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 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.
If the Step-in Party giving the Step-out Notice is a Substituted Entity that is not the Collateral Agent or a Lender, then such Step-in Party shall be released from all obligations under this Direct Agreement arising from and after the effective date of such Step-out Notice as set forth in the Step-out Notice and its relinquishment of possession, custody and control of the Project.
The foregoing does not affect the obligation to obtain approval of persons or entities as Substituted Entities pursuant to Section 21.6 (and the definition of Substituted Entity).
The Lender shall have the right (but not the obligation) to remedy such Developer Default or cause the same to be remedied by its Substituted Entity as provided in the Direct Agreement; and IFA shall accept such performance by or at the instigation of the Lender or Substituted Entity as if Developer had done the same.
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.
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 Department shall have no obligation to recognize any claim to Developer’s Interest by any person or entity that has acquired 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 reasonably approved by the Department.
The choice of the JAMS or AAA mediation procedure shall be made by the party initiating mediation.