Collateral substitution. For each Loan, Chase or a Triparty Institution shall receive and hold all other Collateral required by the applicable MSLA in a Collateral Account, and Chase is hereby authorized and directed, without obtaining any further approval from Lender, to invest and reinvest all or substantially all Cash Collateral in Authorized Investments. Chase shall credit, or where applicable shall have a Triparty Institution credit, all Collateral, Authorized Investments and Proceeds to a Collateral Account and Chase shall xxxx its books and records to identify Lender's interest therein, it being understood, however, that all monies credited to a Collateral Account may for purposes of investment be commingled with cash collateral held for other lenders of securities on whose behalf Chase may act. Chase may, in its sole discretion, liquidate any Authorized Investment and credit the net proceeds to a Collateral Account. Chase shall accept substitutions of Collateral in accordance with the applicable MSLA, and shall credit, or where applicable shall have a Triparty Institution credit, all such substitutions to a Collateral Account. Letters of credit are not acceptable as Collateral.
Collateral substitution. Borrower shall have the right from time to time to obtain the release of a Parcel or group of Parcels within a single office or office/industrial park (a "group") and to substitute the same for a new parcel or group of parcels not then subject to the lien of the Mortgage ("New Property"), the value of which New Property must be equal to or greater than 110% of the initial value (as determined by Lender in Lender's sole discretion acting in good faith and which determination may, at Lender's sole discretion, be based on an MAI appraisal) of the Parcel(s) to be replaced subject to the following: (i) Borrower is not in default under the Loan or an event has not occurred which with the giving of notice or passage of time would constitute a default, (ii) with respect to the Property and the Other Properties combined, substitution is limited to no more than one transaction involving a Parcel or group of Parcels per year, and to no more than five (5) transactions involving a Parcel or group of Parcels and in no event more than ten (10) Parcels over the term of the Loan, (iii) the Parcel(s) to be replaced shall be limited to the original Parcel(s) encumbered by this Mortgage and the Other Mortgages, respectively, (iv) the New Property is acceptable to Lender in its sole discretion acting in good faith and (v) Borrower and any other Liable Parties have complied with each of the provisions of the Loan Documents and Indemnity Agreement. Lender shall have the right to charge a processing fee for the substitution of each New Property, which processing fee shall be $20,000 per transaction. Borrower shall also pay to Lender all costs and expenses incurred by Lender in connection with any request for the collateral substitution or in connection with any appraisal required by Lender pursuant to this subsection 10.03(c), including, without limitation, reasonable attorneys' fees and costs, recording costs and title insurance premiums. In addition, the Property, including the New Property, shall be required to: (1) provide sufficient cash flow such that the ratio of the annual cash flow from the Property (following the substitution of the New Property) to the annual debt service for the Loan is at least 1.40:1, and (2) support a loan to value ratio based on the value of the Property less the value of the Parcel(s) to be replaced and including the value of the New Property being substituted (which will be determined by Lender at the time of the collateral substitution in Lende...
Collateral substitution. For each Loan, Bank or a Triparty Institution shall receive and hold all Collateral required by the applicable MSLA in a Collateral Account, and Bank is hereby authorized and directed, without obtaining any further approval from Lender, to invest and reinvest all or substantially all Cash Collateral in accordance with Appendix 1 as promptly as practicable. Bank shall credit, or where applicable shall have a Triparty Institution credit, as promptly as practicable, all Collateral, Authorized Investments and Proceeds to a Collateral Account and Bank shall xxxx its books and records to identify Lender's interest therein, it being understood, however, that all monies credited to a Collateral Account may for purposes of investment be commingled with cash collateral held for other lenders of securities on whose behalf Bank may act. Bank may, in its sole discretion, liquidate any Authorized Investment and credit the net proceeds to a Collateral Account. Bank shall accept substitutions of Collateral in accordance with the applicable MSLA, and shall credit, or where applicable shall have a Triparty Institution credit, all such substitutions to a Collateral Account.
Collateral substitution. In the event Borrower shall elect to close or dispose of a restaurant that is part of the Real Estate Collateral, Lender shall release its mortgage lien on said Real Estate Collateral and any related personal property, so long as Borrower shall provide Lender with a mortgage lien on a substitute property reasonably satisfactory to Lender (which shall be subject to terms, conditions, and documentation reasonably satisfactory to Lender).
