Substitute Payment definition
Examples of Substitute Payment in a sentence
Where Collateral consists of securities and the Approved Borrower, pursuant to an SLA, is due to receive an amount equal to the interest or distribution declared (“Collateral Substitute Payment”) in respect of such Collateral during the term of the related securities loan, BBH&Co. shall promptly remit or cause to be remitted such Collateral Substitute Payment on behalf of the Fund to the Approved Borrower in accordance with such Approved Borrower’s instructions.
Where Collateral consists of securities and the Approved Borrower, pursuant to an SLA, is due to receive an amount equal to the interest or distribution declared ("Collateral Substitute Payment") in respect of such Collateral during the term of the related securities loan, BBH&CO shall promptly remit or cause to be remitted such Collateral Substitute Payment on behalf of the Fund to the Approved Borrower in accordance with such Approved Borrower's instructions.
Where Collateral consists of securities and the Approved Borrower, pursuant to an SLA, is due to receive an amount equal to the interest or distribution declared (“Collateral Substitute Payment”) in respect of such Collateral during the term of the related securities loan, BBH&Co. shall promptly remit or cause to be remitted such Collateral Substitute Payment on behalf of the applicable Fund to the Approved Borrower in accordance with such Approved Borrower’s instructions.
Where Collateral consists of securities and the Approved Borrower, pursuant to an SLA, is due to receive an amount equal to the interest or distribution declared ("Collateral Substitute Payment") in respect of such Collateral during the term of the related securities loan, BBH&Co. shall promptly remit or cause to be remitted such Collateral Substitute Payment on behalf of the Fund to the Approved Borrower in accordance with such Approved Borrower's instructions.
In the case of a Substitute Payment Default, State Street hereby agrees to pay to the Client a substitute payment in an amount equal to any interest or cash dividend with respect to any Loaned Security.
If the AMEX does not approve the payment of these shares pursuant to this transaction, Sellers agree to accept as Substitute Payment, a newly created class of Preferred Stock, whose designations, rights and preferences shall be identical to the Series H Preferred Stock, and said underlying shares shall also be subject to piggyback registration rights.
If Buyer elects to make a Substitute Payment in cash, Buyer shall pay to each Owner, such Owner’s Pro-Rata Portion of the Substitute Payment by wire transfer of immediately available funds to an account designated by such Owner in writing.
The amount of the Substitute Payment shall be determined as of the date Silver King or its affiliate obtained the right to operate the Station.
The right of a Designated Person, a Collateral Posting Counterparty, Vistra Operations or any other Person to make a Substitute Payment in respect of such Designated Security to the Trust in lieu of returning any Designated Security or Counterparty Securities, as applicable, to extinguish the Return Obligation shall be subject to Vistra Operations undertaking to pay the Vistra Collateral Agent and the Trustee any charges, fees or other expenses in connection therewith.
QA LLC shall instruct each Approved Borrower which is a party to a SLA to remit any payment in-lieu-of the interest or distribution declared on loaned securities ("Loan Substitute Payment") which is denominated in a currency other than U.S. dollars to the Fund's applicable Custody Account, and QA LLC shall receive, hold and administer the same, for the account of the Fund.