Substitute Security definition

Substitute Security means a Security purchased by the Trustee pursuant to Section 3.7 hereof.

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Substitute Security means either of the following: (1) a standby irrevocable letter of credit issued by a bank or other financial institution with a minimum “A” senior unsecured debt rating (or, if unavailable, corporate issuer rating) from S&P or a minimum “A2” senior unsecured debt rating (or, if unavailable, corporate issuer rating) from Moody’s; or (2) an absolute and unconditional guaranty covering the Obligations issued by an entity whose long-term senior unsecured debt has an investment grade rating by S&P or Moody’s, or if the guarantor does not have a long-term senior unsecured debt rating, then the rating assigned to such entity as its Corporate Credit Rating by S&P or Issuer Rating by ▇▇▇▇▇’▇ shall be investment grade.

Substitute Security has the meaning set forth in Section 6.3(a).

Examples of Substitute Security in a sentence

Whenever a Substitute Security is acquired by the Trust pursuant to the provisions of this Section 3.7, the Trustee shall, within five days thereafter, mail to all Unitholders notices of such acquisition, including an identification of the Failed Security and the Substitute Security acquired.
The purchase price of a Substitute Security shall be paid out of the funds in the Principal Account attributable to the Failed Security which it replaces.
Concurrently with the completion of all steps necessary to substitute a Substitute Property as provided herein, Lender shall execute or cause to be executed all such documents as are necessary or appropriate (i) to release all Liens granted to Lender and affecting the Replaced Property, and (ii) to cause the Substitute Security Instrument to be cross-collateralized and cross-defaulted with the Security Instrument.
The Depositor shall not be liable for any failure to instruct the Trustee to purchase any Substitute Security or for errors of judgment in selecting any Substitute Security.
The Depositors shall not be liable for any failure to instruct the Trustee to purchase any Substitute Security or for errors of judgment in selecting any Substitute Security.
The Agency’s sole remedy against Guarantor for Guarantor’s failure to provide the Substitute Security will be to require Guarantor to specifically perform, not to seek damages attributable to such failure.
Failure to give such notice shall not relieve Guarantor of its obligations hereunder, and failure to provide the Substitute Security will be a default hereunder.
Upon providing any Substitute Security, the Agency shall promptly return this Guaranty.
Any property received by the Trustee after the initial date of Deposit in a form other than cash or additional shares of the Securities listed in the Reference Trust Agreement or of a Substitute Security, which shall be retained by the Trust, shall be dealt with in the manner described in Section 3.11 and shall be retained or disposed by the Trustee according to those provisions, provided, however, that no property shall be retained which the Trustee determines shall adversely affect its duties hereunder.
It shall be a default under this Guaranty if at any time during the period this Guaranty is in effect Guarantor causes or allows to occur a Significant Change and the Significant Change is not reversed or voided and Guarantor fails to provide Substitute Security within thirty (30) days following Guarantor’s receipt of notice thereof from the Agency.

More Definitions of Substitute Security

Substitute Security shall have the meaning set forth in Section 6.9(b)(i).

Substitute Security means any shares of Subsidiary Preferred Stock issued by any direct or indirect Subsidiary of GE (other than the Company or any of its Subsidiaries) in connection with the assignment or transfer by NTI to such Subsidiary of the GE Note or Replacement Security in accordance with Section 4.5(c)(iii) or any Replacement Security.

Substitute Security means those forms of security specified in Clause 13.2.9;

Substitute Security has the meaning given in Section 11(c).

Substitute Security means bonds, notes, debentures, or other obligations of the United States or any agency or instru- mentality thereof or guaranteed by the United States or of the state of Washington or of a municipality, county, school dis- trict, or instrumentality of the state of Washington or guaran- teed by the state.