Substitute Assets definition

Substitute Assets has the meaning assigned thereto in Section 16(a).

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Substitute Assets means the classes and types of assets from time to time eligible under the Covered Bond Legislative Framework and the CMHC Guide to collateralise covered bonds which include the following: (a) securities issued by the Government of Canada and (b) repurchase agreements of Government of Canada securities having terms acceptable to CMHC; provided that the total exposure to Substitute Assets shall not exceed 10 per cent of the aggregate value of (x) the Portfolio Assets; (y) any Substitute Assets; and (z) all cash balances held by the Guarantor (subject to the Prescribed Cash Limitation); in each case, provided that:

Substitute Assets means the classes and types of assets from time to time eligible as substitute assets under the Guide;

Examples of Substitute Assets in a sentence

• If Buyer delivers a Margin Call to Seller and Guarantor on or prior to 10:00 a.m. (New York City time) on any Business Day, then Seller shall transfer the required amount of cash or Substitute Assets to Buyer no later than 5:00 p.m. (New York City time) on the same Business Day of Seller’s and Guarantor’s receipt of such Margin Call.

• Upon substitution, the Substitute Assets shall be deemed to be Underlying Assets, the Reacquired Assets shall no longer be deemed Underlying Assets, Buyer shall be deemed to have terminated any security interest that Buyer may have had in the Reacquired Assets and any Purchased Items solely related to such Reacquired Assets to the Guarantor unless such termination and release would give rise to or perpetuate an unpaid, due and payable Margin Call.

• Such substitution shall be made by transfer to Buyer of such Substitute Assets and transfer to the Guarantor of such Underlying 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 Assets

Substitute Assets means: (a) the assets permitted by the Covered Bonds Communiqué to constitute substitute assets (as of the date of this Base Prospectus, such assets include cash, certificates of liquidity issued by the Central Bank of Turkey, government bonds issued domestically (in Turkey) or abroad, lease certificates issued by asset leasing corporations established by the Undersecretariat of the Treasury of Turkey (T.C. Cumhurbaşkanlığı Hazine Müsteşarlığı), securities guaranteed by the Treasury of Turkey within the framework of the Law on the Regulation of Public Financing and Debt Management dated 28 March 2002 and No. 4749, and securities issued by or with the guarantee of the central administrations and/or central banks of the countries which are members of the Organisation for Economic Co-operation and Development (“OECD”)); and (b) other assets which the CMB approves and discloses to the public.

Substitute Assets means the classes and types of assets from time to time eligible under the Covered Bond Legislative Framework and the CMHC Guide to collateralise covered bonds which include the following: (a) securities issued by the Government of Canada and

Substitute Assets shall have the meaning assigned thereto in Section 17.

Substitute Assets has the meaning given in Clause 8.3;

Substitute Assets has the meaning set forth in the Master Repurchase Agreement.

Substitute Assets means any assets acquired by the Borrowers and their Subsidiaries after the Effective Date, which are of equal or greater Book Value to the Effective Date Assets which are being substituted for by such Substitute Assets and designated by OSG as Substitute Assets. Substitute Assets that are not wholly-owned shall be valued by multiplying the Book Value of such assets by the percentage such assets are owned by the Borrowers or their Subsidiaries.

Substitute Assets means: (a) the assets permitted by the Covered Bonds Communiqué to constitute substitute assets (as of the Programme Closing Date, such assets are cash, certificates of liquidity issued by the Central Bank of Turkey, government bonds issued domestically (in Turkey) or abroad, lease certificates issued by asset leasing corporations established by the Turkish Treasury, securities guaranteed by the Turkish Treasury within the framework