Substitute Owner definition

Substitute Owner is defined in Section 6.7(b).

Substitute Owner means any Person or Entity who or which is admitted to the Company as a Substitute Owner pursuant to Title 7 Article 80 Part 702(3) of the Colorado Revised Statutes.

Substitute Owner means any Person (a) who is the transferee of the Assigned Interest from the Agent or Borrower or who is a purchaser of the Assigned Interest in a judicial or nonjudicial foreclosure sale, (b)(i) whose senior unsecured long-term debt is rated at least “A-” by Standard and Poor’s Rating Services or its successor or “A3” by Xxxxx’x Investors Service or its successor or (ii) whose Parent’s senior unsecured long-term debt is rated at least “A-” by Standard and Poor’s Rating Services or its successor or “A3” by Xxxxx’x Investors Service or its successor and whose Parent guarantees such Person’s obligations under the Assigned Agreement, (c) who has at least five years experience in the United States electric generating power industry and (d) who assumes all obligations of Borrower under the Assigned Agreement in an instrument in form and substance reasonably satisfactory to Consenting Party.11

Examples of Substitute Owner in a sentence

• In the event that the Assigned Agreement is rejected or otherwise terminated as a result of any bankruptcy or insolvency proceeding affecting the Provider, the Customer shall, at the option of the System Lessor or the System Lessor’s respective successor, assignee and/or designee, enter into a new agreement with the System Lessor or any Substitute Owner (or its transferee or other nominee that owns or leases the Project) having terms substantially the same as the terms of the Assigned Agreement.

• The obligations of any Substitute Owner shall be no more than that of the Company under such Assigned Agreement, any Substitute Owner shall have no personal liability to the Consenting Party for the performance of such obligations and the sole recourse of the Consenting Party, if there is a Substitute Owner, shall be to Substitute Owner's interest in the Facility.

• No Additional or Substitute Owner shall be entitled to any retroactive allocation of income, losses or deductions incurred by the Company.

• Subject to Section 1.7(c), any Substitute Owner pursuant to Section 1.4 shall be required to perform Project Company’s obligations under the Agreement, including posting and collateral assignment of the Agreement Collateral; provided, however, that the obligations of such Substitute Owner shall be no more than those of Project Company under the Agreement.

• The Security Trustee shall procure that the Substitute Owner (and any other person providing financing to the Substitute Owner for the purposes of the acquisition by the Substitute Owner of the Vessel) issues an undertaking to the Charterer on substantially the same terms as the undertaking granted by the Security Trustee in Article 1.1 above.

More Definitions of Substitute Owner

Substitute Owner has the meaning set forth in Section 8.6(b).

Substitute Owner has the meaning given to such term at Clause 2.2(a) (Substitute Owner).

Substitute Owner has the meaning set forth in the Consent Agreement.

Substitute Owner means any registered owner of a Substitute Ship pursuant to clause 25.15 (Substitution of a Mortgaged Ship). Substitute Ship is defined in clause 25.15 (Substitution of a Mortgaged Ship).

Substitute Owner means any Substitute Owner as defined in the Charter Ancillary Agreement.

Substitute Owner has the meaning specified in Article XXII.

Substitute Owner means the owner of a Substitute Property.