SUBSTITUTION OF A PROPERTY Sample Clauses

SUBSTITUTION OF A PROPERTY. The parties agree that during the first five (5) years of this Agreement, in the event any of the Properties is sold or otherwise disposed of pursuant to and in accordance with the terms of the applicable Management Agreement which results in the termination of such applicable Management Agreement, Manager shall have the right, at its election and in its sole and absolute discretion (without obligation) to designate and substitute another management agreement covering another property (the "Substitute"), which is reasonably comparable to the Management Agreement which was terminated, and the Substitute shall thereafter be deemed a Management Agreement, as defined in and for all purposes under, this Agreement.
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SUBSTITUTION OF A PROPERTY. Subject to the terms of this Section 2.5, Borrower may substitute for a Property (the "Substituted Property") a property that is not encumbered by a Mortgage (the "Substitution Property") to serve as the collateral for the applicable Loan (a "Substitution") provided that each of the following terms and conditions are satisfied: (a) No Event of Default shall have occurred and be continuing at the time of the request for the proposed Substitution or on the date of the Substitution; (b) Such Substitution shall only be permitted prior to the date that is ninety (90) days after the date on which an election to treat the Loan that is secured by such Property, along with other assets, if any, as a REMIC (such assets pool, the "REMIC Trust") is made (the "Startup Date"); provided, however, that such ninety (90) day period is based on the REMIC Provisions in effect as of the date hereof, and is subject to adjustment by Lender based upon any changes to such REMIC Provisions. The Substitution must be acceptable to (a) Lender, if prior to the Startup Date, or (b) any assignee of Lender and the then current servicer of such Loan, if subsequent to the Startup Date (either, the "Approving Party"), as well as the Rating Agencies, which approval shall include consideration of, but not be limited to, the appraised value of the proposed Substitution Property (which shall be at least equal to the appraised value of the Substituted Property as of the date hereof), the type and location of the proposed Substitution Property, and the operating income and Store Sales of the proposed Substitution Property (which shall be at least equal to the operating income and the Store Sales of the Substituted Property as of the date hereof). Without limiting the generality of the foregoing, Borrower must satisfy the following conditions: (1) Borrower shall provide to the Approving Party written notice of the terms of such prospective Substitution not less than sixty (60) days before the date on which such Substitution is scheduled to be effected, together with (x) all such information concerning the proposed Substitution Property as Lender would require in evaluating an initial extension of credit to a borrower to be secured by such Substitution Property and as may be required by the Approving Party and (y) payment of a non-refundable application fee in the amount of $5,000.00. The Approving Party shall have the right to approve or disapprove the proposed Substitution Property; provided, howe...
Sample 1
SUBSTITUTION OF A PROPERTY. Borrower may at any time and from time to time substitute for any Property a Substitute Property, provided that, in each case of a proposed substitution, the following conditions (the “Substitution Conditions”) are satisfied: (a) Borrower shall have submitted to the Administrative Agent and the Calculation Agent not less than thirty (30) days prior to the proposed Substitution Date, written notice of the proposed Substitution (a “Notice of Substitution”); (b) Lender shall have obtained, at Borrower’s sole cost and expense, a Broker Price Opinion for the applicable Substitute Property (or Broker Price Opinions for a portfolio of Substitute Properties) which Broker Price Opinions shall not have been obtained more than 120 days prior to the Substitution Date; (c) the Collateral Value of such Substitute Property (or portfolio of Substitute Properties) is greater than or equal to the greater of (x) the Collateral Value of the related Replaced Property (or portfolio of Replaced Properties) as of the Closing Date (or, if such Replaced Property or portfolio thereof was previously acquired by Borrower as a Substitute Property or portfolio thereof, as of the date Borrower acquired such Replaced Property or portfolio thereof) and (y) the Collateral Value of such Replaced Property (or portfolio of Replaced Properties) as of the Release Date; (d) Borrower shall have delivered to Lender an Officer’s Certificate stating that the applicable Substitute Property (or each such Substitute Property in the portfolio being substituted) satisfies each of the Property Representations as of the related Substitution Date and is in compliance with each of the Property Covenants on the Substitution Date after giving effect to the Substitution; (e) the in place Rents under the Lease(s) for the applicable Substitute Property (or the portfolio of Substitute Properties) shall be equal to or greater than the greater of (x) the in place Rents under the Leases of such Replaced Property (or portfolio of Replaced Properties) as of the Closing Date (or, if such Replaced Property or portfolio thereof was previously acquired by Borrower as a Substitute Property or portfolio thereof, as of the date Borrower acquired such Replaced Property or portfolio thereof) and (y) the in place Rents under the Leases of such Replaced Property (or portfolio of Replaced Properties) as of the Release Date with respect to such Replaced Property (or portfolio of Replaced Properties); (f) the Collateral Value of such...
Sample 1

