Property Substitution definition
Examples of Property Substitution in a sentence
Borrowers shall identify the new Timeshare Interest to constitute a new Pledged Interval for such Property Substitution, which Timeshare Interest shall be approved by Lender in its sole discretion.
As soon as practicable after the Property Substitution Date, Lessee shall reimburse Lessor and its Affiliates for all documented, out‑of‑pocket expenses incurred by Lessor and its Affiliates thereof in connection with such Property Substitution.
If such Property Substitution does not occur on such date (as same may have been extended), Borrower shall pay to Lender all reasonable expenses actually incurred by Lender in connection therewith as provided in Section 10.13.
As soon as practicable after the Property Substitution Date, Lessee will reimburse Lessor and its Affiliates for all documented, out-of-pocket expenses incurred by Lessor and its Affiliates in connection with such Property Substitution.
If such Property Substitution does not occur on such date (as may have been extended), (x) the Obligors' notice will be deemed rescinded, and (y) the Borrowers shall on such date pay to Lender all reasonable expenses actually suffered by Lender as a consequence of such rescission.
If such Property Substitution does not occur on such date (as same may have been extended), Borrower shall pay to Lender all reasonable expenses actually incurred by Lender in connection therewith.
Lessor agrees to cooperate with Lessee and Sublessee and to perform such acts and execute such agreements and instruments as shall be necessary to effect a Property Substitution pursuant to the terms, provisions and procedures of the Sublease.
Lessor acknowledges and consents to Sublessee’s rights to effect a Property Substitution under and in accordance with the Sublease.
As soon as practicable after the Property Substitution Date, Lessee will reimburse Lessor and its Affiliates for all documented, out-of-pocket expenses incurred by Lessor and its Affiliates thereof in connection with such Property Substitution.
In addition to the releases pursuant to Sections 2.3 and 3.14 above and as otherwise provided in this Agreement, and subject to the compliance with the Borrowing Base, Borrower may notify Lender that it has determined, in its sole discretion, that, it wishes to substitute (a "Property Substitution") one or more Timeshare Interests for a Pledged Interval currently included in the Collateral (the "Substituted Property").