Common use of Substituted Entities Clause in Contracts

Substituted Entities. 12.5.1 Any payment to be made or action to be taken by the Collateral Agent as a prerequisite to keeping this Agreement in effect shall be deemed to have been made or taken by the Collateral Agent if such payment is made or action is taken by a Substituted Entity proposed by the Collateral Agent and reasonably approved by the Department. The Department shall have no obligation to recognize any claim to Developer’s Interest by any person or entity that has acquired Developer’s Interest by, through, or under any Security Document or whose acquisition shall have been derived immediately from any holder thereof, unless such person or entity is a Substituted Entity reasonably approved by the Department.

Substituted Entities. 12.5.1 21.6.1 Any payment to be made or action to be taken by the Collateral Agent as a prerequisite to keeping this Agreement in effect shall be deemed properly to have been made or taken by the Collateral Agent if such payment is made or action is taken by a Substituted Entity proposed by the Collateral Agent and reasonably approved by the DepartmentIFA makes such payment or takes such action. The Department IFA shall have no obligation to recognize any claim to the Developer’s Interest by any person or entity that has acquired the Developer’s Interest by, through, or under any Security Document or whose acquisition shall have been derived immediately from any holder thereof, unless such person or entity is a Substituted Entity reasonably approved by the DepartmentEntity.