Collateral substitution. (i) Zero per- cent of the fair value of collateral pledged to the national bank or Fed- eral savings association by a counterparty where the collateral qualifies as level 1 liquid assets and xxx- gible HQLA and where, under the con- tract governing the transaction, the counterparty may replace the pledged collateral with other assets that qual- ify as level 1 liquid assets, without the consent of the national bank or Fed- eral savings association;
Collateral substitution. For each Loan, Lending Agent shall receive and hold Letters of Credit received as Collateral and Lending Agent or a Triparty Institution shall receive and hold all other Collateral for the relevant Portfolio required by the applicable MSLA in a Collateral Account, and Lending Agent is hereby authorized and directed, without obtaining any further approval from Lender (or any Portfolio), to invest and reinvest all or substantially all Cash Collateral. A given Loan may be collateralized by more than one type of Collateral. Lending Agent shall credit, or where applicable shall have a Triparty Institution credit, all Collateral, Authorized Investments and Proceeds to a Collateral Account for the relevant Portfolio and Lending Agent shall mark its books and records to identify the relevant Portfolio's inxxxxst therein, it being understood, however, that all monies credited to a Collateral Account may for purposes of investment be commingled with cash collateral held for other lenders of securities on whose behalf Lending Agent may act. Lending Agent may, in its sole discretion, liquidate any Authorized Investment and credit the net proceeds to a Collateral Account. Lending Agent shall accept substitutions of Collateral in accordance with the applicable MSLA, and shall credit, or where applicable shall have a Triparty Institution credit, all such substitutions to a Collateral Account for the relevant Portfolio. With respect to non-U.S. Securities: (a) at the inception of a Loan, Lending Agent shall advise Custodian of Lending Agent's receipt of the applicable Collateral (which advice shall authorize Custodian to deliver the Securities to be lent to the Borrower); provided that, with respect to non-U.S. Securities, if any, as to which Custodian receives Collateral directly, no such notice from Lending Agent need be given.
Collateral substitution. For each Loan, Chase or a Triparty Institution shall receive and hold all other Collateral required by the applicable MSLA in a Collateral Account, and Chase is hereby authorized and directed, without obtaining any further approval from Lender, to invest and reinvest all or substantially all Cash Collateral in accordance with the Investment Guidelines in Appendix 3. Chase shall credit, or where applicable shall have a Triparty Institution credit, all Collateral, Authorized Investments and Proceeds to a Collateral Account and Chase shall mxxx its books and records to identify Lender's interest therein, it being understood, however, that all monies credited to a Collateral Account may for purposes of investment be commingled with cash collateral held for other lenders of securities on whose behalf Chase may act. Chase may, in its sole discretion, liquidate any Authorized Investment and credit the net proceeds to a Collateral Account, it being understood that Chase will act to liquidate investments in an orderly fashion (or as otherwise instructed by Lender in writing) in the event of the termination of this Lending Agreement. It being understood that Borrowers shall not make substitutions in that only Cash Collateral is permitted hereunder, Chase shall accept substitutions of Collateral (such as in the context of repurchase agreements), and shall credit, or where applicable shall have a Triparty Institution credit, all such substitutions to a Collateral Account. (c) Mxxx to market procedures. (i) Chase shall require initial Collateral for a Loan in an amount determined by applying the then applicable "Collateral Requirement" (as defined below) to (x) the Market Value of the Security that is the subject of the Loan plus (y) in the case of fixed income Securities, any accrued but unpaid interest thereon. The Collateral Requirement with respect to a given Security shall be an amount equal to the then applicable percentage (currently (x) 102% for securities denominated in U.S. dollars ("Dollars"), securities for which Collateral is denominated in the same currency, and Global Depositary Receipts settled in the U.S. market, and (y) 105% for all other securities, including Global Depositary Receipts settled in markets outside the U.S. of the Market Value of the Security which is the subject of a Loan (plus accrued but unpaid interest thereon in the case of fixed income Securities) as determined as of the close of trading on the preceding Business Day. (ii)(A) With...
Collateral substitution. So long as no Event of Default has occurred and is continuing, the Borrowers may, upon seven (7) Business Days' prior written notice to the Agents, remove any of the Rigs from the operation of the Mortgages, the Assignments or the floating charge on the following terms and conditions:
Collateral substitution. Intentionally omitted.
Collateral substitution. That so long as the Agreement and any related document (including, without limitation, the Promissory Note) remains in full force and effect and the Secured Party has not made a demand for payment thereunder, the undersigned may withdraw, with the consent of the Secured Party (which shall not be unreasonably withheld or delayed), Pledged Collateral from the Pledged Account and, if necessary, deposit in the Pledged Account other collateral acceptable to the Secured Party in its sole discretion, provided that, after giving effect to any such withdrawal or additional deposit, the outstanding amount of the Obligations does not exceed the maximum loanable value ("Loanable Value" or "Loan Value of the Pledged Collateral") of the remaining (and substituted) Pledged Collateral.
