Substitution Rights. (a) On occurrence of a Project Company’s Event of Default, the Government shall, through Notice of Intention to Terminate to the Lender(s), invite the Lender(s) to submit a proposal for substitution of the Project Company in accordance with Section 16.06 herein within sixty (60) days of the date of the Notice of Intention to Terminate to the Lender(s).
(b) In the event the Government receives a proposal for substitution of the Project Company, it shall withhold termination for a period not exceeding 180 (one hundred and eighty) days from the date of the Notice of Intention to Terminate to the Lender(s),
(c) In the event no Proposed Project Company is nominated by the Lender(s) within the time frame specified in Section 21.04(b) or the Proposed Project Company is not acceptable to the Government, the Government may substitute the Project Company or terminate this Agreement.
Substitution Rights. From time to time Borrower may request the right to sell an existing Megaplex Property and have it be released from the Mortgage Lien and, simultaneously with such sale, acquire a new Real Estate Property which is a reasonably comparable theater property which would become a Megaplex Property under the Loan Documents and be subject to the Lien of a Mortgage securing the Loan and other obligations of Obligors to Lender. If Lender consents to such request (which consent can be granted, withheld or conditioned in Lender's sole discretion), Borrower shall comply (i) with all of the provisions of Section 7.03(c) (other than the requirement of using Loan proceeds) for the acquisition of additional Real Estate Properties plus appropriate title insurance and other deliveries so that Lender's position and information about such new property is comparable with Lender's position and information relating to the Initial Megaplex Properties, and (ii) with such other conditions as Lender may impose in its sole and absolute condition. If Lender does not consent to such request, Lender shall have no obligation to release its Mortgage Lien on such existing Megaplex Property or otherwise consent to any sale or disposition of such Megaplex Property.
Substitution Rights. All unit members may be approved to substitute (in addition to their regular assignment) in those classifications for which they are qualified, so long as it does not result in overtime. Special consideration will be given to those unit members requesting substitute assignments in their current classification. Bargaining unit members who agree to substitute in Class I, II, or III positions (BP 4220.1) shall receive 25% per hour more than the substitute rates specified in each of the respective positions.
Substitution Rights. If, at any time during the Research Term, the JSC unanimously so agrees, (a) any Deal Target may be substituted with a different Target or (b) any Deal E3 Ligase may be substituted with a different E3 Ligase and, for clarity, the new Deal Target or Deal E3 Ligase, as applicable, shall be added to Schedule 1.1.34 or Schedule 1.1.35, as applicable, and the former Deal Target or Deal E3 Ligase, as applicable, shall become an “Excluded Target”.
Substitution Rights. CooperVision shall have the option of electing to substitute, on a country-by-country basis, prospectively from the effective date of the Future Agreement, all of the Financial Terms for said country in the Future Agreement for all of the Financial Terms for said country in this Agreement. CooperVision may elect this substitution for any or all of the countries covered in the Future Agreement, even if the Future Agreement applies the same Financial Terms to all such countries. This option shall expire unless exercised by giving CIBA written notice within sixty (60) days after the date on which CooperVision first receives the Future Agreement pursuant to Section 11.01. The substitution right set forth in this Section 11.02 shall apply only to the Financial Terms of the Future Agreement; CooperVision shall have no right to substitute any other terms of the Future Agreement for any other terms of this Agreement.
Substitution Rights. Syros hereby grants to Incyte:
Substitution Rights. FSI reserves the right, at its sole discretion, to substitute alternative, but comparable ancillary benefits for any of the specific benefits listed in the Sponsorship Prospectus.
Substitution Rights. For each Global Target Pair, Novartis shall have the one-time right, during the Global Target Pair Selection/Replacement Period, to substitute another Target pair that are Available Target pairs for such Global Target Pair, provided that (i) Novartis may only make such substitution once per Global Target Pair (i.e., Novartis may make four such substitutions) and (ii) a given Global Target Pair cannot be substituted once a Global Licensed Antibody against such Global Target Pair achieves [...***...
Substitution Rights. Upon at least 60 days' prior written notice, Lender agrees to release an Individual Mortgaged Property from the Lien of the Deed of Trust encumbering the Individual Mortgaged Property and the Loan Documents (the "Release Mortgaged Property" or "Release Properties"), and to substitute and encumber another property as part of the Mortgaged Property in its place (the "Substitute Mortgaged Property") in lieu of any Partial Release payment, provided that all of the following terms and conditions are satisfied as determined by Lender (each a "Substitution"):
(a) The Release Mortgaged Property must be one of the seven (7) Mortgaged Properties that are the original Mortgaged Properties as of the Closing Date.
(b) Substitutions shall only be permitted during the Release/Substitution Period.
(c) The total number of Individual Mortgaged Properties which are released from the Lien of the Deed of Trust pursuant to a Substitution shall not exceed 2 and the total number of Individual Mortgaged Properties which are released from the Lien of the Deed of Trust pursuant to either a Partial Release or a Substitution may not exceed 4 (in the aggregate) .
(d) After the Substitution and any required principal repayment, the outstanding principal Loan balance of the Loan shall not be less than $175,000,000.
(e) The Debt Yield after giving effect to the Substitution (i.e., utilizing the Net Operating Income of the Substitute Mortgaged Property in lieu of that of the Release Mortgaged Property) shall be no less than the Debt Yield that existed prior to the Substitution (i.e., utilizing the Net Operating Income of the Release Mortgaged Property in lieu of the Substitute Mortgaged Property), and in no event shall the Debt Yield after giving effect to the Substitution be less than 10.5%.
(f) The Loan to Value Ratio of the Substitute Mortgaged Property must be no greater than the Loan to Value Ratio of the Release Mortgaged Property (utilizing the Allocated Loan Amount assigned to the Release Mortgaged Property for both of the aforesaid Loan to Value Ratio calculations), and in no event shall the Loan to Value Ratio of the Substitute Mortgaged Property be greater than 65% (based on the Allocated Loan Amount assigned to the Release Mortgaged Property).
(g) Borrower must own the Substitute Mortgaged Property in fee simple and the ownership interest must not be a leasehold interest.
(h) The owner of the Substitute Mortgaged Property may in no event be a tenant in common and in no event sh...
Substitution Rights. At the request of TCI, the Banks will release one or more of the entities defined as "TCI" under this letter from any further obligations hereunder so long as the net worth of the entities remaining as obligors (including for this purpose any additional TCI affiliates which agree in writing to be bound as an obligor hereunder) is not less than $______ (less the aggregate amount of all Keep Well Advances previously made by TCI). In addition, TCI may transfer its assets so long as after giving effect to such transfer TCI will continue to have a net worth not less than $______. The foregoing substitution rights may be evidenced by a new keep well agreement among the parties hereto and any additional TCI Affiliates, which new agreement will be on the same or similar terms as this Agreement.
