Substitution of Facilities. Magellan shall have the right at any time not later than thirty (30) days prior to Closing to substitute a Comparable Facility (as hereinafter defined) for any Facility it designates (a "DESIGNATED FACILITY"), provided that such substitution will satisfy the Purchaser's requirements related to taxation as a real estate investment trust. The
Substitution of Facilities. In connection with the provision of Non-Export Water to Water Users and Off-Site Users, Pure Cycle shall (i) be entitled, at Pure Cycle’s option subject to Rangeview’s consent which shall not be unreasonably withheld, to exercise Rangeview’s right to substitute facilities and (ii) have the obligation to provide substitute facilities on Rangeview’s behalf to the Export Water Purchaser as provided in Section 8.3 of the Lease.
Substitution of Facilities. To the extent permitted by law, on or after the Completion Date the School Board may substitute for any Facilities other facilities owned by the School Board, provided such substituted facilities (a) have the same or a greater remaining useful life, (b) have a fair market value equal to or greater than the Facilities for which they are substituted,
Substitution of Facilities. To the extent permitted by law, on or after the Completion Date the School Board may substitute for any Facilities other facilities owned by the School Board, provided such substituted facilities (a) have the same or a greater remaining useful life, (b) have a fair market value equal to or greater than the Facilities for which they are substituted, (c) are of substantially equal utility as the Facilities to be replaced and meet the requirement of Section 5.9 hereof, (d) are free and clear of all liens and encumbrances, except Permitted Encumbrances and (e) if required by law, are approved by the State Department of Education. In addition, to the extent permitted by law, prior to the Completion Date the School Board may release and/or substitute for any Facilities to be acquired, constructed and installed under a particular Schedule other facilities to be acquired, constructed and installed, provided that (1) any substituted facilities satisfy the requirements of clauses (a), (c), (d) and (e) above and (2) following such substitution and/or release, the sum of (x) with respect to Facilities for which a Certificate of Acceptance has not been delivered, the Cost of the acquisition, construction and installation of the Facilities plus (y) with respect to Facilities for which a Certificate of
Substitution of Facilities. All contracts for the sale of Export Water and Off-Site Water shall allow Rangeview, the Service Provider, or the Land Board (upon the expiration or termination of this Agreement), as applicable, at its option, to utilize the ground water wxxxx and transmission facilities which are used to produce Export Water or Off-Site Water under the following conditions:
(a) Rangeview, the Service Provider or the Land Board, as applicable, must provide substitute well capacity (the “Substitute Facilities”) of equivalent quantity and, to the extent practicable, water quality as the well capacity utilized by the Export Water Contractor under this Section 8.3.
(b) Subject to further substitution, the Substitute Facilities will be dedicated to the benefit of the Export Water or Off-Site Water user, as applicable. Title to the Substitute Facilities shall be held in the same manner as title to the facilities which they replace.
(c) The construction and operation of the Substitute Facilities are intended to enable Rangeview, the Service Provider or the Land Board, as applicable, to incrementally expand the delivery system for the Export Water and/or Off-Site Water to provide service to those areas of the Lxxxx Range on which the Export Water and/or Off-Site Water delivery system has already been developed.
(d) The intent of this Section 8.3 is to allow Rangeview, the Service Provider or the Land Board, as applicable, the use of that portion of the Export Water or Off-Site Water delivery system, utilizing the excess capacity as discussed in Section 8.4, to provide water service to the Lxxxx Range. The further intent of this Section 8.3 is to ensure that facilities initially constructed to serve Export Water or Off-Site Water will, as necessary, be available for service to the Lxxxx Range if Substitute Facilities are constructed and dedicated to the Export Water or Off-Site Water user as outlined in Sections 8.3(a) and (b). The Export Water or Off-Site Water user will have the same opportunity to substitute facilities from the Non-Export Water delivery system for the Export Water or Off-Site Water delivery system so that the well field is developed in a manner reasonably consistent with the master plan attached hereto as Exhibit D. The well field and Non-Export Water for use on-site, Off-Site Water, or Export Water delivery systems, when fully completed, shall have been developed in a manner such that each of Rangeview, the Service Provider, the Land Board or the Export Water ...
Substitution of Facilities. CORPORATION may build or provide, or cause to be built or provided, substitute facilities at the Airport. In the event of the construction and occupancy of new or substitute facilities at the Airport during the term of this Agreement, the following shall apply:
A. CORPORATION agrees to set aside counter/queuing space, associated office space, if applicable, and ready/return parking spaces for use of CONCESSIONAIRE.
