Replacement Collateral. In the event that the Company decides pursuant to the foregoing provisions to apply any portion of the Net Proceeds from a Collateral Asset Sale or an Event of Loss to purchase or otherwise invest in Replacement Collateral:
Replacement Collateral. In the event that the Issuer decides pursuant to the foregoing provisions to apply any portion of the Net Cash Proceeds from a Collateral Asset Sale or an Event of Loss to purchase or otherwise invest in Replacement Collateral,
Replacement Collateral. (a) Schedule I automatically shall be, and shall be deemed to have been, updated and supplemented to include (i) all fuel cells and fuel cell modules located at 0000 Xxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxx and/or utilized or comprising the Facility, and (ii) all fuel cells and fuel cell modules identified on any Schedule I Supplement (as defined herein). From time to time, but in any event after the occurrence of any restacking of any fuel cells and/or fuel cell modules, Debtor shall provide Secured Party with a supplement to Schedule I (each, a “Schedule I Supplement”), each of which Schedule I Supplements shall identify all fuel cells and fuel cell modules located at 0000 Xxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxxx and/or utilized or comprising the Facility by serial number, make and model.
Replacement Collateral. Notwithstanding the foregoing and subject to this Section 6.18(b), Borrowers may propose to the Lenders a Transfer, or a series of Transfers, of the Capital Stock of Affiliates of PRHC or Sponsor to either Borrower which are not then part of the Collateral (“Replacement Collateral”) as substitutes for any existing Restricted Operating Company Subsidiary, and the Restricted Holding Company Subsidiary which directly owns the Capital Stock thereof (“Replaced Collateral”). If Borrowers propose any such substitution, the Lenders shall consider whether the Replacement Collateral is satisfactory to serve as a substitute for the Replaced Collateral. If the Lenders, in their sole discretion, accept the contribution of any Replacement Collateral as a new Restricted Operating Company Subsidiary and new Restricted Holding Company Subsidiary (as applicable), the Lenders and Collateral Agent shall release the Replaced Collateral from inclusion in the Collateral and the Restricted Subsidiaries constituting such Replaced Collateral from their respective obligations under the Credit Documents and, upon the effectiveness of any such contribution and release, there shall be no further limitation on the direct or indirect Transfer of the Replaced Collateral. Upon the contribution of any Replacement Collateral pursuant to this Section 6.18(b), (i) the newly designated Restricted Operating Company Subsidiary shall be designated by the Lenders as a “Large Restricted Operating Company Subsidiary”, “Medium Restricted Operating Company Subsidiary” or “Small Restricted Operating Company Subsidiary” (at their sole discretion and based on a relative comparison of the cash flow profile and credit characteristics of the Subsidiaries included in the Collateral at the time of such substitution (including the Replaced Collateral)) and (ii) each Affiliate forming the Replacement Collateral shall be treated in all respects as a Restricted Operating Company Subsidiary and Restricted Holding Company Subsidiary (as applicable) under the Credit Documents.
Replacement Collateral. Subject to obtaining the consents of any necessary prior secured parties, the Debtor, with the consent of the Secured Party, may replace any items of the Collateral, provided that such replacement is of equal or greater value to the item(s) so replaced, that the same are fully paid for, or that such purchase be secured by a security agreement under the Uniform Commercial Code, which security agreement shall be subordinate to this Agreement, and further, provided that within five (5) days of any such replacement, a supplemental security agreement covering such new chattel, fixtures and equipment which shall be executed and delivered by the Debtor to the Secured Party c/o its attorney, together with an appropriate resolution of the Board of Directors of the Debtor, by certified mail, return receipt requested. The new chattels, fixtures and equipment shall be deemed additional items of collateral hereunder and shall be of equal or better quality than the replaced items of collateral, and shall be deemed to be included in the term "Collateral".
Replacement Collateral. (a) On or before any Exercise Date, ET Gas shall have the right to provide cash (or other collateral meeting the requirements of the Master Netting Agreement, the ISDA Agreement and the Underlying Master Agreements) in replacement for the Pipeline Capacity, in whole or in part, and ET Gas shall be entitled to direct ENA to release, and ENA shall release, to ET Gas and/or the Designee a volume of Pipeline Capacity for which the Spread Value is not more than the value of the substitute collateral. Such release shall be effective beginning the first gas day of the next following calendar month for the remaining term of the Pipeline Capacity that is being released. ET Gas and/or the Designee, on the one hand, and ENA, on the other hand, shall each take such actions as are reasonably necessary to effectuate the release of the Pipeline Capacity (including without limitation all action reasonably necessary to instruct El Paso to release the Pipeline Capacity to ET Gas or the Designee for the relevant time period and the relevant volume). A Pipeline Capacity release under this Section 7 shall be permanent and without further right of any kind to ENA or the other Enron Parties.
Replacement Collateral. (a) During the Replacement Collateral Period, New Power may substitute Eligible Accounts and Eligible Natural Gas (collectively, “Replacement Collateral”) for cash Collateral currently held by the Enron Parties in a total amount up to but not exceeding the lesser of (i) $40,000,000 and (ii) the sum of 85% of Eligible Accounts and 50% of Eligible Natural Gas (the “Substitution Amount"). During the month of October 2001, NewPower may substitute no more than $20,000,000 in Replacement Collateral for Returned Cash Collateral. The Parties expressly acknowledge and agree that the Substitution Amount of Replacement Collateral, as determined from time to time pursuant to the terms hereof, shall constitute acceptable Collateral for the obligations of New Power under the Master Netting Agreement during the Replacement Collateral Period. At no time during the Replacement Collateral Period shall the Enron Parties be obligated to release any cash Collateral to New Power that would result in New Power having posted cash Collateral to the Enron Parties of less than $70,000,000 unless New Power’s Collateral requirement under the Master Netting Agreement is less than such amount, in which case all of New Power’s Collateral posted to the Enron Parties shall be provided in cash.
Replacement Collateral. The Company may, at any time during the term of this Agreement, choose to substitute $800,000.00 pursuant to the terms of the Stock Pledge Agreement, as replacement collateral for the collateral as described in Section 1.03. In the event the Company chooses this option, BFP shall promptly execute a release of all interest in the CBC common stock under the Stock Pledge Agreement.
Replacement Collateral. In the event Debtor requests and the Secured Parties gives his written consent to the sale or other disposition of the Collateral, Debtor shall, prior to said sale or disposition, deposit with the Escrow Agent additional Collateral, specifically subject to this Agreement, so as to fully comply with the provisions of Section I and Section II hereof.
Replacement Collateral. So long as no Default or Event of Default exists and is continuing under this Agreement or the Credit Facility Documents, upon the Operating Partnership's written request, the Majority Lenders will consider (but shall have no obligation to permit) releasing the Collateral provided that the Operating Partnership (a) offers replacement collateral acceptable to the Majority Lenders, in their sole discretion, (b) provides to the Administrative Agent and the Lenders all materials requested by the Lenders to permit the Lenders to conduct a due diligence review and evaluation of the proposed replacement collateral, (c) executes all documents and agreements requested by the Majority Lenders to grant to the Administrative Agent, for the benefit of the Lenders, a first priority, perfected pledge of and security interest in such replacement collateral, and (d) pays to the Administrative Agent for the benefit of Lenders all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent and Lenders (including, without limitation, reasonable legal fees and expenses) incurred in connection with effecting the replacement of the Collateral.
