Substitute Party definition
Examples of Substitute Party in a sentence
In the event Purchaser, any Operating Subsidiary, the Substitute Party or any of their respective successors or assigns (i) consolidates or amalgamates with or merges into any other Person or (ii) transfers all or substantially all of its properties or assets to any Person, then, and in each such case, proper provision shall be made so that the successors and assigns of Purchaser honor the indemnification obligations set forth in this Section 5.9.
Upon the effective date of the substitution of the Substitute Party for such Assignor, such Assignor shall be released from its obligations arising under the Assigned Agreement thereafter, and shall cease to be a party to the Assigned Agreement to the extent of such assignment.
On August 5, 2022, the Court granted Plaintiffs’ Motion to Amend or Substitute Party and granted Defendants’ Motion for Limited Reopening of Discovery.
The Novation Notice must specify the person to whom the State intends to novate the D&C Documents whether this be the State or another person (Substitute Party).
Subject to Section 5.9(d) below, the Operating Subsidiaries, Purchaser or, as the case may be, the Substitute Party, shall pay all reasonable expenses, including attorneys' fees, that may be incurred by any Subsidiary Indemnified Party in enforcing this Section 5.9 or any action involving a Subsidiary Indemnified Party resulting from the transactions contemplated by this Agreement.
Any costs attributable to pledging and assigning any collateral and finding a suitable Substitute Party shall be borne solely by the Hedge Counterparty and nothing in this paragraph shall relieve the Hedge Counterparty from its obligations to assign its rights and obligations under the Hedge Agreement to a Substitute Party in accordance herewith or the terms of the Hedge Agreement.
None of the Operating Subsidiaries, Purchaser or, as the case may be, the Substitute Party shall enter into any settlement that does not include as an unconditional term thereof the giving by each claimant or plaintiff to each Subsidiary Indemnified Party a release from all liability in respect of such matter.
The Novation Notice must specify the person to whom the State intends to novate the O&M Documents whether this be the State or another person (Substitute Party).
The Substitute Party must pay all stamp duty, duties or other taxes of a similar nature (including but not limited to any fines, penalties and interest) in connection with this deed or any transaction contemplated by this deed (except to the extent the terms of the Contract provide otherwise).
For the avoidance of doubt, any caps on Liability in the D&C Subcontract will continue to apply, but so that any Liability of the D&C Subcontractor incurred to Project Co prior to the Novation Notice Date is taken into account in respect of any ongoing Liability of the D&C Subcontractor to the Substitute Party.