Related to SUBSTITUTION OF A PROPERTY

  • Substitution of Equipment In the event the Computer is inoperable, ASL has a limited number of spare laptops for use while the Computer is being repaired or replaced. This agreement remains in effect for such a substitute. The Student may NOT opt to keep a broken Computer or to avoid using the Computer due to loss or damage.

  • Substitution of Collateral A Fund may substitute securities for any securities identified as Collateral by delivery to the Custodian of a Pledge Certificate executed by such Fund on behalf of the applicable Portfolio, indicating the securities pledged as Collateral.

  • Substitution of Engines Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, Owner shall promptly (and in any event within 15 days after such occurrence) give the Mortgagee written notice of such Event of Loss. The Owner shall have the right at its option at any time, on at least 5 Business Days' prior notice to the Mortgagee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, shall within 60 days of the occurrence of such Event of Loss substitute, a Replacement Engine for any Engine. In such event, immediately upon the effectiveness of such substitution and without further act, (i) the replaced Engine shall thereupon be free and clear of all rights of the Mortgagee and the Lien of this Trust Indenture and shall no longer be deemed an Engine hereunder and (ii) such Replacement Engine shall become subject to this Trust Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the replaced Engine. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with this Trust Indenture). The Owner's right to make a replacement hereunder shall be subject to the fulfillment (which may be simultaneous with such replacement) of the following conditions precedent at the Owner's sole cost and expense, and the Mortgagee agrees to cooperate with the Owner to the extent necessary to enable it to timely satisfy such conditions: (i) an executed counterpart of each of the following documents shall be delivered to the Mortgagee: (A) a Trust Indenture Supplement covering the Replacement Engine, which shall have been duly filed for recordation pursuant to the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft of which such Engine is a part is registered in accordance with Section 4.02(e), as the case may be; (B) a full warranty xxxx of sale (as to title), covering the Replacement Engine, executed by the former owner thereof in favor of the Owner (or, at the Owner's option, other evidence of the Owner's ownership of such Replacement Engine, reasonably satisfactory to the Mortgagee); and (C) UCC financing statements covering the security interests created by this Trust Indenture (or any similar statements or other documents required to be filed or delivered pursuant to the laws of the jurisdiction in which such Aircraft may be registered) as are deemed necessary or desirable by counsel for the Mortgagee to protect the security interests of the Mortgagee in the Replacement Engine; (ii) the Owner shall cause to be delivered to the Mortgagee an opinion of counsel to the effect that the Lien of this Trust Indenture continues to be in full force and effect with respect to the Replacement Engine and such evidence of compliance with the insurance provisions of Section 4.06 with respect to such Replacement Engine as Mortgagee shall reasonably request; (iii) the Owner shall have furnished to Mortgagee an opinion of Owner's aviation law counsel reasonably satisfactory to Mortgagee and addressed to Mortgagee as to the due filing for recordation of the Trust Indenture Supplement with respect to such Replacement Engine under the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft is registered in accordance with Section 4.02(e), as the case may be; and (iv) the Owner shall have furnished to Mortgagee a certificate of a qualified aircraft engineer (who may be an employee of Owner) certifying that such Replacement Engine has a value and utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine so replaced (assuming that such Engine had been maintained in accordance with this Trust Indenture). Upon satisfaction of all conditions to such substitution, (x) the Mortgagee shall execute and deliver to the Owner such documents and instruments, prepared at the Owner's expense, as the Owner shall reasonably request to evidence the release of such replaced Engine from the Lien of this Trust Indenture, (y) the Mortgagee shall assign to the Owner all claims it may have against any other Person relating to any Event of Loss giving rise to such substitution and (z) the Owner shall receive all insurance proceeds (other than those reserved to others under Section 4.06(b)) and proceeds in respect of any Event of Loss giving rise to such replacement to the extent not previously applied to the purchase price of the Replacement Engine as provided in Section 4.05(d).

