Replacement Security. Provided that:
(a) the Developer has complied with clause 10.1 and 10.2; and
(b) the Transferee or Incoming Party (as the case may be) has provided the Council with a replacement Security in accordance with the requirements of Schedule 5 and on terms acceptable to the Council, the Council will promptly return the Security to the Developer.
Replacement Security. At any time during the term hereof, Tenant may replace any Security Deposit and/or letter(s) of credit posted hereunder with new letter(s) of credit, a cash Security Deposit or a combination thereof (“Replacement Security”) so long as (i) any letters of credit comply with the requirements of Section 6d above, and (ii) the aggregate amount of all letters of credit, plus the amount of any cash Security Deposit, held by Landlord equals the amount of Security Deposit required by Section lg hereof. Upon the delivery of any Replacement Security to Landlord, Landlord shall release and deliver to Tenant the Security Deposit and/or letters of credit that are being replaced.
Replacement Security. “Replacement Security” shall mean either: (a) cash; (b) an irrevocable letter of credit, substantially in the form set forth as Exhibit A, issued by a commercial bank authorized to do business and in good standing in the United States of America with a minimum long-term unsecured debt rating of at least “A-” by S&P or “A3” by Moody’s, or an equivalent debt rating by one of these agencies; or (c) other security acceptable to the Party receiving such Replacement Security. If, at any time, the issuer of the Replacement Security fails to possess the minimum applicable requirements set forth in (b) or (c) in the immediately foregoing sentence (such occurrence defined herein as a “Replacement Downgrade Event”), the Party causing such Replacement Security to be issued shall deliver replacement credit support in a form and in the amount that meets the definition of Replacement Security within five (5) Business Days of notice of such Replacement Downgrade Event. The other Party shall return the original Replacement Security to the Party causing the additional Replacement Security to be issued within five (5) Business Days of the provision of such additional Replacement Security to the other Party.
Replacement Security. Provided that:
(a) the Developer has complied with clause 10.1 and 10.2; and
(b) the Transferee or Incoming Party (as the case may be) has provided the Minister with a replacement Security in accordance with the requirements of Schedule 5 and on terms acceptable to the Minister, the Minister will promptly return the Security to the Developer.
Replacement Security. Any performance security furnished by Metro West Ambulance in fulfillment of the requirements of this Agreement for performance security that includes an agreement with a person or entity other than the County or Metro West Ambulance shall provide that the third party shall not cancel the agreement for any reason except upon 30-days advance written notice to County of the intention to cancel said agreement. Not later than 20 days following the commencement of the 30-day notice period, Metro West Ambulance shall provide to the County a replacement agreement acceptable to the County.
Replacement Security. If any mutilated Security is surrendered to the Company and the Company receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Security, the Company shall issue a replacement Security. If required by the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Company to protect the Company from any loss that it may suffer if a Security is replaced. The Company may charge the Holder for their expenses in replacing a Security.
Replacement Security. The provisions of Section 5.2 of the Lease “Replacement Security” shall apply, mutatis mutandis, to the Master Agreement and this TC; provided that, any Letter of Credit or cash deposit that replaces the Equity Pledge or Parent Guaranty supporting the Master Agreement and this TC shall be in the amount of $[***] (as such amount may be ratably reduced in the event of a partial release of the Equity Pledge).
Replacement Security. “Replacement Security” shall mean either: (a) cash; (b) an irrevocable letter of credit issued by a commercial bank authorized to do business and in good standing in the United States of America with a minimum long-term unsecured debt rating of at least “A-” by S&P or “A3” by Xxxxx’x, or an equivalent debt rating by one of these agencies; or (c) other security acceptable to the Party receiving such Replacement Security. If, at any time, the issuer of the Replacement Security fails to possess the minimum applicable requirements set forth in (b) or (c) in the immediately foregoing sentence (such occurrence defined herein as a “Replacement Downgrade Event”), the Party causing such Replacement Security to be issued shall deliver replacement credit support in a form and in the amount that meets the definition of Replacement Security within five (5) Business Days of notice of such Replacement Downgrade Event. The other Party shall return the original Replacement Security to the Party causing the additional Replacement Security to be issued within five (5) Business Days of the provision of such additional Replacement Security to the other Party.
Replacement Security. At any time during the term Tenant may elect to replace, either in whole or in part, the Step-Up Security Deposit, the Equity Pledge, the Parent Guaranty or Landlord’s lien under Section 14.5 with a Letter of Credit or a cash deposit, in an amount, dollar for dollar, equal to the portion of the Tenant Security that it replaces, in which case Landlord shall return the Step-Up Security Deposit to Tenant (or the portion thereof that is being replaced), release the Equity Pledge (or the portion thereof that is being replaced), terminate the Parent Guaranty, or release Landlord’s lien under Section 14.5 (or the portion thereof that is being replaced), as applicable, no later than five (5) business days after Xxxxxxxx’s receipt of the Letter of Credit or the cash deposit from Tenant. If Landlord has received a Letter of Credit from Tenant, Landlord’s rights and Tenant’s obligations shall be governed by Exhibit “I”, and such Letter of Credit shall be treated as part of the Tenant Security, for the purposes of Section 5.1 or the Landlord’s lien under Section 14.5, as applicable. Any Letter of Credit or cash deposit that replaces the Equity Pledge or Parent Guaranty shall be in the amount equal to the then applicable Guaranty Cap (as such amount may be ratably reduced in the event of a partial release of the Equity Pledge). Any such release under this Section 5.2 shall be effectuated through a customary escrow arrangement.
Replacement Security. (a) If RailCorp demands payment under, or applies the whole or part of, any Security provided by the Rail Operator under clause 20.4 the Rail Operator must promptly provide to RailCorp a replacement or additional Security for an amount equal to the amount demanded or applied by RailCorp in accordance with clause 20.4.
(b) No action by RailCorp under clause 20.6(a) will operate as a waiver of the relevant Event of Default.
