Substitute Asset definition

Substitute Asset. On any day, an Eligible Asset that meets each of the conditions for substitution set forth in Section 2.18.

Substitute Asset means an issue of multifamily housing revenue bonds, or senior custodial receipts evidencing a senior ownership interests in such bonds, substituted for an issue of Enhanced Bonds or Enhanced Custodial Receipts pursuant to Section 3.19.

Substitute Asset means any Aircraft Engine or Airframe that is to be substituted for any Removed Asset (as defined in the Asset Purchase Agreement).

Examples of Substitute Asset in a sentence

• Upon confirmation of the deposit of such Retransfer Price into the Collection Account or the delivery by the Seller of a Substitute Asset for each Warranty Asset (the “Retransfer Date”), such Warranty Asset shall not be included in the Borrowing Base (and, if and when the Seller elects to accept the retransfer of such Warranty Asset, the Collateral) and, as applicable, the Substitute Asset shall be included in the Collateral.

• In either of the foregoing instances, the Seller may (in its discretion) accept retransfer of each such Warranty Asset and any Related Security and the Borrowing Base shall be reduced by the Outstanding Asset Balance of each such Warranty Asset and, if applicable, increased by the Outstanding Asset Balance of each Substitute Asset.

• Unless otherwise provided in the Pooling and Servicing Agreement, the right to substitute a Qualified Substitute Asset for any Replaced Asset that is an asset of the Trust shall be limited to (1) in the case of substitutions pursuant to Section 2.06(a) or 2.06(c), the two-year period beginning on the Closing Date and (2) in the case of any other substitution, the three-month period beginning on the Closing Date.

• The Servicer shall amend the Asset Schedule to reflect the removal of such Replaced Asset from the terms of the Pooling and Servicing Agreement and the substitution of the Qualified Substitute Asset or Assets.

• Such substitution shall be made by transfer to Buyer of such Substitute Assets and transfer to the Seller of such Purchased Assets (the “Reacquired Assets”) along with the other information to be provided with respect to the applicable Substitute Asset as described in the form of Transaction Notice.

More Definitions of Substitute Asset

Substitute Asset provided that no such replacement shall occur unless each of the following conditions is satisfied as of the date of such replacement and substitution:

Substitute Asset. Any Asset conveyed, assigned and transferred by the Trust Depositor to the Trust pursuant to Section 2.7 of the Sale and Servicing Agreement or in connection with an Upgrade (and has been acquired by the Trust Depositor from a Seller pursuant to the Sale and Contribution Agreement).

Substitute Asset shall have the meaning set forth in Section 4.8.

Substitute Asset in relation to any asset, means any other asset capable of performing substantially the same function in relation to a service, hydrocarbon stream or utility, taking into account the asset’s physical capabilities, location and existing uses, the duration and nature of the lease or contract pursuant to which the relevant party to an Interface Agreement (or member of its group) has access (where applicable), and the relevant party’s ability to control the use to which such asset is put; “Surviving Parties” means the Parties other than BPCECIL; 11

Substitute Asset has the meaning assigned to that term in Section 2.10(b).

Substitute Asset means either (i) the asset which is proposed by the Issuer (or the Collateral Manager on behalf of the Issuer) to substitute an Asset in the Collateral Portfolio under a Permitted Substitution Notice or (ii) the asset which has substituted an Asset in the Collateral Portfolio under a Permitted Substitution Notice, as the case may be.

Substitute Asset means any 2007-B Equipment, any 2007-B Contract subject thereto and any other Related Assets transferred to the Trust in exchange for an item of 2007-B Equipment, any 2007-B Contract subject thereto and the other Related Assets pursuant to Section 4.2(b) of the Trust Agreement and Section 3.04 of the related Transfer Agreement.