Asset or Assets shall be subject to the terms of the Pooling and Servicing Agreement in all respects, including, in the case of a substitution effected by the Seller, the representations and warranties included in the related Sales Agreement, and in the case of a substitution effected by the Company, the representations and warranties set forth in Section 2.05 above, in each case as of the date of substitution.

More Definitions of Substitute Asset

Substitute Asset provided that no such replacement shall occur unless each of the following conditions is satisfied as of the date of such replacement and substitution:

Substitute Asset. Any Asset conveyed, assigned and transferred by the Trust Depositor to the Trust pursuant to Section 2.7 of the Sale and Servicing Agreement or in connection with an Upgrade (and has been acquired by the Trust Depositor from a Seller pursuant to the Sale and Contribution Agreement).

Substitute Asset shall have the meaning set forth in Section 4.8.

Substitute Asset has the meaning assigned to that term in Section 2.10(b).

Substitute Asset means any 2007-B Equipment, any 2007-B Contract subject thereto and any other Related Assets transferred to the Trust in exchange for an item of 2007-B Equipment, any 2007-B Contract subject thereto and the other Related Assets pursuant to Section 4.2(b) of the Trust Agreement and Section 3.04 of the related Transfer Agreement.

Substitute Asset means (A) cash, (B) a security, loan, or other obligation that is issued, owed, or fully guaranteed by the United States of America or by any political subdivision, agency, or instrumentality of the United States of America whose obligations are fully guaranteed by the United States of America, (C) a federal funds obligation, a certificate of deposit or other time deposit, a bankers acceptance, or an obligation under a repurchase agreement that, in each case, has a maturity not longer than 365 days and is due from a bank whose short-term debt obligations are rated in the highest category by at least one nationally recognized statistical rating organization, (D) a demand deposit that is fully insured by the FDIC, (E) commercial paper that has a maturity not longer than 365 days and that is rated at the time of acquisition in the highest category by at least one nationally recognized statistical rating organization, or (F) an obligation that is due from a money market fund and that is rated at the time of acquisition in the highest category by at least one nationally recognized statistical rating organization.

Substitute Asset. ' means any new Asset delivered in substitution for an existing Asset in accordance with Section 3.10 of the Series CertiÑcate Agreement on a Substitution Date.