Common use of Substitution of Charged Assets Clause in Contracts

Substitution of Charged Assets. Following receipt by Party B from Party A of a Substitution Notice pursuant to Condition 4(b)(i) (Substitution at direction of Counterparty), Party B shall, on the date specified for such substitution in the Substitution Notice, pay to Party A cash comprising the Charged Assets equal to the relevant Reduction Amount, free and clear of any interest of Party B or the Trustee.

Substitution of Charged Assets. Following receipt by Party B from Party A of a Substitution Notice pursuant to Condition 4(b)(i) (Substitution at direction of Counterparty), Party B shall, on the date specified for such substitution in the Substitution Notice, pay to Party A cash comprising the Charged Assets equal specified in the Substitution Notice as being subject to the relevant Reduction Amountsubstitution, free and clear of any interest of Party B or the Trustee.