Substitute Owner definition

Substitute Owner is defined in Section 6.7(b).

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Substitute Owner means any Person or Entity who or which is admitted to the Company as a Substitute Owner pursuant to Title 7 Article 80 Part 702(3) of the Colorado Revised Statutes.

Substitute Owner means any Person (a) who is the transferee of the Assigned Interest from the Agent or Borrower or who is a purchaser of the Assigned Interest in a judicial or nonjudicial foreclosure sale, (b)(i) whose senior unsecured long-term debt is rated at least “A-” by Standard and Poor’s Rating Services or its successor or “A3” by ▇▇▇▇▇’▇ Investors Service or its successor or (ii) whose Parent’s senior unsecured long-term debt is rated at least “A-” by Standard and Poor’s Rating Services or its successor or “A3” by ▇▇▇▇▇’▇ Investors Service or its successor and whose Parent guarantees such Person’s obligations under the Assigned Agreement, (c) who has at least five years experience in the United States electric generating power industry and (d) who assumes all obligations of Borrower under the Assigned Agreement in an instrument in form and substance reasonably satisfactory to Consenting Party.11

Examples of Substitute Owner in a sentence

In the event that the Assigned Agreement is rejected or otherwise terminated as a result of any bankruptcy or insolvency proceeding affecting the Provider, the Customer shall, at the option of the System Lessor or the System Lessor’s respective successor, assignee and/or designee, enter into a new agreement with the System Lessor or any Substitute Owner (or its transferee or other nominee that owns or leases the Project) having terms substantially the same as the terms of the Assigned Agreement.
The obligations of any Substitute Owner shall be no more than that of the Company under such Assigned Agreement, any Substitute Owner shall have no personal liability to the Consenting Party for the performance of such obligations and the sole recourse of the Consenting Party, if there is a Substitute Owner, shall be to Substitute Owner's interest in the Facility.
If the Security Trustee exercises its rights under Article 1.3 above to dispose of the Vessel to a Substitute Owner during the term of the Charter, the Security Trustee shall comply with the conditions set out in Article 1.1 above and shall (subject to any requirements or restrictions imposed by any applicable law in relation to disposal of the Vessel) dispose of the Vessel expressly subject to the Charter.
If Security Trustee exercises its rights under Article 2.4 above to dispose of the Vessel to a Substitute Owner during the term of the Drilling Contract, Security Trustee shall comply with the conditions set out in Article 2.1 above and shall (subject to any requirements or restrictions imposed by any applicable law in relation to disposal of the Vessel) dispose of the Vessel expressly subject to the Drilling Contract (always provided that no Client Default has occurred and is continuing).
If the Security Agent exercises its rights under Article 1.3 above to dispose of the Vessel to a Substitute Owner during the term of the Charter, the Security Agent shall comply with the conditions set out in Article 1.1 above and shall (subject to any requirements or restrictions imposed by any applicable law in relation to disposal of the Vessel) dispose of the Vessel expressly subject to the Charter.

More Definitions of Substitute Owner

Substitute Owner means any registered owner of a Substitute Ship pursuant to clause 25.15 (Substitution of a Mortgaged Ship). Substitute Ship is defined in clause 25.15 (Substitution of a Mortgaged Ship).

Substitute Owner has the meaning given to such term at Clause 2.2(a) (Substitute Owner).

Substitute Owner has the meaning set forth in Section 8.6(b).

Substitute Owner has the meaning set forth in the Consent Agreement.

Substitute Owner means an entity which:

Substitute Owner means the owner of a Substitute Property.

Substitute Owner has the meaning specified in Article XXII.