Substitute Security definition

Substitute Security means a Security purchased by the Trustee pursuant to Section 3.7 hereof.
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Substitute Security means either of the following: (1) a standby irrevocable letter of credit issued by a bank or other financial institution with a minimum “A” senior unsecured debt rating (or, if unavailable, corporate issuer rating) from S&P or a minimum “A2” senior unsecured debt rating (or, if unavailable, corporate issuer rating) from Moody’s; or (2) an absolute and unconditional guaranty covering the Obligations issued by an entity whose long-term senior unsecured debt has an investment grade rating by S&P or Moody’s, or if the guarantor does not have a long-term senior unsecured debt rating, then the rating assigned to such entity as its Corporate Credit Rating by S&P or Issuer Rating by Xxxxx’x shall be investment grade.
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Substitute Security has the meaning set forth in Section 6.3(a).
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Examples of Substitute Security in a sentence

  • If the Security Trustee does not propose a replacement by the date which is 1 month prior to the date of its proposed retirement, the Manager is entitled to appoint a Substitute Security Trustee, which must be an Authorised Trustee Company who is approved by the Rating Agencies, as of the date of the proposed retirement.

  • Whenever a Substitute Security is acquired by the Trust pursuant to the provisions of this Section 3.7, the Trustee shall, within five days thereafter, mail to all Unitholders notices of such acquisition, including an identification of the Failed Security and the Substitute Security acquired.

  • The purchase price of a Substitute Security shall be paid out of the funds in the Principal Account attributable to the Failed Security which it replaces.

  • The Security Trustee will not assign or otherwise transfer all or any part of the benefit of this Deed or any of its rights, duties and obligations under this Deed except to a Substitute Security Trustee which is appointed as a successor security trustee under and in accordance with this Deed.

  • Each Substitute Security Trustee must upon its appointment execute a deed in such form as the Manager may require whereby such Substitute Security Trustee must undertake to the Secured Creditors jointly and severally to be bound by all the covenants on the part of the Security Trustee under this Deed from the date of such appointment.

  • If the Trustee does not appoint a Substitute Security Trustee, the Manager may appoint a Substitute Security Trustee who is approved by the Rating Agencies.

  • Upon retirement or removal of the Security Trustee as trustee of the Security Trust, the Security Trustee is released from all obligations under this Deed arising after the date of the retirement or removal except for its obligation to vest the Security Trust Fund in the Substitute Security Trustee and to deliver all books and records relating to the Security Trust to the Substitute Security Trustee (at the cost of the Security Trust Fund).

  • If the retiring Security Trustee does not appoint a Substitute Security Trustee by the date which is 1 month prior to the date of its proposed retirement, the Manager may appoint a Substitute Security Trustee, which must be an Authorised Trustee Company approved by the Rating Agencies.

  • Concurrently with the completion of all steps necessary to substitute a Substitute Property as provided herein, Lender shall execute or cause to be executed all such documents as are necessary or appropriate (i) to release all Liens granted to Lender and affecting the Replaced Property, and (ii) to cause the Substitute Security Instrument to be cross-collateralized and cross-defaulted with the Security Instrument.

  • RESOLVED, that the Board of Education accepts the recommendation of the Superintendent and approves the appointment of the listed personnel as Substitute Security Guards at the pay rate of $9.50 per hour, effective for the 2004/2005.


More Definitions of Substitute Security

Substitute Security shall have the meaning set forth in Section 6.9(b)(i).
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Substitute Security means those forms of security specified in Clause 13.2.9;
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Substitute Security means any shares of Subsidiary Preferred Stock issued by any direct or indirect Subsidiary of GE (other than the Company or any of its Subsidiaries) in connection with the assignment or transfer by NTI to such Subsidiary of the GE Note or Replacement Security in accordance with Section 4.5(c)(iii) or any Replacement Security.
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Substitute Security means bonds, notes, debentures, or other obligations of the United States or any agency or instru- mentality thereof or guaranteed by the United States or of the state of Washington or of a municipality, county, school dis- trict, or instrumentality of the state of Washington or guaran- teed by the state.
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Substitute Security has the meaning given in Section 11(c).
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Related to Substitute Security

  • Substitute care means the out-of-home placement of a child or young adult who is in the legal or physical custody and care of the Department.

