SUBSTITUTION OF THE LESSEE Sample Clauses

SUBSTITUTION OF THE LESSEE. 20.1. While carrying out Substitution, the Lender’s Representative shall invite competitive bids from the prospective parties for substituting the Lessee. The financial bidding criteria for the bid shall be a Substitution Premium to be paid by the Nominated Company as a consideration to the Authority. The Substitution Premium shall be in addition to the Nominated Company agreeing to bear all the liabilities of the Lessee in terms of the Agreement, Financing Agreement, Letter of Allotment/sub-lease deeds which shall include but not be limited to overdue and future payments towards taxes to be paid to the Government Authorities, repayment or refunds to third parties, Total Land Premium/ Lease Premium (instalments and interests thereof) to be paid to the Authority, Annual Lease Rent to be paid to the Authority, liquidated damages to be paid to the Authority, expenses incurred and claims by Authority on the Project due to the Lessee’s default in terms of the Agreement to be paid to the Authority. Moreover, as part of the condition of bidding, the Nominated Company shall be required to invest an additional minimum amount in the Project within 30 (thirty) days of its appointment as the Nominated Company to clear all overdue amounts in respect of payments specified herein above.
Sample 1
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SUBSTITUTION OF THE LESSEE. The Parties hereto acknowledge and agree that upon Substitution of the Lessee with the Nominated Company, pursuant to the Substitution Agreement, it shall be deemed for the purposes of this Escrow Agreement that the Nominated Company is a Party hereto and the Nominated Company shall accordingly be deemed to have succeeded to the rights and obligations of the Lessee under this Escrow Agreement on and with effect from the date of substitution of the Lessee with the Nominated Company.
Sample 1

Related to SUBSTITUTION OF THE LESSEE

  • Substitution of Equipment In the event the Computer is inoperable, ASL has a limited number of spare laptops for use while the Computer is being repaired or replaced. This agreement remains in effect for such a substitute. The Student may NOT opt to keep a broken Computer or to avoid using the Computer due to loss or damage.

  • Substitution of Key Personnel Consultant has represented to City that certain key personnel will perform and coordinate the Services under this Agreement. Should one or more of such personnel become unavailable, Consultant may substitute other personnel of at least equal competence upon written approval of City. In the event that City and Consultant cannot agree as to the substitution of key personnel, City shall be entitled to terminate this Agreement for cause. As discussed below, any personnel who fail or refuse to perform the Services in a manner acceptable to the City, or who are determined by the City to be uncooperative, incompetent, a threat to the adequate or timely completion of the Project or a threat to the safety of persons or property, shall be promptly removed from the Project by the Consultant at the request of the City. The key personnel for performance of this Agreement are as follows: Xxxxx Xxxxx.

  • Substitution of Concessionaire At any time during the period of Suspension, the Lenders‟ Representative, on behalf of Senior Lenders, shall be entitled to substitute the Concessionaire under and in accordance with the Substitution Agreement, and upon receipt of notice thereunder from the Lenders‟ Representative, the Authority shall withhold Termination for a period not exceeding 180 (one hundred and eighty) days from the date of Suspension, and any extension thereof under Clause 36.1, for enabling the Lenders‟ Representative to exercise its rights of substitution on behalf of Senior Lenders.

  • PRODUCT SUBSTITUTION In the event a specified manufacturer’s Product listed in the Contract becomes unavailable or cannot be supplied by the Contractor for any reason (except as provided for in the Savings/Force Majeure Clause) a Product deemed in writing by the Commissioner to be equal to or better than the specified Product must be substituted by the Contractor at no additional cost or expense to the Authorized User. Unless otherwise specified, any substitution of Product prior to the Commissioner’s written approval may be cause for cancellation of Contract.

  • Variation of the contract The parties undertake not to vary or modify the Clauses. This does not preclude the parties from adding clauses on business related issues where required as long as they do not contradict the Clause. Clause 11

  • Recognition of the Association The County recognizes the Government Supervisors Association of Florida, OPEIU, Local 100, ("Association") which has been certified, by the Florida Public Employee Relations Commission, Certification Number 1289, as the sole and exclusive representative of the employees within the Bargaining Unit, as described pursuant to PERC Case No. EL-2000-013, and as amended by mutual agreement of the parties for the purpose of collective bargaining with respect to wages, hours of employment, and other terms and conditions of employment. References to “Supervisory” in this Agreement will include all Bargaining Unit members.

  • POSSESSION OF THE APARTMENT 7.1 Schedule for possession of the said Apartment - The Promoter agrees and understands that timely delivery of possession of the Apartment to the allottee’s and the common areas to the association of allottee’s or the competent authority, as the case may be, is the essence of the Agreement. The Promoter assures to hand over possession of the Apartment along with ready and complete common areas with all specifications, amenities and facilities of the project in place on (Date) unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project (“Force Majeure”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Allottee’s agrees that the Promoter shall be entitled to the extension of time for delivery of possession of the Apartment, provided that such Force Majeure conditions are not of a nature, which make it impossible for the contract to be implemented. The Allottee’s agrees and confirms that, in the event it becomes impossible for the Promoter to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Promoter shall refund to the Allottee’s the entire amount received by the Promoter from the allotment within 45 days from that date. The promoter shall intimate the allottee’s about such termination at least thirty days prior to such termination. After refund of the money paid by the Allottee’s, the Allottee’s agrees that he/ she shall not have any rights, claims etc. against the Promoter and that the Promoter shall be released and discharged from all its obligations and liabilities under this Agreement.

  • Emergency Replacement SAP may replace a Subprocessor without advance notice where the reason for the change is outside of SAP’s reasonable control and prompt replacement is required for security or other urgent reasons. In this case, SAP will inform Customer of the replacement Subprocessor as soon as possible following its appointment. Section 6.3 applies accordingly.

  • Removal of Equipment Subject, always, to the other terms and provisions of this Fee Agreement, the Company and any Sponsor Affiliates shall be entitled to remove and dispose of components of the Project from the Project in its sole discretion with the result that said components shall no longer be considered a part of the Project and, to the extent such constitute Economic Development Property, shall no longer be subject to the terms of this Fee Agreement. Economic Development Property is disposed of only when it is scrapped or sold or removed from the Project. If it is removed from the Project, it is subject to ad valorem property taxes to the extent the Property remains in the State and is otherwise subject to ad valorem property taxes.

  • Provision and Removal of Equipment B2.1 The Contractor shall provide all the Equipment necessary for the supply of the Services.

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