Substitute Assets definition

Substitute Assets has the meaning assigned thereto in Section 16(a).

Substitute Assets means the classes and types of assets from time to time eligible as substitute assets under the Guide;

Substitute Assets means the classes and types of assets from time to time eligible under the Covered Bond Legislative Framework and the CMHC Guide to collateralise covered bonds which include the following: (a) securities issued by the Government of Canada and (b) repurchase agreements of Government of Canada securities having terms acceptable to CMHC; provided that the total exposure to Substitute Assets shall not exceed 10 per cent of the aggregate value of (x) the Portfolio Assets; (y) any Substitute Assets; and (z) all cash balances held by the Guarantor (subject to the Prescribed Cash Limitation); in each case, provided that:

Examples of Substitute Assets in a sentence

• The purchase of Substitute Assets pursuant to the provisions of this Condition 4(f)(2) is herein referred to as “Substitution”.

• The Trustee shall not be liable to the Issuer, the Swap Counterparty (if any) or the Noteholders nor shall the Issuer be liable to the Trustee, any Noteholder or the Swap Counterparty (if any) for any loss arising from any arrangement referred to in any Substitution Notice or for the purchase price of the Substitute Assets or otherwise from the operation of this Condition 4(f)(2).

• In addition, amendments consequential upon any purchase of Substitute Assets and/or the crediting of funds to the Deposit Account may be required to be made to the provisions of the Charged Agreement to reflect the change in the composition of the Charged Assets which amendments shall be specified by the Collateral Agent in the relevant Substitution Notice.

• The net proceeds of redemption of Maturing Assets the maturity date of which falls prior to the maturity date or other date for redemption of the Notes and funds standing to the credit of the Deposit Account may be applied by the Custodian on behalf of the Issuer in or towards purchase of Substitute Assets from time to time, subject to and in accordance with the provisions of the Constituting Instrument as specified in the relevant Substitution Notice (as defined below).

• The net proceeds of redemption of Maturing Assets and funds standing to the credit of the Deposit Account may be applied by the Custodian on behalf of the Issuer in or towards the purchase of Substitute Assets from time to time, subject to and in accordance with the provisions of the Constituting Instrument as specified in the relevant Substitution Notice (as defined below).

More Definitions of Substitute Assets

Substitute Assets means: (a) the assets permitted by the Covered Bonds Communiqué to constitute substitute assets (as of the date of this Base Prospectus, such assets include cash, certificates of liquidity issued by the Central Bank of Turkey, government bonds issued domestically (in Turkey) or abroad, lease certificates issued by asset leasing corporations established by the Undersecretariat of the Treasury of Turkey (T.C. Cumhurbaşkanlığı Hazine Müsteşarlığı), securities guaranteed by the Treasury of Turkey within the framework of the Law on the Regulation of Public Financing and Debt Management dated 28 March 2002 and No. 4749, and securities issued by or with the guarantee of the central administrations and/or central banks of the countries which are members of the Organisation for Economic Co-operation and Development (“OECD”)); and (b) other assets which the CMB approves and discloses to the public.No investigations, searches, audits or other actions in respect of any assets contained or to be contained in the Cover Pool has been or will be performed by the Arrangers, the Dealers, the Agents, the Security Agent, the Calculation Agent, the Offshore Account Bank or (other than the Cover Monitor in the limited manner described herein) any other person. The Issuer is obligated to ensure that the Cover Pool fulfils the requirements of the Covered Bonds Communiqué (including the Statutory Tests), the Programme Overcollateralisation Percentage and the Individual Asset Eligibility Criteria.Changes to the Cover Pool The Issuer shall be entitled (and, in the circumstances set outin Article 13(5) of the Covered Bonds Communiqué, shall be obliged to substitute Cover Pool Assets as set out in paragraph (b) below), subject to making appropriate Security Update Registration(s) to:

Substitute Assets means the classes and types of assets from time to time eligible under the Covered Bond Legislative Framework and the CMHC Guide to collateralise covered bonds which include the following: (a) securities issued by the Government of Canada and

Substitute Assets shall have the meaning assigned thereto in Section 17.

Substitute Assets has the meaning given in Clause 8.3;

Substitute Assets has the meaning set forth in the Master Repurchase Agreement.

Substitute Assets means any assets acquired by the Borrowers and their Subsidiaries after the Effective Date, which are of equal or greater Book Value to the Closing Date Assets which are being substituted for by such Substitute Assets and designated by OSG as Substitute Assets. Substitute Assets that are not wholly-owned shall be valued by multiplying the Book Value of such assets by the percentage such assets are owned by the Borrowers on their Subsidiaries.

Substitute Assets means the Substitute Assets I and the Substitute Assets II.