Substituted Entity definition

Substituted Entity means any person or entity selected by Lenders and approved by TxDOT in accordance with Section 2.6 of the Lenders’ Direct Agreement to perform Developer’s obligations and succeed to Developer’s rights hereunder after any such Lender has acquired the Developer’s Interest by foreclosure or other lawful means or has otherwise assumed possession and control of the Project.

Substituted Entity has the meaning given to it in the Agreement.

Substituted Entity means any Person selected by the Implementing Authority or the Lenders to replace the Concessionaire in this Concession Contract and who has entered into the requisite agreements, all in accordance with Clauses 20.4 or 20.5 hereof;

Examples of Substituted Entity in a sentence

• If the Step-in Party giving the Step-out Notice is a Substituted Entity that is not a Lender, then such Step-in Party shall be released from all obligations under this Direct Agreement arising from and after the effective date contained in the Step-out Notice and its relinquishment of possession and control of the Project.

• The Department shall permit the Collateral Agent and its Substituted Entity the same access to the Project and Project Right of Way as is permitted to Developer hereunder.

• The Lenders shall have the right (but not the obligation) to remedy such Developer Default or cause the same to be remedied by a Substituted Entity; and the Department shall deem such performance by or at the instigation of the Lender or Substituted Entity as if the same had been done by Developer as provided in the Direct Agreement.

• The foregoing shall not, however, excuse the Collateral Agent or its Substituted Entity from any obligation to cure prior uncured breaches or failures to perform under the PPA Documents, and except for determination of Persistent Developer Default shall not affect any rights and remedies available to IFA respecting uncured breaches or failures to perform.

• IFA shall have no obligation to recognize any claim to the Developer’s Interest by any person or entity that has acquired the Developer’s Interest by, through, or under any Security Document or whose acquisition shall have been derived immediately from any holder thereof, unless such person or entity is a Substituted Entity.

More Definitions of Substituted Entity

Substituted Entity means any Person that is substituted for GEOVIC in its rights and obligations pursuant to this Convention. A Substituted Entity shall be designated and controlled by the Lender, pursuant to its agreements with GEOVIC.

Substituted Entity shall have the meaning ascribed to it in Article 3.4;

Substituted Entity has the meaning

Substituted Entity means any Person selected by Lenders and approved by LAWA in accordance with Section 12 to perform all or a portion of Developer's obligations and succeed to the applicable Developer's rights under the Contract Documents.

Substituted Entity means any Person selected by Xxxxxxx and approved by MDOT in accordance with the Agreement to perform all or a portion of Project Company’s obligations and succeed to the Project Company’s rights under this Agreement.

Substituted Entity means any person or entity selected by Xxxxxxx and approved by TxDOT in accordance with Section 2.6 of the Lenders’ Direct Agreement to perform Developer’s obligations and succeed to Developer’s rights hereunder after any such Xxxxxx has acquired the Developer’s Interest by foreclosure or other lawful means or has otherwise assumed possession and control of the Project.

Substituted Entity means any person or entity selected by a Lender to perform the Lender’s or the Association’s obligations and rights after any such Lender has exercised its rights or remedies under the License Agreement or applicable law, which person or entity is subject to SCDOT approval, provided that such approval shall not be unreasonably withheld or delayed after Lender has provided reasonable documentation to SCDOT that such proposed person or entity has the resources and experience reasonably necessary to timely perform Association’s obligations under this License Agreement, which foregoing documentation requirement shall be deemed satisfied if SCDOT is provided with the firm resume or C.V. materials for a reputable, experienced toll operator.