The Collateral Substitution Agreement is utilized when parties need flexibility in managing secured obligations while maintaining adequate security coverage. It becomes relevant when a collateral provider wishes to substitute existing collateral with alternative assets, typically due to portfolio management requirements, market conditions, or operational needs. This agreement, governed by English and Welsh law, details the substitution process, eligibility criteria for replacement collateral, valuation mechanisms, and necessary approvals. It operates within the framework of the Financial Collateral Arrangements (No. 2) Regulations 2003 and related legislation.
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1. Parties: Details of the contracting parties
2. Background: Context of the agreement and reference to original collateral arrangements
3. Definitions: Key terms used throughout the agreement
4. Substitution Rights: Core provisions regarding the right to substitute collateral
5. Substitution Process: Detailed procedure for implementing substitution
6. Conditions to Substitution: Requirements that must be met for substitution to occur
7. Representations and Warranties: Standard assurances from parties regarding capacity and authority
8. Governing Law and Jurisdiction: Choice of law and jurisdiction provisions
1. Valuation Mechanisms: Used when specific valuation methods need to be defined for complex collateral types or specific valuation requirements
2. Tax Provisions: Tax implications of substitution, used when tax consequences need specific attention
3. Regulatory Compliance: Specific regulatory requirements for when parties are regulated entities
1. Schedule of Original Collateral: Details of existing collateral to be substituted
2. Schedule of Substitute Collateral: Details of new collateral being provided
3. Form of Substitution Notice: Template notice for requesting substitution
4. Eligibility Criteria: Criteria for acceptable substitute collateral
5. Valuation Methodology: Detailed procedures for valuing collateral
Relevant legal definitions
Agreement
Business Day
Collateral
Collateral Value
Conditions Precedent
Effective Date
Eligibility Criteria
Encumbrance
Event of Default
Existing Collateral
Original Security Agreement
Parties
Permitted Security Interest
Qualifying Collateral
Relevant Market
Secured Obligations
Security Interest
Security Period
Specified Currency
Substitute Collateral
Substitution Date
Substitution Notice
Substitution Period
Substitution Request
Valuation Agent
Valuation Date
Valuation Methodology
Valuation Time
Business Day
Collateral
Collateral Value
Conditions Precedent
Effective Date
Eligibility Criteria
Encumbrance
Event of Default
Existing Collateral
Original Security Agreement
Parties
Permitted Security Interest
Qualifying Collateral
Relevant Market
Secured Obligations
Security Interest
Security Period
Specified Currency
Substitute Collateral
Substitution Date
Substitution Notice
Substitution Period
Substitution Request
Valuation Agent
Valuation Date
Valuation Methodology
Valuation Time
Clauses
Interpretation
Substitution Rights
Conditions to Substitution
Substitution Process
Valuation
Representations and Warranties
Security Interest
Perfection Requirements
Maintenance of Collateral
Notices
Costs and Expenses
Tax
Further Assurance
Assignment and Transfer
Amendments
Severability
Counterparts
Confidentiality
Force Majeure
Entire Agreement
Third Party Rights
Governing Law
Jurisdiction
Service of Process
Dispute Resolution
Substitution Rights
Conditions to Substitution
Substitution Process
Valuation
Representations and Warranties
Security Interest
Perfection Requirements
Maintenance of Collateral
Notices
Costs and Expenses
Tax
Further Assurance
Assignment and Transfer
Amendments
Severability
Counterparts
Confidentiality
Force Majeure
Entire Agreement
Third Party Rights
Governing Law
Jurisdiction
Service of Process
Dispute Resolution
Relevant Industries
Relevant Teams
Relevant Roles
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