Substitute Property Sample Clauses

Substitute Property. If, while any of the Restricted Shares remain subject to forfeiture, there occurs a merger, reclassification, recapitalization, stock split, stock dividend or other similar event or transaction resulting in new, substituted or additional securities being issued or delivered to the Grantee by reason of the Grantee’s ownership of the Restricted Shares, such securities will constitute “Restricted Shares” for all purposes of this Agreement and any certificate issued to evidence such securities will immediately be deposited with the secretary of the Company (or his or her designee) and subject to the escrow described in Section 3, above.

Substitute Property. Each Property Substitution shall be subject to the satisfaction of the following conditions precedent (collectively, the “Substitution Requirements”): (i) The Administrative Agent and the Lenders shall have received at least sixty (60) days prior written notice requesting the Property Substitution; (ii) The Substitute Property shall (A) have an Appraised Value no less than the Initial Appraised Value of the applicable Release Property (or, if the Substitute Property has an Appraised Value of less than the Initial Appraised Value of the applicable Release Property, a prepayment of the Committed Loans in an amount equal to 80% of the amount by which the Initial Appraised Value of the applicable Release Property exceeds the Appraised Value of the Substitute Property (the “Partial Release Price”), which Partial Release Price shall be due and payable at the time of Property Substitution, and shall have been received by the Administrative Agent, in immediately available funds, as a condition to such Property Substitution); provided that if such Substitute Property does not have material improvements constructed thereon, as reasonably determined by the Administrative Agent, such Substitute Property shall have an Appraised Value of an amount such that 65% of Appraised Value of such Substitute Property equals 80% of the Initial Appraised Value of the applicable Release Property (or, if less, a prepayment of the Committed Loans in an amount equal to 80% of such difference shall be due and payable at the time of Property Substitution, and shall have been received by the Administrative Agent, in immediately available funds, as a condition to such Property Substitution), and (B) be otherwise acceptable to the Administrative Agent. (iii) The Administrative Agent and the Lenders shall have received (y) the Mortgaged Property Support Documents with respect to such Substitute Property and (z) an updated Schedule 5.20(c) that is true, correct and complete after giving effect to such Property Substitution; (iv) The representations and warranties of the Company and each other Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of the date of such Property Substitution, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such ea...

Substitute Property. If, while any of the Restricted Units remain subject to a Restricted Period, there occurs a merger, reclassification, recapitalization, stock split, stock dividend or other similar event or transaction resulting in new, substituted or additional securities being issued or delivered to the Participant by reason of the Participant’s ownership of the Restricted Units, such securities will constitute “Restricted Units” for all purposes of this Agreement.

Substitute Property. Provided that the Substitution Conditions (as defined below) are satisfied in all respects, Borrower shall be entitled, either simultaneously or after the Bank issues any Partial Release in accordance with the terms and conditions of Subsections 18(a) and (b) herein above, to substitute, or add properties owned by the Borrower or any of its subsidiaries (each such property a “Substitute Property”) to the Property securing the Credit Loan, thereby increasing the Credit Loan (and the Bank’s commitment to fund the Credit Loan) to an amount which shall not exceed the lesser of (i) $12,500,000.00; or (ii) 65.00% of the then current aggregate appraised fair market value of the Property and each Substitute Property, on a “leased fee interest” basis, as determined by the Bank in its sole discretion (the “Modified Credit Loan”).

Substitute Property. (a) The Authority may propose, in writing, a Substitute Property in place of any of the Properties in Schedule 1. (b) Any Substitute Property proposed by the Authority will be, in so far as practicable, determined solely by the Authority based on the Like to Like Model. (c) If the Authority proposes a Substitute Property then the Land Sub must within 20 Business Days of receipt of the notice to substitute a Property, indicate whether it will accept the Substitute Property. (d) If the Land Sub refuses to accept the Substitute Property then Schedule 1 is reduced by that one Property. (e) The terms and conditions of this Deed will apply to any Substitute Property.

Substitute Property. 2.01(e) Survey................................................................2.01(b) Surveys...............................................................2.01(b) Surviving Obligations....................................................1.06

Substitute Property. (a) The Authority may propose, in writing, a Substitute Property in place of any of the Housing Assets (including Nominated Properties) at any time during the term of this Deed. (b) Any Substitute Property proposed by the Authority will be, in so far as reasonably practicable, determined solely by the Authority based on the Like to Like Model. (c) If the Authority proposes a Substitute Property then the Trustee must within 20 Business Days of receipt of the notice to substitute a Property, indicate whether it will accept the Substitute Property. (d) If the Trustee refuses to accept the Substitute Property then the Housing Assets and, if relevant, the Final Nomination, is reduced by that one substituted property and the Trustee will not be entitled to any compensation. (e) The terms and conditions of this Deed will apply to any Substitute Property.

Substitute Property. If, while any of the Restricted Units remain subject to time and/or performance-based conditions, there occurs a merger, reclassification, recapitalization, stock split, stock dividend or other similar event or transaction resulting in new, substituted or additional securities being issued or delivered to the Participant by reason of the Participant’s ownership of the Restricted Units, such securities will constitute “Restricted Units” for all purposes of this Agreement; additionally, the Committee shall makes appropriate adjustments to any performance goals then still applicable to such units.

Substitute Property. Borrower may elect to substitute property for the Purchase Option Property. If Borrower so elects, Borrower shall: (i) at least 30 days prior to the Purchase Option Closing, identify a Substitute Property and deliver to Lender all requests, documents and other items specified in Section 8.32(v); and (ii) on the date of the Purchase Option Closing, satisfy all other terms and conditions of Section 8.32 and cause a Substitute Property to be substituted for the Purchase Option Property. Upon such substitution, Lender shall release the Liens of the Related Mortgages and other Loan Documents with respect to the Purchase Option Property as set forth in Section 2.11 and the Central Cash Management Period, if triggered by the agreement of the Tenant Purchaser and Borrower upon the Purchase Option Purchase Price, shall be terminated. Upon such substitution, any funds in the Purchase Option Sub-Account and funds in other Sub-Accounts relating to the Purchase Option Property shall (i) first, be released to Lender and applied to Lender's costs in connection with the Purchase Option, to the extent not previously paid by Borrower, and (ii) second, released to Borrower.

Substitute Property. Notwithstanding the terms and conditions of Subsection 6(a), Lessor shall not be obligated to restore and/or replace the Water Tower Premises if Lessee provides to Lessor written notice stating that Lessee anticipates either: (i) that the cost to restore and/or replace the Water Tower Premises will exceed the proceeds that will be received from the insurance actually maintained with respect to the Premises; or (ii) that the restoration and/or replacement cannot be completed during the period covered by the policy of Rental Value Insurance required to be maintained by Lessee; provided that: (i) contemporaneously with such notice, Lessee shall transfer to Lessor property and/or improvements that, in the aggregate, have a value substantially equal to the value of the Water Tower Premises; and (ii) such property and/or improvements shall be deemed to constitute a portion of the Water Tower Premises for all purposes of this Lease; with the result being, for purposes of this Section, that the entirety of the Water Tower Premises shall deemed to be fit for use by Lessee such that there is no abatement of the Lease Payments.