Consequences of Substitution Sample Clauses

Consequences of Substitution. On and from the Substitution Effective Date: (a) subject to Section 6.04, any right of termination or any other right suspended by virtue of Section 3.01 will be of no further effect and the Department will not be entitled to terminate the Comprehensive Agreement and this Agreement by virtue of any act, omission or circumstance that occurred prior to such Substitution Effective Date; (b) if any Step-in Entity is a party to or has any obligations under the Comprehensive Agreement and this Agreement on the Substitution Effective Date, such Step-in Entity will cease to be a party thereto and hereto and will be discharged from all obligations thereunder and hereunder; and (c) the Department will enter into an equivalent direct agreement on substantially the same terms as this Agreement, save that the Developer will be replaced as a party by the Substitute.
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Consequences of Substitution. Authority shall grant, to the Nominated Company, the right to develop, design, finance, construct, operate and maintain the Project (including entering into Sub- Contracts) together with all other rights of the Concessionaire under this Agreement, subject to fulfilment of the Concessionaire’s entire obligation under this Agreement by such Nominated Company, for the remainder of the term of this Agreement. Such rights shall be granted by the Authority through the Novation of the Agreement, if applicable, in favour of the Nominated Company. The Authority shall also execute new Substitution Agreement with the Nominated Company and the Lenders, if there be any. All Sub-Contracts and agreements in respect of the Project including Financing Agreements and all Sub-Contracts executed by the Concessionaire shall stand transferred and novated in favour of the Nominated Company. Further all rights of the Concessionaire on the Sites and Project Assets in terms of the Agreement shall stand transferred and novated in favour of the Nominated Company. All approvals/ clearances of the Authority received by the Concessionaire shall stand transferred and novated in favour of the Nominated Company. The Concessionaire shall get replaced by the Nominated Company for all purposes related to the Project.
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Consequences of Substitution. (i) Maha-Metro shall grant, to the Nominated Company, the right to develop, design, finance, construct, operate and maintain the Project (including entering into Sub- Contracts) together with all other rights of the Concessionaire under this Agreement, subject to fulfilment of all the Concessionaire’s obligation under this Agreement by such Nominated Company, for the remaining Concession Period. Such rights shall be granted by Maha-Metro through the Novation of the Agreement, if applicable, in favour of the Nominated Company. Maha-Metro shall also execute a new Substitution Agreement with the Nominated Company and the Lenders, if there be any. (ii) All Sub-Contracts and agreements in respect of the Project and all Sub-Contracts executed by the Concessionaire shall stand transferred and novated in favour of the Nominated Company. Further all rights of the Concessionaire on the Project Site, Project Assets and Project Facilities in terms of the Agreement shall stand transferred and novated in favour of the Nominated Company. All approvals/clearances of Maha-Metro received by the Concessionaire shall stand transferred and novated in favour of the Nominated Company. All letter of allotments, sub-lease deeds or any other agreements executed by the Concessionaire for marketing the Project in terms of the Agreement shall stand transferred and novated in favour of the Nominated Company. The Concessionaire shall get replaced by the Nominated Company for all purposes related to the Project. (iii) The project liabilities including performance of contracts shall be transferred to the nominee/ Maha-Metro from the effective date of termination or the date upto which Concessionaire is requested to operate the Project, whichever is later.
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Consequences of Substitution. (a) If a Retiring Subscriber has arranged a novation in accordance with this clause: (i) references in each Transaction Document to the Retiring Subscriber and its Subscriber Affiliates as a "Subscriber" are to be taken as references to: (A) the Retiring Subscriber and the New Subscriber (and, as appropriate, to their respective Subscriber Affiliates), in each case to the extent of their Commitments and their Shares of outstanding Funding Portions and corresponding interest in Debentures and the related rights and obligations; or (B) where the Retiring Subscriber and its Subscriber Affiliates have no further right or Commitment and no further Share in any outstanding Funding Portions, to the New Subscriber (and, as appropriate, its Subscriber Affiliates); and (ii) all agreements, representations and warranties made in each Transaction Document survive any novation made under this clause, and take effect for the benefit of the New Subscriber and the Retiring Subscriber (and their respective Subscriber Affiliates) to the extent of their respective Commitments and Shares of outstanding Funding Portions and corresponding interest in Debentures and related rights and obligations, with effect from the "Substitution Date" referred to in the Substitution Certificate. (b) The Retiring Subscriber and its Subscriber Affiliates are not responsible to the New Subscriber and its Subscriber Affiliates for the performance by the Parent, any other Group Party or any other person of any obligation under any Transaction Document.
Sample 1
Consequences of Substitution. Any Person admitted to the Company as a ---------------------------- Substituted Member shall be subject to all the provisions of this Agreement that apply to the Member from whom the Membership Interest was assigned; provided, however, that the Assigning Member shall not be released from liabilities as a Member solely as a result of the assignment, both with respect to obligations to the Company and to third parties, incurred prior to the assignment.
Sample 1
Consequences of Substitution. Any former Active Sanofi Target which has been substituted subject to Section 2.4.3 shall (unless it becomes an ES Target or an ET Target) no longer be a Sanofi Target. Subject to Section 2.4.6 and Article 9, DiCE shall be free to conduct any activities with any former Sanofi Target(s) as it deems appropriate.
Sample 1
Consequences of Substitution. On and from the Substitution Effective Date: (a) subject to Section 6.04 of this Agreement, any right of termination or any other right suspended by virtue of Section 3.01 of this Agreement shall be of no further effect and the City shall not be entitled to terminate the Franchise Agreement by virtue of any act, omission or circumstance that occurred prior to such Substitution Effective Date; and (b) if any Step-in Entity is a party to or has any obligations under the Franchise Agreement and this Agreement on the Substitution Effective Date, such Step-in Entity shall cease to be a party thereto and hereto and shall be discharged from all obligations thereunder and hereunder, except for any obligation that relates to the performance or non-performance of the Franchise Agreement by the Step-in Entity during the Step-in Period.
Sample 1
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Consequences of Substitution. On and from the Substitution Effective Date: (a) subject to Section 7.4 and the Substitute’s obligation to perform any and all undischarged obligations of Developer that were the subject of any plan approved by the Enterprises pursuant to Section 6.2(a)(iv)(B), any right of termination under the Project Agreement or this Agreement or any other right under the Project Agreement or this Agreement previously suspended by virtue of Section 4.1 and/or Section 5.4(b)(i) shall be of no further effect and the Enterprises shall not be entitled to terminate either the Project Agreement or this Agreement by virtue of any act, omission or circumstance (including any breach, Developer Default, Noncompliance Points, Construction Closure Deductions or Operating Period Closure Deductions) that occurred or accrued prior to the Substitution Effective Date; (b) if any Step-in Entity is a party to or has any obligations under the Project Agreement or this Agreement on the Substitution Effective Date, such Step-in Entity shall cease to be a party thereto and hereto and shall be discharged from all obligations thereunder and hereunder; and (c) the Enterprises, the Collateral Agent and the Substitute (replacing Developer as a party) (each acting reasonably) shall enter into a direct agreement on substantially the same terms as this Agreement.‌
Sample 1

