Substitute Security. (i) Without prejudice to the Borrowers' obligation to make any payment due under Clause 9.3(D) the Commitments shall be suspended for a period of up to 270 days from the relevant Disposal Reduction Date in an amount equal to the relevant Disposal Reduction Amount. The Borrowers shall on any one or more dates during such 270 day period (each such date being a "SUBSTITUTE SECURITY PROVISION DATE") provide the Security Agent with substitute security in accordance with the provisions of this paragraph such that, upon the Agent giving notice to the Borrowers and the Banks that such security has been duly granted, the suspended amount of the Commitments (adjusted, if appropriate, in accordance with the provisions of this paragraph) shall cease to be suspended by an amount equal to five-sevenths (5/7ths) of the value of such substitute security or such lesser amount as the Borrowers request, but so that the Commitments may not at any time exceed the amount of the Commitments as they would have stood but for the suspension of part thereof and taking into account reductions and cancellations by virtue of the other provisions of this Agreement. For the purpose of this paragraph:-
(a) the suspended amount of the Commitments shall be reduced during the period of the suspension in proportion to the reduction of the Commitments (including the suspended portions) which takes effect by virtue of any reduction or partial cancellation in respect of the Commitments which takes effect during the period of the suspension by virtue of the other provisions of this Agreement; and
(b) the value of any substitute security shall be the market value thereof determined in accordance with Clause 9.3(G) (in respect of any Ship or Linkspan), Clause 9.3(H) (in respect of any Port) and in accordance with such other basis as the Security Agent shall require or approve (in respect of any other asset), unless the Borrowers elect to limit the amount recoverable under such security to a specified amount in which case the value thereof shall be the lower of such amount and the market value of such asset determined as aforesaid.
(ii) The Borrowers' obligation to provide substitute security in relation to an amount of the Commitments suspended by virtue of this Clause 9.3(E) shall be deemed discharged if any member of the Stena AB Group provides security over a Vessel or Vessels (a "SUBSTITUTE VESSEL") owned by such member of the Stena AB Group and the following conditions in relation thereto are ...
Substitute Security. (a) To secure the prompt payment of the principal amount of and interest on, and all other amounts due with respect to, all Securities from time to time outstanding under the Indenture and the performance and observance by the Company of all the agreements, covenants and provisions contained in the Indenture for the benefit and security of the Holders under the Indenture and the prompt payment of any and all amounts from time to time owing under the Indenture by the Company to the Trustee, the Company does hereby effective as of July 23, 1998, grant, sell, assign, transfer, convey, pledge and confirm unto the Trustee, its successors and assigns, for the benefit and security of the Holders and the Trustee, a first priority security interest in all estate, right, title and interest of the Company in and to the Replacement Aircraft and Replacement Engines (each such engine having 750 or more rated takeoff horsepower or the equivalent thereof) together with all equipment and accessories, parts and appurtenances pertaining or attached to the Replacement Aircraft and Replacement Engines whether now owned or hereafter acquired and all substitutions, modifications, improvements, accessions and accumulations to the New Engine and all warranties of any manufacturer with respect thereto.
(b) As evidence of the releasing of all right, title and interest of the Trustee in, to and under the Released Aircraft and Released Engines, the Trustee shall execute effective as of July 23, 1998, a separate Partial Release and any other document reasonably requested by the Company to evidence such release.
(c) The Company hereby acknowledges that the Replacement Aircraft and Replacement Engines referred to in this Supplemental Indenture are owned by and have been delivered to the Company and are included in the property of the Company subject to the pledge and mortgage thereof under the Indenture.
Substitute Security. If the Security Deposit is, at any time, less than the Required Amount (whether due to application of the Security Deposit pursuant to the terms hereof, the loss of a Qualified Credit Rating by the issuer of some or all of assets delivered to Landlord for purposes of forming a part of the Security Deposit, or otherwise), Tenant shall deliver to Landlord additional Permitted Security sufficient to restore the Security Deposit to the Required Amount, not later than fifteen (15) business days after Landlord's written demand.
Substitute Security. If at any time during the period this Guaranty is in effect, the Net Worth of Guarantor falls below Fifty Million Dollars ($50,000,000) (the “Net Worth Requirement”), or Guarantor causes or allows to occur a Significant Change (as defined in Section 7.10(b) below) (each, a "Substitute Security Event"), then Guarantor shall notify the Authority and Developer as soon as reasonably practicable. Upon the occurrence of a Substitute Security Event, Developer is required under Section 26.3 of the DDA to supply the Authority with a substitute guaranty (in the form of this Guaranty), an unconditional letter of credit, or other form of security, in each case: (i) in favor of the Authority;
Substitute Security a. If RedHawk applies for a name change, symbol change and/or reverse stock split authority that is refused by FINRA based on the fact that Sxxxxxxxx holds a security interest in the Series A shares and/or the Series B shares, as shown by an actual letter from FINRA stating that the denial is based on the lien, security interest or Sxxxxxxxx’x potential ownership of the Series A and/or the Series B shares as a result of the security interest , then RedHawk has the right to substitute collateral as described in the following provisions 5(b) through 5(e).