1. CONCESSIONAIRE agrees to relocate operations from the Concession Space to the new or substituted facilities at its own expense and to thereafter conduct its operations therefrom. The new or substituted facilities shall be comparable to the previous facilities in terms of size, location and finish, all in the reasonable discretion of the CORPORATION.
2. Upon such relocation, CORPORATION shall have the right to demolish or use the existing TERMINAL BUILDING or other buildings or facilities located at the Concession Space as it sees fit.
3. The fees provided for in this Agreement shall be subject to adjustment to reflect the substitution of space for the TERMINAL BUILDING and facilities located at the Concession Space. In the event CORPORATION and CONCESSIONAIRE are unable to agree to such adjustment, then such adjustment shall be determined by a qualified real estate appraiser selected by the mutual agreement of CORPORATION and CONCESSIONAIRE, with the appraisal costs to be shared equally by them.
4. Except as modified by the substitution of facilities and the fee adjustment as provided for herein, this Agreement shall continue in full force and effect without change or modification until the expiration or termination of the license term.
B. If, in the opinion of CORPORATION, the Concession Space shall be wholly or partially required for other operations of the Airport or if the use of the Concession Space should be changed or abated by reason of other operations of the Airport, then the following shall apply:
1. CORPORATION shall substitute for the Concession Space another area at the Airport of comparable size and with comparable facilities and shall, at Corporation’s expense, provide thereon facilities reasonably comparable to the facilities existing at the Concession Space, including, but not by way of limitation, the buildings, structures, paved areas, vehicle parking areas, utilities, and other improvements, either by the relocation of the existing facilities and/ or by the construction of new facilities.
2. CONCESSIONAIRE agrees to accep...
Substitution of Facilities. College reserves the right to substitute comparable facilities for those reserved by Licensee in its sole discretion.
Substitution of Facilities. The Licensor reserves the right to substitute comparable facilities for those reserved by the Licensee.
Substitution of Facilities. To the extent permitted by law, on or after the Completion Date the School Board may substitute for any Facilities other facilities owned by the School Board, provided such substituted facilities (a) have the same or a greater remaining useful life, (b) have a fair market value equal to or greater than the Facilities for which they are substituted, (c) are of substantially equal utility as the Facilities to be replaced and meet the requirement of Section 5.9 hereof, (d) are free and clear of all liens and encumbrances, except Permitted Encumbrances and (e) if required by law, are approved by the State Department of Education. In addition, to the extent permitted by law, prior to the Completion Date the School Board may release and/or substitute for any Facilities to be acquired, constructed and installed under a particular Schedule other facilities to be acquired, constructed and installed, provided that (1) any substituted facilities satisfy the requirements of clauses (a), (c), (d) and (e) above and (2) following such substitution and/or release, the sum of (x) with respect to Facilities for which a Certificate of Acceptance has not been delivered, the Cost of the acquisition, construction and installation of the Facilities plus (y) with respect to Facilities for which a Certificate of Acceptance has been delivered, the fair market value of the Facilities, financed under the Schedule from which the Facilities are to be substituted and/or released is greater than or equal to the remaining principal portion of Basic Lease Payments due under such Schedule. In order to effect such substitution, the Facilities to be replaced shall be released from the encumbrance of the related Lease and Ground Lease by appropriate instrument executed by the School Board and the Corporation (or Trustee as assignee of the Corporation) in form sufficient to leave good and marketable fee simple title to such Facilities in the School Board subject only to Permitted Encumbrances, and the Facilities to be substituted shall likewise be incorporated in the appropriate Lease and Ground Lease modifications. The related Schedule shall be appropriately amended, and the related Ground Lease shall be amended or canceled and replaced, to reflect such substitution.
Substitution of Facilities. Magellan shall have the right at any time not later than thirty (30) days prior to Closing to substitute a Comparable Facility (as hereinafter defined) for any Facility it designates (a "Designated Facility"), provided that such substitution will satisfy the Purchaser's requirements related to taxation as a real estate investment trust. The Purchaser may demand, at Magellan's expense, a reasonably acceptable opinion of counsel or private letter ruling from the Internal Revenue Service indicating that the substitution will have no material adverse tax consequences to the Purchaser. As used herein, the term "Comparable Facility" shall mean a facility reasonably acceptable to the Purchaser, operated as the same type of business as the Facilities, with an expected future profitability substantially equivalent to or greater than that of the Designated Facility both immediately prior to such substitution and as reasonably projected over the term of the Facilities Lease, taking into account any relevant factors. Magellan shall pay all costs and expenses incurred in connection with any substitution of facilities, including reasonable attorneys' fees and expenses. After the substitution, a Comparable Facility shall be treated as if it were a Facility under this Agreement.
