Common use of Substitutions for Disqualified Deposit Takers Clause in Contracts

Substitutions for Disqualified Deposit Takers. (1) Upon learning that any Deposit Taker has become a Disqualified Deposit Taker, LRC or BNPPLC may request that the party for whom such Disqualified Deposit Taker has been designated a Deposit Taker (i.e., BNPPLC or the applicable Participant) (a) designate another Eligible Deposit Taker as its new, substitute Deposit Taker, and (b) direct the substitute to satisfy the Deposit Taker Prerequisites.

Substitutions for Disqualified Deposit Takers. (1) Upon learning that any Deposit Taker has become a Disqualified Deposit Taker, LRC or BNPPLC BTMUCLF may request that the party for whom such Disqualified Deposit Taker has been designated a Deposit Taker (i.e., BNPPLC BTMUCLF or the applicable Participant) (a) designate another Eligible Deposit Taker as its new, substitute Deposit Taker, and (b) direct the substitute to satisfy the Deposit Taker Prerequisites.