Pledged Kaiser Share Release and Substitution Clause Samples

The Pledged Kaiser Share Release and Substitution clause governs the conditions under which shares of Kaiser that have been pledged as collateral can be released or replaced with other acceptable collateral. In practice, this clause outlines the procedures and requirements for the release of pledged shares, such as upon repayment of certain obligations or the provision of substitute collateral of equivalent value. Its core function is to provide flexibility for the pledgor while ensuring the pledgee’s security interest is maintained, thereby balancing the interests of both parties and facilitating efficient collateral management.
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Pledged Kaiser Share Release and Substitution. (1) The Company shall be entitled to a release of any Pledged Kaiser Shares from the Lien of this Indenture at any time and from time to time if (i) no Event of Default, no Collateral Default and no Interest Payment Default has occurred and is continuing or would result from such release, (ii) an Officers' Certificate is delivered to the Trustee by the Company so stating and stating that such release is permitted under this Section 10.05(c) and (iii) there shall remain as Collateral, immediately subsequent to any such release, a number of Pledged Kaiser Shares equal to 16,055,000 multiplied by a fraction, the numerator of which is equal to the sum of (x) the aggregate principal amount of Securities outstanding on the date of such release, plus (y) one-half of the difference obtained by subtracting the aggregate principal amount of Securities outstanding on the date of such release from the aggregate principal amount of Securities outstanding on the Issue Date, and the denominator of which is the aggregate principal amount of Securities outstanding on the Issue Date. To the extent that Pledged Kaiser Shares are comprised of securities or other property substituted for Kaiser Shares (as contemplated by the definition of Pledged Kaiser Shares), the kind and amount of Pledged Kaiser Shares to be released shall be appropriately adjusted to take account of the kind and amount of such securities or other property so substituted for each Kaiser Share. (2) The Company shall be entitled to a release of Pledged Kaiser Shares from the Lien of this Indenture at any time and from time to time in connection with, and MAXXAM and 105 113 the Company may permit Kaiser to effect, a merger or consolidation of Kaiser (or a successor thereto pursuant to this Section 10.05(c)(2)) into, or a sale or transfer of all or substantially all of the assets of Kaiser in any transaction or series of related transactions to, another person, or in connection with any other corporate reorganization of Kaiser (other than a spin-off or other similar distribution of Kaiser Shares to stockholders of MAXXAM or the Company) (a "Kaiser Transaction") if (i) no Event of Default, Collateral Default or Interest Payment Default has occurred and is continuing or would result from such release, (ii) the Trustee receives, as Collateral subject to the Lien of this Indenture, in substitution for such Pledged Kaiser Shares, upon consummation of the Kaiser Transaction, the consideration received in respect of ...
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Related to Pledged Kaiser Share Release and Substitution

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  • Authorization Purchase and Sale Terms of the Private Placement Units A. Authorization of the Private Placement Units. The Company has duly authorized the issuance and sale of the Private Placement Units, including the Shares and Private Placement Warrants underlying the Private Placement Units, to the Purchaser.

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  • Unbundled Copper Loop – Non-Designed (UCL-ND 2.4.3.1 The UCL–ND is provisioned as a dedicated 2-wire metallic transmission facility from BellSouth’s Main Distribution Frame (MDF) to a customer’s premises (including the NID). The UCL-ND will be a “dry copper” facility in that it will not have any intervening equipment such as load coils, repeaters, or digital access main lines (DAMLs), and may have up to 6,000 feet of bridged tap between the End User’s premises and the serving wire center. The UCL-ND typically will be 1300 Ohms resistance and in most cases will not exceed 18,000 feet in length, although the UCL-ND will not have a specific length limitation. For Loops less than 18,000 feet and with less than 1300 Ohms resistance, the Loop will provide a voice grade transmission channel suitable for Loop start signaling and the transport of analog voice grade signals. The UCL-ND will not be designed and will not be provisioned with either a DLR or a test point. 2.4.3.2 The UCL-ND facilities may be mechanically assigned using BellSouth’s assignment systems. Therefore, the Loop Makeup (LMU) process is not required to order and provision the UCL-ND. However, CBX One-Stop can request LMU for which additional charges would apply. 2.4.3.3 For an additional charge, BellSouth also will make available Loop Testing so that CBX One-Stop may request further testing on the UCL-ND. Rates for Loop Testing are as set forth in Exhibit A of this Attachment. 2.4.3.4 UCL-ND Loops are not intended to support any particular service and may be utilized by CBX One-Stop to provide a wide-range of telecommunications services as long as those services do not adversely affect BellSouth’s network. The UCL- ND will include a NID at the customer’s location for the purpose of connecting the Loop to the customer’s inside wire. 2.4.3.5 OC will be provided as a chargeable option and may be utilized when the UCL-ND provisioning is associated with the reuse of BellSouth facilities. OC-TS does not apply to this product. 2.4.3.6 CBX One-Stop may use BellSouth’s Unbundled Loop Modification (ULM) offering to remove excessive bridged taps and/or load coils from any copper Loop within the BellSouth network. Therefore, some Loops that would not qualify as UCL-ND could be transformed into Loops that do qualify, using the ULM process.