b. Xxxxxxxxx will be given a perfectable security interest in RedHawk’s SANDD needle destruction technology (U.S. Patent Number US2003/0010754 A1) (the “Needle Destruction Technology”).
c. Xxxxxxxxx will sign an agreed advance subordination agreement to a third party lender who uses the Needle Destruction Technology for security for financing to the company. That subordination agreement will be substantially in the form of Exhibit E.
d. If after the settlement a lender requires a subordination agreement in that lender’s own form used in the ordinary course of that lender’s business and required by that lender in order to provide financing to the company, Sxxxxxxxx will agree to promptly sign that as well.
e. The penalty for failing to sign a legitimate request for subordination by a third-party lender within ten (10) days after it has been provided to him in writing will be a forfeiture of any amounts RedHawk owes Sxxxxxxxx at the time.
Substitute Security. 13.2.1 At any time after the Closing Completion Date PPF may replace the PPF Group Guarantee with Substitute Security by giving CME ME a Substitution Notice, and thereafter may replace any Substitute Security provided to secure the Guarantor Obligations with other Substitute Security by giving CME ME a Substitution Notice.
(i) PPF shall not submit more than one Substitution Notice during any one-year period from the Closing Commencement Date in respect of the substitution of the PPF Group Guarantee except in the event that additional security is required for purposes of satisfying the Guarantor Obligations pursuant to the terms hereof or of the PPF Group Guarantee.
(ii) Upon completion of the replacement of the PPF Group Guarantee with Substitute Security, as provided herein, the PPF Group Guarantee shall cease to be valid and effective.
(iii) The Parties agree that any Substitution Notice with respect to the PPF Group Guarantee shall not contain more than three forms of Substitute Security, but if more than one form of Substitute Security is proposed at any one time, no single form of Substitute Security shall be proposed with a value less than US$ 40,000,000.
(iv) At no time shall the Substitute Security for the Guaranteed Obligations consist of more than three forms of Substitute Security, unless CME ME shall agree otherwise.
13.2.2 At any time after PPF or the Guarantor has provided Initial Security pursuant to the Guarantee, PPF may replace the Initial Security with Substitute Security by giving the CME Parties a Substitution Notice.
(i) PPF shall not submit more than one Substitution Notice during any one-year period from the Closing Commencement Date in respect of such substitution except in the event that additional security is required for purposes of satisfying the Guarantor Obligations pursuant to the terms here of or of the Guarantee.
(ii) The Parties agree that any Substitution Notice with respect to the Initial Security shall not contain more than three forms of Substitute Security, but if more than one form of Substitute Security is proposed at any one time, no single form of Substitute Security shall be proposed with a value less than US$ 20,000,000.
(iii) At no time shall the Substitute Security for the Obligations consist of more than three forms of Substitute Security.
13.2.3 Any Substitution Notice delivered to the CME Parties while either the Guarantor is in breach of its obligations under the Guarantee or the PPF Group is in breach of...
Substitute Security. Without prejudice to the aforesaid, the Chargors may, at any time after the payment of the first and second instalments as referred to in Clause 2.2 above, request for a discharge of the security hereby created by providing substitute security acceptable to the Chargees.
Substitute Security. Tenant, in lieu of cash, may deliver to Landlord an irrevocable negotiable Letter of Credit (the “Letter of Credit”) issued by an drawn on a bank of trust company in form and content reasonably acceptable to Landlord for the account of Landlord, in the amount of $25,500.00. The Letter of Credit shall be for one year and shall be renewed by Tenant each and every year until the termination of this Lease. Each renewal shall be delivered to Landlord not less than 60 days before the expiration of the then current Letter of Credit. Failure to deliver such new Letter of Credit on or before said date shall be a material breach of this Lease and Landlord shall have the right, among other remedies provided hereunder, to present the existing Letter of Credit for payment.
Substitute Security. If at any time during the period this Guaranty is in effect, the Net Worth of Guarantor falls below Fifty Million Dollars ($50,000,000) (the “Net Worth Requirement”) or Guarantor causes or allows to occur a Significant Change (as defined in Section 7.10(b) below) (each, a "Substitute Security Event"), then Guarantor shall notify the Authority and Developer as soon as reasonably practicable. Upon the occurrence of a Substitute Security Event, Developer is required under Section 26.3 of the DDA to supply the Authority with a substitute guaranty (in the form of this Guaranty), an unconditional letter of credit, or other form of security, in each case: (i) in favor of the Authority; (ii) in form and substance, and issued by persons or entities, reasonably satisfactory to the Authority (including satisfaction of the Net Worth Requirement); (iii) in the amount of one hundred percent (100%) of the Guaranteed Obligations up to the Secured Amount and (iv) to remain in effect until the Guaranteed Obligations are fulfilled (“Substitute Security”). If Developer does not supply the Authority with the Substitute Security within the time period required under the DDA, the Authority shall notify Guarantor and Guarantor shall provide such Substitute Security within ten
Substitute Security. The Agency may accept additional or substitute security for this Note, or release any security or any party liable for this Note, or extend or renew this Note, all without notice to the Borrower and without affecting the liability of the Borrower.
