Examples of Substitution Undertaking in a sentence
Where the Sponsor exercises the Substitution Undertaking, the Trustee shall exercise the Purchase Undertaking.
Upon the Sponsor or its Affiliates exercising the Substitution Undertaking, the Trustee shall exercise the Purchase Undertaking.
The Substitution Undertaking entered into between the Trustee and the Sponsor where, the Trustee grants to the Sponsor the right to substitute existing Real Estate Assets of the Fund with new Real Estate Assets (“New Assets”).
Since the Fund invests in the beneficial ownership of the Real Estate Assets, the Trustee will not become the registered proprietor of the Real Estate Assets unless the Sponsor defaults in its obligation to purchase the beneficial ownership under the Purchase Undertaking, Sale Undertaking or Substitution Undertaking or upon termination of the Fund.
The Sponsor may also exercise its rights under the Substitution Undertaking, where relevant and applicable.
These include its obligations to pay the lease rental for the Real Estate Assets, to repurchase the Units from the Manager pursuant to a repurchase request by a Unit Holder, and to pay the Exercise Price upon exercise of a Purchase Undertaking, Sale Undertaking or Substitution Undertaking.
The Sponsor may, during the Lease Term exercise the Substitution Undertaking in respect of any Real Estate Assets by serving a notice on the Trustee in accordance of the terms of the Substitution Undertaking.
Upon fulfilment of the Substitution Undertaking, the relevant Lease Agreement over the Real Estate Assets to be substituted shall terminate and the terms of the Substitution Undertaking shall be binding on the Sponsor.
The Declarations of Trust and the powers created therein shall automatically be revoked upon the termination of the Fund or upon the completion of the acquisition of beneficial ownership pursuant to the exercise of the Purchase Undertaking, Sale Undertaking and/or the Substitution Undertaking by the relevant parties, whichever is earlier.
Where the Substitution Undertaking is exercised by the Sponsor, the Trustee shall consequently exercise the Purchase Undertaking in accordance with the terms of the Purchase Undertaking.