Financially Viable Entity definition
Financially Viable Entity means an entity (or its affiliate or sponsor, as applicable) possessing a financial profile which reasonably demonstrates the financial ability of such entity to assume and perform Lessee’s obligations under this Lease. Upon the effective date of any Assignment under which all of the interest of Lessee or any Sublessee (or the interest of their respective successors or assigns) in the Solar Assets is assigned, Lessee or Sublessee, as the case may be, shall be released from any liability under this Lease or Sublease, as applicable, accruing on or after the effective date of the Assignment, provided that the assignee assumes in writing the obligations of the assigning party. Notwithstanding the foregoing, in the event of any Assignment under which less than all of the interest of Lessee or any Sublessee (or the interest of their respective successors or assigns) in the Solar Assets is assigned, Lessee or Sublessee, as the case may be, shall not be relieved of its obligations under the Lease or Sublease, as applicable, and Lessee or Sublessee shall continue to be primarily liable to the same extent as though no Assignment has been made. Under no circumstances shall any Mortgagee or Sublessee have any greater rights of ownership or use of the Leasehold Estate than the rights granted to Lessee in this Lease. Any member of Lessee or a Sublessee shall have the right from time to time without ▇▇▇▇▇▇’s consent to transfer any partnership, membership or other ownership interest in Lessee or a Sublessee to one or more persons or entities.
Financially Viable Entity means an entity (or its affiliate or sponsor, as applicable) possessing a financial profile which reasonably demonstrates the financial ability of such entity, subject to Landlord’s reasonable approval, to assume Tenant’s obligations under this Lease. Upon the effective date of any Assignment under which all of the interest of Tenant or any SubTenant (or the interest of their respective successors or assigns) in the Hydrogen Assets is assigned, Tenant or SubTenant, as the case may be, shall be released from any liability under this Lease or Sublease, as applicable, accruing on or after the effective date of the Assignment, provided that the assignee assumes in writing the obligations of the assigning party. Notwithstanding the foregoing, in the event of any Assignment under which less than all of the interest of Tenant or any SubTenant (or the interest of their respective successors or assigns) in the Hydrogen Assets is assigned, Tenant or SubTenant, as the case may be, shall not be relieved of its obligations under the Lease or Sublease, as applicable, and Tenant or SubTenant shall continue to be primarily liable to the same extent as though no Assignment has been made. Under no circumstances shall any Mortgagee or SubTenant have any greater rights of ownership or use of the Leasehold Estate than the rights granted to Tenant in this Lease. Any member of Tenant or a SubTenant shall have the right from time to time without Landlord’s consent to transfer any partnership, membership or other ownership interest in Tenant or a SubTenant to one or more persons or entities.
Financially Viable Entity means an entity (or its affiliate or sponsor, as applicable) which reasonably demonstrates the financial ability of such entity to assume and perform Grantee’s obligations under this Agreement. No such assignment or transfer shall relieve Grantee of its obligations under this Agreement unless Grantee assigns, and the assignee assumes, ▇▇▇▇▇▇▇’s entire interest hereunder, in which event Grantee shall have no continuing liability under this Agreement from and after the effective date of such assignment and assumption. Notwithstanding the foregoing provisions of this Section 9, Grantee shall have the right, without need for Owner’s consent, to mortgage, collaterally assign, or otherwise encumber and grant security interests in all or any part of its interest in this Agreement in connection with the financing of all or any portion of the Project.
Examples of Financially Viable Entity in a sentence
Grantee shall have the right to assign, encumber, or transfer all or any part of its rights and interests under this Agreement without the prior written consent of Owner if the assignee is: (i) any affiliate (as defined below), (ii) an entity which purchases all or substantially all of the equity interests in Grantee, or (iii) a Financially Viable Entity (as defined below).