Common use of Substitutions Clause in Contracts

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures or the appropriate Applicable Ownership Interest in the Treasury Portfolio, as the case may be, for Collateral held by the Collateral Agent, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Trust Preferred Securities, Senior Deferrable Notes or security entitlements for any of them or the appropriate Applicable Ownership Interest in of the Treasury Portfolio, as the case may be, for Collateral financial assets held by in the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures or the appropriate Applicable Ownership Interest in the Treasury Portfoliosecurity entitlements to either of them, as the case may be, for Collateral financial assets held by in the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created herebyby this Agreement.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Securities or Debentures or the appropriate underlying Applicable Ownership Interest Interests in the Treasury PortfolioDebentures, as the case may be, or security entitlements for Collateral any of them, for financial assets held by in the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Preferred Securities, [Subordinated] Notes or security entitlements for any of them or the appropriate Applicable Ownership Interest in of the Treasury Portfolio, as the case may be, for Collateral financial assets held by in the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Securities or the appropriate Applicable Ownership Interest in the Treasury PortfolioSenior Notes (or Portfolio Interests), as the case may be, for Collateral held by the Collateral Agent, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Preferred Securities, Notes or security entitlements for any of them or the appropriate Applicable Ownership Interest in Interests of the Treasury Portfolio, as the case may be, for Collateral financial assets held by in the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Notes or security entitlements for any of them or the appropriate Applicable Ownership Interest in of the Treasury Portfolio, as the case may be, for Collateral financial assets held by in the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Shares or the appropriate Applicable Ownership Interest security entitlements to either of them for financial assets held in the Treasury Portfolio, as the case may be, for Collateral held by the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Trust Preferred Securities, Subordinated Deferrable Notes or security entitlements for any of them or the appropriate Applicable Ownership Interest in of the Treasury Portfolio, as the case may be, for Collateral financial assets held by in the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Trust Preferred Securities, Subordinated Notes or security entitlements for any of them or the appropriate Applicable Ownership Interest in of the Treasury Portfolio, as the case may be, for Collateral financial assets held by in the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Notes or the appropriate Applicable Ownership Interest security entitlements to either of them for financial assets held in the Treasury Portfolio, as the case may be, for Collateral held by the Collateral AgentAccount, such substitution shall not constitute a novation of the security interest created hereby.

Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Debentures Securities or the appropriate Applicable Ownership Interest in the Treasury PortfolioNotes, as the case may be, for Collateral held by the Collateral Agent, such substitution shall not constitute a novation of the security interest created hereby.