Related to Consequences of Substitution

  • Consequences of Default Upon the occurrence of any Event of Default, as defined in the Revenue Sharing Agreement: 6.1 Any unpaid amounts under section 2 shall bear interest at one and one-quarter percent (1.25%) per month;

  • Default and Consequences of Default 10.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and one half percent (2.5%) per calendar month and such interest shall compound monthly at such a rate after as well as before any judgment. 10.2 If the Customer defaults in payment of any invoice when due, the Customer shall indemnify the Creditor from and against all costs and disbursements incurred by the Creditor in pursuing the debt including legal costs on a solicitor and own client basis and the Creditor’s debt collection costs. 10.3 Without prejudice to any other remedies the Creditor may have, if at any time the Customer is in breach of any obligation (including those relating to payment), the Creditor may suspend or terminate the supply of Goods and/or Services to the Customer and any of its other obligations under the terms and conditions. The Customer acknowledges and agrees that the Creditor will not be liable to the Customer for any loss or damage the Customer suffers because the Creditor has exercised its rights under this clause. 10.4 If any account remains overdue after thirty (30) days then an amount of the greater of twenty dollars ($20.00) or ten percent (10.00%) of the amount overdue (up to a maximum of two hundred dollars ($200.00)) shall be levied for administration fees which sum shall become immediately due and payable. 10.5 Without prejudice to the Creditor’s other remedies at law the Creditor shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to the Creditor shall, whether or not due for payment, become immediately payable in the event that; (a) any money payable to the Creditor becomes overdue, or in the Creditor’s opinion the Customer will be unable to meet its payments as they fall due; or (b) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.

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