Replacement of Security. (a) The Access Holder may, with Aurizon Network’s consent, replace any Security provided by the Access Holder under this clause 6 with replacement Security which satisfies the requirements of this clause 6.
(b) If the Security provided by an Access Holder under this clause 6 is a bank guarantee that has an expiry date, then:
(i) the Access Holder must, at least 20 Business Days prior to the expiry of the bank guarantee, deliver to Aurizon Network replacement Security which satisfies the requirements of this clause 6; and
(ii) if the Access Holder does not deliver to Aurizon Network replacement Security in accordance with clause 6.5(b)(i):
(A) Aurizon Network may, in its absolute discretion, draw on the existing bank guarantee;
(B) any such amount drawn by Aurizon Network (Cash Deposit) will be treated as a deposit of cash delivered by or on behalf of the Access Holder as Security under this Agreement in place of the relevant bank guarantee;
(C) this clause 6 will apply (with any necessary changes) in respect of the Cash Deposit; and
(D) if requested by the Access Holder at any time, Aurizon Network must return the Cash Deposit to the Access Holder in exchange for the Access Holder delivering to Aurizon Network replacement Security which satisfies the requirements of this clause 6.
Replacement of Security. The Operator may, with Aurizon Network’s consent, replace any Security provided by the Operator under this clause 6 with replacement Security which satisfies the requirements of this clause 6.
Replacement of Security. (1) The Developer may replace any Security provided by it at any time, provided that the amount of that replacement is not less than that which is required to be provided under this document.
(2) On receipt of a replacement Security, Council must immediately release the Security being replaced and return it to the Developer.
Replacement of Security. The End User may, with Aurizon Network’s consent, replace any Security provided by the End User under this clause 5 with replacement Security which satisfies the requirements of this clause 5.
Replacement of Security. If any Security has been provided pursuant to clause 14.1(a) and:
Replacement of Security. The Access Holder may, with Aurizon Network’s consent, replace any Security provided by the Access Holder under this clause 6 with replacement Security which satisfies the requirements of this clause 6.
Replacement of Security. Purchaser acknowledges that no Security will be transferred to Purchaser as part of the Transactions. As such, within thirty (30) days of Closing, Purchaser shall replace each Security with letters of credit, parent guaranties, cash, bonds or items of credit support, in the full amount of such Security being replaced and in each case (a) in form and substance acceptable to the Person to which such Security is posted and (b) otherwise sufficient to cause such Person to return such Security to Seller. Thereafter, if either Party identifies any Security related to the Purchased Assets that has not been replaced, then such Party shall promptly notify the other Party, and promptly thereafter Purchaser shall replace such Security in the amount and in the form contemplated by this Section 4.16. Promptly following request by Seller, Purchaser shall deliver to Seller evidence of the replacement of the Security pursuant to this Section 4.16. Notwithstanding the foregoing, Purchaser shall not be required to replace the Security posted by Seller in connection with the Canton Loan Agreement after the Closing if Purchaser agrees to enter into an indemnification agreement reasonably acceptable to Seller providing that Purchaser shall indemnify Seller from any amounts that Seller is required to pay after the Closing Date under the Security posted by Seller in connection with the Canton Loan Agreement.
Replacement of Security. The User must replace any security held by Horizon Power Pilbara Network under clause 12.1
(a) (2) as follows:
(1) where the security held is a cash deposit under clause 12.2(a)(1), within 15 Business Days after the security is called upon by Horizon Power Pilbara Network, or otherwise ceases to be enforceable for any reason; and
(2) where the security held is a bank guarantee under clause 12.2(a)(2):
(A) at least 15 Business Days before the security expires;
(B) within 15 Business Days after written request by Horizon Power Pilbara Network if the issuer of the security no longer satisfies the requirements of clause 12.2(a)(2)(A); and
(C) within 15 Business Days after the security is called upon by Horizon Power Pilbara Network, or otherwise ceases to be enforceable for any reason. The replacement security provided under clause 12.4(a) must comply with clause 12.2. This Contract will apply to any replacement security provided under clauses 12.3(a)(2) or 12.4(a) (as applicable) as if it was the security being replaced. Horizon Power Pilbara Network must return the security to be replaced under clause 12.3(a)(2) or 12.4(a) (as applicable) to the User immediately following receipt of the replacement security. If the User does not replace any security as required by this clause 12.4, Horizon Power Pilbara Network may make a demand for the full amount of the security to be replaced, and hold the proceeds on the basis that the security to be replaced was held under this Contract.
Replacement of Security. The End UserAccess Holder may, with Aurizon Network’s consent, replace any Security provided by the End UserAccess Holder under this clause 56 with replacement Security which satisfies the requirements of this clause 56.
Replacement of Security. The Fund Entities acknowledge that BRPI and its Subsidiaries (other than the BRPI Entities) (collectively with each of their shareholders, directors, officers, employees, agents and representatives, the “BRPI Indemnified Parties”) have (i) granted guarantees or indemnities in respect of the obligations of one or more of the BRPI Entities and the Subsidiaries of the Fund Entities pursuant to the agreements identified in Section 6.7 of the Disclosure Letter (the “BRPI Guarantees”), and (ii) provided letters of credit or collateral in favour of third parties on behalf or for the benefit of one or more of the BRPI Entities and the Subsidiaries of the Fund Entities pursuant to the agreements identified in Section 6.7 of the Disclosure Letter (the “BRPI Security”). Subject to the Effective Date having occurred, BREP agrees that it will, within a reasonable period of time following the Effective Date (a) make commercially reasonable efforts to deliver replacement letters of credit or collateral under the agreements pursuant to which the BRPI Security was delivered and return all BRPI Security to the relevant BRPI Indemnified Parties; and (b) deliver replacement guarantees or indemnities of BRELP and any subsidiary of BRELP as the counterparty to the relevant agreement may require, in favour and for the benefit of such counterparty, and in such form as the original guarantee or indemnity delivered by the BRPI Indemnified Party(ies). From and after the Effective Date, BREP and each of the Fund Entities hereby agrees to indemnify and save each of the BRPI Indemnified Parties harmless from and against all Damages suffered or incurred by, imposed upon or asserted against any of them as a result of, in respect of, connected with, or arising out of, under or pursuant to any of the BRPI Guarantees or the BRPI Security. To the extent BRPI and/or any of its Subsidiaries provided a BRPI Guarantee and/or a BRPI Security, BRPI and/or the relevant Subsidiary agrees that until such BRPI Guarantee or BRPI Security is replaced as contemplated by this Section 6.7, BRPI and/or such Subsidiary will maintain in full force and effect, unamended, such BRPI Guarantee and/or BRPI Security and shall, subject to the rights of the Fund Entities in this Agreement, use commercially reasonable efforts to do, make, execute, deliver or cause to be done, made, executed or delivered, all such further acts, documents and things as BREP or the beneficiaries of the BRPI Guarantees or the holders of t...
