Substitution of Facilities. To the extent permitted by law, on or after the Completion Date the School Board may substitute for any Facilities other facilities owned by the School Board, provided such substituted facilities (a) have the same or a greater remaining useful life, (b) have a fair market value equal to or greater than the Facilities for which they are substituted, (c) are of substantially equal utility as the Facilities to be replaced and meet the requirement of Section 5.9 hereof, (d) are free and clear of all liens and encumbrances, except Permitted Encumbrances and (e) if required by law, are approved by the State Department of Education. In addition, to the extent permitted by law, prior to the Completion Date the School Board may release and/or substitute for any Facilities to be acquired, constructed and installed under a particular Schedule other facilities to be acquired, constructed and installed, provided that (1) any substituted facilities satisfy the requirements of clauses (a), (c), (d) and (e) above and (2) following such substitution and/or release, the sum of (x) with respect to Facilities for which a Certificate of Acceptance has not been delivered, the Cost of the acquisition, construction and installation of the Facilities plus (y) with respect to Facilities for which a Certificate of Acceptance has been delivered, the fair market value of the Facilities, financed under the Schedule from which the Facilities are to be substituted and/or released is greater than or equal to the remaining principal portion of Basic Lease Payments due under such Schedule. In order to effect such substitution, the Facilities to be replaced shall be released from the encumbrance of the related Lease and Ground Lease by appropriate instrument executed by the School Board and the Corporation (or Trustee as assignee of the Corporation) in form sufficient to leave good and marketable fee simple title to such Facilities in the School Board subject only to Permitted Encumbrances, and the Facilities to be substituted shall likewise be incorporated in the appropriate Lease and Ground Lease modifications. The related Schedule shall be appropriately amended, and the related Ground Lease shall be amended or canceled and replaced, to reflect such substitution. There shall also be delivered at the time of substitution an Opinion of Counsel as described in Section 6.1 hereof with respect to the substitute Facility Site. For purposes hereof, “fair market value” shall be determined on the b...
Substitution of Facilities. CORPORATION may build or provide, or cause to be built or provided, substitute facilities at the Airport. In the event of the construction and occupancy of new or substitute facilities at the Airport during the term of this Agreement, the following shall apply:
Substitution of Facilities. Magellan shall have the right at any time not later than thirty (30) days prior to Closing to substitute a Comparable Facility (as hereinafter defined) for any Facility it designates (a "DESIGNATED FACILITY"), provided that such substitution will satisfy the Purchaser's requirements related to taxation as a real estate investment trust. The
Substitution of Facilities. To the extent permitted by law, on or after the Completion Date the School Board may substitute for any Facilities other facilities owned by the School Board, provided such substituted facilities (a) have the same or a greater remaining useful life, (b) have a fair market value equal to or greater than the Facilities for which they are substituted,
Substitution of Facilities. All contracts for the sale of Export Water and Off-Site Water shall allow Rangeview, the Service Provider, or the Land Board (upon the expiration or termination of this Agreement), as applicable, at its option, to utilize the ground water wxxxx and transmission facilities which are used to produce Export Water or Off-Site Water under the following conditions:
Substitution of Facilities. Magellan shall have the right at any time not later than thirty (30) days prior to Closing to substitute a Comparable Facility (as hereinafter defined) for any Facility it designates (a "Designated Facility"), provided that such substitution will satisfy the Purchaser's requirements related to taxation as a real estate investment trust. The Purchaser may demand, at Magellan's expense, a reasonably acceptable opinion of counsel or private letter ruling from the Internal Revenue Service indicating that the substitution will have no material adverse tax consequences to the Purchaser. As used herein, the term "Comparable Facility" shall mean a facility reasonably acceptable to the Purchaser, operated as the same type of business as the Facilities, with an expected future profitability substantially equivalent to or greater than that of the Designated Facility both immediately prior to such substitution and as reasonably projected over the term of the Facilities Lease, taking into account any relevant factors. Magellan shall pay all costs and expenses incurred in connection with any substitution of facilities, including reasonable attorneys' fees and expenses. After the substitution, a Comparable Facility shall be treated as if it were a Facility under this Agreement.
Substitution of Facilities. In connection with the provision of Non-Export Water to Water Users and Off-Site Users, Pure Cycle shall (i) be entitled, at Pure Cycle’s option subject to Rangeview’s consent which shall not be unreasonably withheld, to exercise Rangeview’s right to substitute facilities and (ii) have the obligation to provide substitute facilities on Rangeview’s behalf to the Export Water Purchaser as provided in Section 8.3 of the Lease.
Substitution of Facilities. All contracts for the sale of Export ---------------------------- Water shall allow Rangeview or the Service Provider, or the Land Board (upon the expiration or termination of this Agreement), as applicable, at its option, to utilize a portion (equal to the ratio of Export Water to Non-Export Water based on the acre feet decreed in the now existing water court decrees, said ratio being hereinafter referred to as the "Water Interest Ratio") of the capacity of the ground water xxxxx which are used to produce the Export Water, under the following conditions:
Substitution of Facilities. College reserves the right to substitute comparable facilities for those reserved by Licensee in its sole discretion.
Substitution of Facilities. The Licensor reserves the right to substitute comparable facilities for those reserved by the Licensee.
