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:-
Substitute Security. Without prejudice to the Borrower's obligation to make any payment due under Clause 5.3(D) the Commitments shall be suspended for a period of up to twelve (12) months from the relevant Disposal Reduction Date in an amount equal to the relevant Disposal Reduction Amount or, if the Borrower so elects in writing to the Agent within ten (10) Banking Days of such Disposal Reduction Date, in such higher amount as it may specify. The Borrower shall on any one or more dates during such twelve (12) month period provide the Security Agent with substitute security in accordance with the provisions of this Clause such that, upon the Agent giving notice to the Borrower 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 two-thirds (2/3rds) of the value of such substitute security or such lesser amount as the Borrower requests, 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 (i) the Disposal Reduction Amount (or, if relevant, such higher amount by which the Commitments are suspended as elected by the Borrower) 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."
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 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 Replacement 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 Replacement Aircraft and Replacement Engines, and all warranties of any manufacturer with respect thereto.
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. (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 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 together with all equipment and accessories, parts and appurtenances pertaining or attached to the Replacement Aircraft, whether now owned or hereafter acquired, and all warranties of any manufacturer with respect thereto.
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.
Substitute Security. 64.1 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. At any time after the Initial Security has been provided pursuant to this Guarantee, it may be replaced with Substitute Security as provided in Clause 13 of the Framework Agreement.
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. 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;