  • Fixed Rate Security means a Security which provides for the payment of interest at a fixed rate.

  • Substitute teacher means a person employed to perform the normal duties of a teacher who is absent.

  • Substitute Option means an Option granted in substitution for, or upon the conversion of, an option granted by another entity to purchase equity securities in the granting entity.

  • Substitute Check means a paper reproduction of an Item that satisfies the requirements and definition of "substitute check" set forth in Regulation CC.

  • Similar Security means a reference bond or reference bonds issued by the same issuer as the Reference Security having an actual or interpolated maturity comparable with the remaining term of the Notes that would be utilised, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

  • LCR Security means any commercial paper or security (other than equity securities issued to Parent or any Originator that is a consolidated subsidiary of Parent under GAAP) within the meaning of Paragraph .32(e)(viii) of the final rules titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014).

  • Substitute Commercial Paper Dealers means such Substitute Commercial Paper Dealer or Dealers as the Corporation may from time to time appoint or, in lieu of any thereof, their respective affiliates or successors.

  • Adequate security means protective measures that are commensurate with the consequences and probability of loss, misuse, or unauthorized access to, or modification of information.

  • Eligible Security means a security that:

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Substitute caregiver means any person other than the licensee, resident manager, floating resident manager, or shift caregiver who provides care and services in an AFH under the jurisdiction of the Department.

  • Derivative Security means any right, option, warrant or other security convertible into or exercisable for Common Stock.

  • Floating Rate Security means a Debt Security that provides for the payment of interest at a variable rate determined periodically by reference to an interest rate index specified pursuant to Section 2.03.

  • Permitted Security means any Security:

  • Substitute Loan As defined in Section 2.2.

  • Bid Security means the bid security provided by the Contractor to the Authority in accordance with the Request for Proposal, and which is to remain in force until substituted by the Performance Security;

  • Substitute Credit Support has the meaning specified in Paragraph 4(d)(i).

  • Substitute Servicing Agreement means a servicing agreement that contains servicing provisions which are the same as or more favorable to the Non-Lead Noteholders, in substance, to those in the Servicing Agreement (including, without limitation, all applicable provisions relating to delivery of information and reports necessary for any Non-Lead Securitization to comply with any applicable reporting requirements under the Securities Exchange Act of 1934, as amended) and all references herein to the “Servicing Agreement” shall mean such subsequent servicing agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation shall have been obtained from each Rating Agency with respect to such subsequent servicing agreement.

  • Performance Security means monetary guarantee to be furnished by the successful Tenderer for due performance of the contract placed on it. Performance Security is also known as Security Deposit or Performance Bank Guarantee.

  • Reference Security means the security specified as such in the relevant Final Terms. If a Reference Security is no longer outstanding, a Similar Security will be chosen by the Quotation Agent at 11:00 a.m. (CET) on the third Business Day preceding the Make-whole Redemption Date, quoted in writing by the Quotation Agent to the Issuer and published in accordance with Condition 12 (Notices).

  • Substitute natural gas or "SNG" means a gas manufactured

  • Loaned Security means any “security” which is delivered as a Loan under a Securities Loan Agreement; provided that, if any new or different security shall be exchanged for any Loaned Security by recapitalization, merger, consolidation, or other corporate action, such new or different security shall, effective upon such exchange, be deemed to become a Loaned Security in substitution for the former Loaned Security for which such exchange was made.

  • Substitute Aircraft Has the meaning specified in the NPA.

  • Substitute LOCKHEED XXXXXX Procurement Representative" for "Contracting Officer", "Administrative Contracting Officer", and "ACO" throughout this clause.

  • Indexed Security means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance.