Substitution definition

Substitution or “substitute” shall mean materials, products, equipment, assemblies, or installation methods deviating in at least one characteristic (physical, functional, or aesthetic) from those specified, but which in the opinion of the bidder would improve competition and/or enhance the finished installation. Acceptance of substitution is subject to the approval of the Designer and owner.

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Substitution. The meaning specified in Section 2.14(b).

Substitution has the meaning set forth in Section 2.2(a).

Examples of Substitution in a sentence

• For the avoidance of doubt, from the Voluntary Issuer Substitution Date, the Guarantee shall cease to exist; provided, however, that any references in the Indenture to the “Guarantor” that remain applicable after the Voluntary Issuer Substitution shall remain references to the Guarantor in its capacity as substituted principal obligor of the Securities.

• It is understood that the amended Global Notes representing the Securities following the Voluntary Issuer Substitution will not contain provisions of the Securities set forth in Annex I to the Indenture that are no longer applicable following the Voluntary Issuer Substitution.

• Pursuant to and in accordance with Section 3.08(a) of the Indenture, and with effect as of the date of this Supplemental Indenture (the “Voluntary Issuer Substitution Date”), the Company shall be released from its obligations under the Securities and the Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Securities with the same effect as if the Guarantor had been named as issuer under the Indenture and the Securities.

• For the avoidance of doubt, from the Effective Date, any references in the Indenture to the “Guarantor” that remained applicable after the Voluntary Issuer Substitution, including those set forth in Section 2.18 and in the definition of “Authorized Person” of the Indenture, shall be to the Company in its capacity as the principal obligor of the Securities.

• The aggregate Outstanding Balance of all Fund Collateral Loans (other than Warranty Loans) which are transferred by the Borrower to the Transferor or anany Controlled Affiliate thereof in connection with a Substitution, a Discretionary Sale or the transfer to the Transferor pursuant to a Restricted Payment shall not exceed in the aggregate twenty percent (20.00%) of the Net Purchased Loan Balance, measured as of the date of such Substitution, Discretionary Sale or dividend.

More Definitions of Substitution

Substitution has the meaning set forth in Section 1.05.

Substitution shall have the meaning set forth in Section 3.05(a).

Substitution has the meaning specified in Section 6.2(a).

Substitution has the meaning assigned to that term in Section 2.07(a).

Substitution means a replacement for or alternative to an item of material or item identified in the Construction Documents which is proposed by the Trade Contractor and approved in writing by Authority.

Substitution means the dispensing of a drug or a brand of drug other than the drug or brand of drug ordered or prescribed.

Substitution or “substitute” shall mean materials, products, equipment, assemblies, or installation methods deviating in at least one characteristic (physical, functional, or aesthetic) from those specified, but which in the opinion of the bidder would improve competition and/or enhance the finished installation.