  • Restoration of Mortgaged Property The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

  • Restoration of Property In the event Railroad authorizes Contractor to take down any fence of Railroad or in any manner move or disturb any of the other property of Railroad in connection with the work to be performed by Contractor, then in that event Contractor shall, as soon as possible and at Contractor's sole expense, restore such fence and other property to the same condition as the same were in before such fence was taken down or such other property was moved or disturbed. Contractor shall remove all of Contractor's tools, equipment, rubbish and other materials from Railroad's property promptly upon completion of the work, restoring Railroad's property to the same state and condition as when Contractor entered thereon.

  • Construction or Rehabilitation of Mortgaged Property No Mortgage Loan was made in connection with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property;

  • Operation of Mortgaged Property Hold, lease, develop, manage, operate or otherwise use the Mortgaged Property upon such terms and conditions as Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements and taking other actions, from time to time, as Mortgagee deems necessary or desirable), and apply all Rents and other amounts collected by Mortgagee in connection therewith in accordance with the provisions of Section 5.7.

  • PRODUCT SUBSTITUTION In the event a specified manufacturer’s Product listed in the Contract becomes unavailable or cannot be supplied by the Contractor for any reason (except as provided for in the Savings/Force Majeure Clause) a Product deemed in writing by the Commissioner to be equal to or better than the specified Product must be substituted by the Contractor at no additional cost or expense to the Authorized User. Unless otherwise specified, any substitution of Product prior to the Commissioner’s written approval may be cause for cancellation of Contract.

  • Condition of Mortgaged Property Except as Borrower may have disclosed to Lender in writing in connection with the issuance of the Commitment Letter, the Mortgaged Property has not been damaged by fire, water, wind or other cause of loss, or any previous damage to the Mortgaged Property has been fully restored.

  • SURRENDER OF PREMISES; REMOVAL OF PROPERTY Upon the Expiration Date or upon any earlier termination of this Lease, Tenant shall quit and surrender possession of the Premises to Landlord in as good order, condition and repair as when received or as hereafter may be improved by Landlord or Tenant, reasonable wear and tear and repairs which are Landlord's obligation excepted, and shall, without expense to Landlord, remove or cause to be removed from the Premises all personal property and debris, except for any items that Landlord may by written authorization allow to remain. Tenant shall repair all damage to the Premises resulting from the removal, which repair shall include the patching and filling of holes and repair of structural damage, provided that Landlord may instead elect to repair any structural damage at Tenant's expense. If Tenant shall fail to comply with the provisions of this Section, Landlord may effect the removal and/or make any repairs, and the cost to Landlord shall be additional rent payable by Tenant upon demand. If Tenant fails to remove Tenant's personal property from the Premises upon the expiration of the Term, Landlord may remove, store, dispose of and/or retain such personal property, at Landlord's option, in accordance with then applicable laws, all at the expense of Tenant. If requested by Landlord, Tenant shall execute, acknowledge and deliver to Landlord an instrument in writing releasing and quitclaiming to Landlord all right, title and interest of Tenant in the Premises.

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