Permitted Replacement definition

Permitted Replacement means the replacement of those directors who (a) have died, (b) have been found to be of unsound mind, or (c) resigned not as a result of any disagreement with the Parent or any of its Subsidiaries on any matter relating to its operations, policies or practices.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Permitted Replacement means the replacement of those directors who have died or have been found to be of unsound mind by a court of competent jurisdiction.

Permitted Replacement means an amendment, modification, renewal, replacement, consolidation, supplement or waiver of the Hotel Management Agreement if such agreement is replaced by another hotel management agreement on terms that are not materially adverse to the interests of the members of the Group and/or the Finance Parties;

Examples of Permitted Replacement in a sentence

In the event that the Company has sold, or has binding commitments to sell on or prior to the Effective Date, Permitted Replacement Shares, the Company may elect by written notice to each Purchaser to reduce the Total Purchase Amount by any portion of the number of such Permitted Replacement Shares as the Company may determine in its discretion; provided, that the Total Purchase Amount shall not be less than 190,000,000.
Each such Permitted Replacement shall, after such conveyance, be deemed an “Engine” or “APU” (as defined herein), as applicable, and shall be deemed part of the same Aircraft as was the Lost Item replaced thereby.
In the event that the Company has sold, or has binding commitments to sell on or prior to the Effective Date, Permitted Replacement Shares, the Company may elect by written notice to each Purchaser to reduce the Total Purchase Amount by all or any portion of the number of such Permitted Replacement Shares as the Company may determine in its discretion; provided, that the Total Purchase Amount shall not be less than 190,000,000.
Each Grantor shall use commercially reasonable efforts to transfer ownership of (i) the HSBC Credit Card Receivables Accounts by the end of the second calendar quarter of 2006 and (ii) any account established in connection with the establishment of the applicable Permitted Replacement Credit Card Program prior to the establishment thereof or as promptly thereafter as is reasonably practicable.
The Borrower Agent shall deliver or cause to be delivered to the Agent copies of all such documents delivered in connection with such Permitted Replacement Credit Card Program within a reasonable period of time after the execution of such documents, and shall deliver any Credit Card Notification in connection therewith required under Section 2.21(f) in accordance with the terms of Section 2.21(f).
Customer, at its own cost and expense, shall (i) furnish Lender with such documents to evidence such conveyance, (ii) cause the Permitted Replacement to be subject to the Lender’s Lien under this Agreement, and (iii) take such other actions as may be required by Lender to cause the Lender’s Lien therein to be validly created, perfected and have first priority, including as evidenced on the Registry, the International Registry, and any other recording office.
The proceeds of any Revolving Loans borrowed on the Permitted Replacement Revolving Effective Date shall not be used to refinance, redeem, retire, defease or otherwise make any payment on unsecured Indebtedness of Holdings or any of its Subsidiaries (other than working capital revolving credit facilities), nor shall such Revolving Loans be made in exchange for any such unsecured Indebtedness (other than working capital revolving credit facilities).
At any time that there are U.S. Permitted Replacement Commitments outstanding, each reference in this Section 2.4 to U.S. Revolving Lenders, U.S. Revolving Loans, U.S. Revolving Commitments and U.S. Revolving Exposure shall be deemed to include U.S. Permitted Replacement Revolving Lenders, U.S. Permitted Replacement Revolving Loans, U.S. Permitted Replacement Revolving Commitments and U.S. Permitted Replacement Revolving Exposure, respectively.
At any time that there are U.S. Permitted Replacement Commitments outstanding, each reference in this Section 2.3 to U.S. Revolving Lenders, U.S. Revolving Loans and U.S. Revolving Commitments shall be deemed to include U.S. Permitted Replacement Revolving Lenders, U.S. Permitted Replacement Revolving Loans and U.S. Permitted Replacement Revolving Commitments, respectively.
Within one Business Day after the receipt -------------------------- by the Borrower of the Net Proceeds of any Permitted Replacement Debt, the Borrower shall prepay the Loans in an aggregate principal amount equal to such Net Proceeds, together with accrued and unpaid interest to the date of such prepayment on the principal amount prepaid, whereupon the Total Commitment shall be permanently reduced ratably by the amount of such prepayment.

More Definitions of Permitted Replacement

Permitted Replacement means, with respect to the Existing RCF Agreement, a reserved based credit facility which (a) shall refinance or replace the Existing RCF Agreement in full and with respect to which, on the date of such replacement or refinancing, lenders holding at least 50.1% of the commitments and loans thereunder are (i) commercial bank lenders, (ii) investments banks or (iii) Affiliates of Persons described in clauses (i) and (ii), which, in each case, regularly participate in reserve based credit facilities and (b) would otherwise constitute Permitted Refinancing Indebtedness hereunder.

Permitted Replacement means, as to any Indebtedness, the Replacement of such Indebtedness to refinance such existing Indebtedness; provided that, in the case of such Replacing Indebtedness, the following conditions are satisfied:

Permitted Replacement shall have the meaning provided in Section 6.3.