No Replacement Clause Samples
The No Replacement clause stipulates that if a party or individual is removed, resigns, or otherwise ceases to participate, they cannot be replaced by another person or entity. In practice, this means that the position or role left vacant will remain unfilled for the duration of the agreement, and no substitute will be appointed to take over the responsibilities or rights of the departing party. This clause is typically used to prevent changes in the composition of parties involved, ensuring stability and predictability in the contractual relationship.
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No Replacement. Neither the Sel▇▇▇ ▇▇▇ Funding shall at any time remove or purport to remove and/or replace the Mortgages Trustee as the trustee of the Mortgages Trust.
No Replacement. Neither the Seller nor Funding shall at any time remove or purport to remove and/or replace the Mortgages Trustee as the trustee of the Mortgages Trust.
No Replacement. None of the proceeds of the Allocable Bonds will be used, directly or indirectly, to replace funds which were used in any business carried on by any person other than a state or local governmental unit.
No Replacement. Unless otherwise expressly set forth herein, no provision of this First Amendment shall be interpreted to replace or delete any provision of the Agreement. All provisions of the Agreement, which are not expressly replaced or deleted by this First Amendment, shall remain in full force and effect, and shall, where appropriate, apply to the terms of this First Amendment. Nothing herein shall affect in any manner any agreement between the parties other than the Agreement.
No Replacement. No portion of the amounts received from the sale of the Bond will be used as a substitute for any other funds that would otherwise be used as a source of financing for any portion of the cost of the Project or that will be used to acquire, directly or indirectly, obligations producing a yield in excess of the Bond Yield.
No Replacement. No portion of the amounts received from the execution and delivery of the Lease will be used as a substitute for other funds which were otherwise to be used as a source of financing for any of the purposes specified in Section 2 hereof and which have been or will be used to acquire, directly or indirectly, Investment Property producing a Yield in excess of the Yield of the Lease.
No Replacement. Except as expressly set forth herein, no provision of this Fourth Amendment shall be interpreted to replace or delete any provision of the Agreement (including any amendments thereto). All provisions of the Agreement (including any amendments thereto) which are not expressly replaced or deleted by this Fourth Amendment shall remain in full force and effect and shall, where appropriate, apply to the terms of this Fourth Amendment. In the event of any conflict between the Agreement and this Fourth Amendment, the terms of this Fourth Amendment shall control.
No Replacement. Except as expressly set forth herein, no provision of this Second Amendment shall be interpreted to replace or delete any provision of the Agreement. All provisions of the Agreement which are not expressly replaced or deleted by this Second Amendment shall remain in full force and effect and shall, where appropriate, apply to the terms of this Second Amendment. In the event of any conflict between the Agreement and this Second Amendment, the terms of this Second Amendment shall control.
No Replacement. If M-F Downtown or the Beneficiary draws any portion of the Modified TI Letter of Credit for any reason, whether or not permitted or contemplated by this Paragraph 13 or elsewhere in this Amendment, HFC shall not be required to provide a replacement Modified TI Letter of Credit, to restore the amount thereof, or to provide any other letter of credit or security under the Work Letters as amended by this Amendment.
No Replacement. Neither the Seller nor the Issuer shall at any time remove or purport to remove and/or replace the Mortgages Trustee as the trustee of this trust.