Substituted Collateral definition

Substituted Collateral means (i) the MII LOC and the B&W LOC and (ii) any other collateral or security to be provided on or after the date hereof by a B&W Entity or a MII Entity under the terms of any Existing Policy or Existing Insurance Agreement in order to secure any Obligations outstanding as of the date hereof.

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Substituted Collateral means the Creole LOC and the Dampkraft LOC.

Substituted Collateral means (i) the SpinCo LOC and the RemainCo LOC and (ii) any other collateral or security to be provided on or after the date hereof by a RemainCo Entity or a SpinCo Entity under the terms of any Existing Policy or Existing Insurance Agreement in order to secure any Obligations outstanding as of the date hereof.

Examples of Substituted Collateral in a sentence

Substituted Collateral shall constitute Collateral hereunder for all purposes.
None of such Substituted Collateral is or shall be pledged by the Pledgor as collateral for any other purpose.
Indication of the Collateral Agent’s (for the benefit of the Secured Parties) security interest shall be deleted from or modified on the Borrower’s computer systems when, and only when, the Collateral in question shall have been paid in full, the security interest under this Agreement has been released in accordance with its terms, upon such Collateral Obligation becoming a Repurchased Collateral Obligation, Substituted Collateral Obligation or otherwise as expressly permitted by this Agreement.
No Transfer Restrictions exist with respect to or otherwise apply to the assignment of, or transfer by the Pledgor of possession of, any items of Substituted Collateral to the Collateral Agent under the Collateral Agreement, or the subsequent sale or transfer of such items of Substituted Collateral by the Collateral Agent pursuant to the terms of the Collateral Agreement.
Indication of the Collateral Agent’s (for the benefit of the Secured Parties) security interest shall be deleted from or modified on the Borrower’s computer systems when, and only when, the Collateral in question shall have been paid in full, the security interest under this Agreement has been released in accordance with its terms, upon such Collateral Obligation becoming a Repurchased Collateral Obligation or Substituted Collateral Obligation, or otherwise as expressly permitted by this Agreement.
The Pledgor has good and marketable title to the Substituted Collateral, free of all Liens (other than the Lien created by the Collateral Agreement) and Transfer Restrictions.
Upon delivery of the Collateral to the Collateral Agent, the Collateral Agent will obtain a valid, first priority perfected security interest in, and a first lien upon, such Substituted Collateral subject to no other Lien.
Until the Obligations have been paid in full, the Collateral Agent may not release any Lien covering any Collateral except for (i) Collateral Obligations sold pursuant to Section 7.10, (ii) any Related Security identified by the Borrower (or the Investment Manager on behalf of the Borrower) to the Collateral Agent so long as the Facility Termination Date has not occurred or (iii) Repurchased Collateral Obligations or Substituted Collateral Obligation pursuant to Section 7.11.
Upon delivery of the Substituted Collateral to the Collateral Agent under the Collateral Agent, the Collateral Agent will obtain a valid, first priority perfected security interest in, and a first lien upon, such Substituted Collateral subject to no other Lien.
None of such Substituted Collateral is or shall be pledged by Pledgor as collateral for any other purpose.

More Definitions of Substituted Collateral

Substituted Collateral in first sentence of Section 3.5 of the Agreement after the phrases "provided however that such" and "the aggregate market value of such", shall be changed to "substitute Collateral" in both instances, and the phrase "(or other Collateral acceptable to Lender)" shall be inserted after the words "substitute letter of credit" in the last sentence of such Section.

Substituted Collateral means the MII LOC and the B&W LOC.

Substituted Collateral means any of the following: (a) a letter of credit, issued to the Secured Parties by a bank or other financial institution reasonably acceptable to the Secured Parties and in an amount (net of the amount of any Liens thereon securing obligations to any Persons other than the Secured Parties) not less than the outstanding principal amount of the Promissory Notes; (b) a certificate of deposit, issued by a bank or other financial institution reasonably acceptable to the Secured Parties in an amount (net of the amount of any Liens thereon securing obligations to any Persons other than the Secured Parties) not less than the outstanding principal amount of the Promissory Notes; and (c) such other property as may be selected by the Grantor with the consent of the Secured Parties, with such consent not to be unreasonably withheld or delayed. Without limiting the effect of any of the other provisions of this Agreement, in the event the payment of or foreclosure on any Substituted Collateral shall result in the receipt by the Secured Parties of an amount in excess of the aggregate outstanding amounts of the Promissory Notes, the excess thereof shall be promptly paid to the Grantor.

Substituted Collateral. Shall have the meaning set forth in Section 6 ---------------------- hereof.