Limited Right of Substitution Sample Clauses

Limited Right of Substitution. Commencing on the first day of the 25th month after the date on which the funding of the Loan occurs, and subject to the provisions of this Section 12.4(a) Borrower shall be permitted to have the Outgoing Property released from the lien of this Deed of Trust, provided that Borrower provides a Substitute Mortgage or Substitute Mortgages on New Property(ies). Borrower shall be permitted to transact not more than one Substitution or Partial Release pursuant to Section 12.4(b) in any calendar year and not more than two (2) Substitutions or Partial Releases (combined) prior to the Maturity Date. For the sake of clarity, it is understood and agreed that a Substitution shall always involve a single Outgoing Property, although the same Substitution may, subject to the terms hereof, involve multiple New Properties. Furthermore, the Hillsboro Center I-IV and Hillsboro Center V properties are acknowledged to be two properties, not one property.

Limited Right of Substitution. Commencing on the first day of the 25th ----------------------------- month after the date in which the Closing Date (as defined in the Note) occurs, and subject to the provisions of this Section 12.4, Borrower shall be permitted to have the Property released from the lien of this Mortgage, provided that Borrower provides a Substitute Mortgage or Substitute Mortgages on Substitute Property(ies). Borrower may request that Lender permit a Substitution, but Lender shall have no obligation to allow a Substitution prior to such date. Borrower shall be permitted to transact not more than two Substitutions in any calendar year and not more than four Substitutions prior to the Maturity Date. Notwithstanding the foregoing, in the event that an existing Tenant purchases the Property at any time, the Borrower will be allowed to effect a Substitution therefor and such Substitution will count against the maximum property substitution limit of four over the term of the Loan, but will not be limited by it (i.e., if four Substitutions, possibly, but not necessarily, including sale ---- to a Tenant, have previously taken place, then a further Substitution may take place in connection with a further sale to a Tenant, but not otherwise). A transaction involving the simultaneous release both of the Property and other ------------ real property collateral securing the Loan coupled with the granting of a Substitute Mortgage on one or more Substitute Properties shall constitute a single Substitution. Any such series of transactions that does not occur within three (3) consecutive Business Days shall constitute multiple Substitutions. Borrower shall use its best efforts to refrain from scheduling, closing or requiring underwriting activity to occur with respect to Substitutions during the months of November or December. Lender may not be able, and shall have no obligation to accommodate a Substitution during such months.

Limited Right of Substitution. If, by the [***] ([***]) anniversary of the Effective Date, a Rare Disease Program or a [***] Program has not reached the Sanctioned Target stage (each such program, an “Unvalidated Collaboration Program”), then within thirty (30) days following such [***] ([***]) anniversary, GSK will notify Isis whether GSK wishes (i) Isis to continue its research and development activities under this Agreement for such Unvalidated Collaboration Program; or (ii) subject to the procedures set forth below, to substitute a new program for such Unvalidated Collaboration Program; provided GSK may only substitute up to a total of [***] ([***]) Unvalidated Collaboration Programs (and for purposes of clarity, may not substitute any [***]). If GSK timely elects to substitute an Unvalidated Collaboration Program under this Section 1.5.2, then GSK will propose a list of new gene targets for consideration as part of the substituted Collaboration Program, by adding such gene targets (including the gene name and the NCBI accession number or nucleic acid sequence for the proposed gene target and whether GSK believes such gene target is primarily associated with a Rare Disease) to the written agenda for the next scheduled JSC meeting; provided GSK must make such proposal at least fifteen (15) Business Days prior to such JSC meeting. GSK may call an emergency JSC meeting for such purpose. At such JSC meeting, the representatives of Isis and GSK will (i) mutually agree upon the replacement Collaboration Program(s) based on the greatest likelihood of success and using the same process as set forth in Section 1.5.1 above, and (ii) determine whether the applicable Collaboration Targets that are the focus of such Collaboration Programs are primarily associated with a Rare Disease. With respect to any Collaboration Program substituted in under this Section 1.5.2 where the Parties agree the applicable Collaboration Target is primarily associated with a Rare Disease, then, for purposes of calculating the applicable payments under ARTICLE 5 of this Agreement, the Collaboration Program associated with such Collaboration Target will be treated as a Rare Disease Program. With respect to any Collaboration Program substituted in under this Section 1.5.2 where the Parties agree the applicable Collaboration Target is not primarily associated with a Rare Disease, then, for purposes of calculating the applicable payments under ARTICLE 5 of this Agreement, the Collaboration Program associated with such Col...

Limited Right of Substitution. Except as otherwise provided in this Agreement, the Contractor may, subject to obtaining the Client’s prior written consent, which may be given or withheld in its sole discretion, engage a third party sub-contractor to perform some or all of the obligations of the Contractor under this Agreement. The Client’s consent shall not relieve the Contractor of its obligations under the Agreement, and the Contractor shall remain fully responsible for the performance of each such permitted sub-contractor and its employees and for their compliance with all the terms and conditions of this Agreement as if they were the Contractor’s own employees. Nothing contained in this Agreement shall create any contractual relationship between the Client and any of the Contractor’s permitted sub-contractors. In the event the Contractor hires a sub-contractor that is consented to in advance by the Client: (i) the Contractor will pay the sub-contractor for its services and the fees and other compensation payable by the Client to the Contractor hereunder will remain payable by the Client to the Contractor, (ii) for the purposes of the indemnification clause of this Agreement, the sub-contractor is an agent of the Contractor, and (iii) the Contractor shall cause the sub-contractor to sign such confidentiality and other agreements, which may include work-for-hire, as may be reasonably requested by the Client.