Substitution and Modification Clause Samples
The Substitution and Modification clause allows for the replacement or alteration of certain terms, products, or services specified in an agreement. In practice, this clause outlines the process by which one party may propose changes, such as substituting a product with an equivalent or modifying specifications to better suit evolving needs, often subject to the other party’s approval. Its core function is to provide flexibility within the contract, ensuring that the agreement can adapt to unforeseen circumstances or improvements without requiring a complete renegotiation.
Substitution and Modification. (a) Notwithstanding anything to the contrary in the Contingent Convertible Preferred Securities of any series, this Contingent Convertible Preferred Securities Indenture (including Article 10 hereof) or any other agreements, arrangements, or understandings between the Company and any Holder of the Contingent Convertible Preferred Securities of any series, by its acquisition of the Contingent Convertible Preferred Securities of any series, each Holder and beneficial owner acknowledges, accepts, consents to and agrees that if a Capital Event or a Tax Event, as applicable, occurs and is continuing, the Company may, except if a Trigger Event occurs or shall have occurred, and except if a Capital Reduction occurs or shall have occurred (other than in respect of Contingent Convertible Preferred Securities with respect to which a duly completed Election Notice has been received during the Election Period), substitute all (but not less than all) of the Contingent Convertible Preferred Securities of any series or modify the terms of all (but not less than all) of the Contingent Convertible Preferred Securities of such series, without any requirement for the consent or approval of the Trustee or the Holders or beneficial owners of the Contingent Convertible Preferred Securities of such series, so that such Contingent Convertible Preferred Securities are substituted for, or their terms are modified to, become again, or remain Qualifying Preferred Securities, subject to: (i) having given not less than five nor more than 30 days’ notice to the Holders of such series in accordance with Section 1.06 and to the Trustee (which notice shall be irrevocable and shall specify the date for substitution or, as applicable, modification), (ii) the prior consent of the Regulator, if required pursuant to Applicable Banking Regulations, and (iii) any variation in the terms of the Contingent Convertible Preferred Securities resulting from such modification or, if the Contingent Convertible Preferred Securities are substituted, any difference between the terms of such Contingent Convertible Preferred Securities and those of the Qualifying Preferred Securities for which such Contingent Convertible Preferred Securities are substituted, not being materially prejudicial to the interests of the Holders of such Contingent Convertible Preferred Securities. For the purposes of the immediately preceding paragraph, in the case of a modification of the terms and conditions of the Contingent Conve...
Substitution and Modification. Amazing Support reserves the right to at their absolute discretion to make improvements, substitutions and modifications in the specification of any item or items of Equipment, Hardware or Software provided that such improvements, substitutions or modifications will not materially affect the performance of such Equipment and Software. Any such improvements, substitutions and modifications may be reasonably declined by the client. However if modifications and the like as detailed herein are not permitted by the client then Amazing support will not be liable for any damage howsoever arising, caused to the systems/hardware/software/equipment by the client not accepting the proposed modifications and the like. In signing this agreement the client hereby expressly waivers the rights to any and all claims that may arise in this context.
Substitution and Modification. The Supplier may, by giving written notice to the Purchaser, substitute alternative Deliverables to meet the Fit/Gap Analysis or agreed changes arising from the Design process, provided that such substituted Deliverables shall not adversely affect performance against the Fit/Gap Analysis or agreed changes to same, and that the substituted or modified Deliverable shall be of equivalent or better quality and functionality to that originally specified. The Supplier is not liable for substitutions or modifications made to Application Software by Manufacturers.
Substitution and Modification. No substitution or modification of any goods, component parts, tooling, sources of raw materials, processes, or manufacturing sites may be made without Buyer’s prior written consent.
Substitution and Modification. Cadaptor reserves the right, as Cadaptor shall in its discretion determine, to make an improvement, substitution or modification in the Specification of the CONE Software and any description of the Training Services provided that such improvement, substitution or modification will not substantially worsen the overall performance of the CONE Software and quality of the Training Services.