Substituted Property definition
Examples of Substituted Property in a sentence
The Company shall not effect any such consolidation, merger, or sale, unless prior to the consummation thereof the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume the obligation to deliver to the holder such Substituted Property as, in accordance with the foregoing provisions, the holder may be entitled to purchase.
Upon the closing of the substitution of any Property, all references herein to the term “Properties” or the term “Property” shall be deemed to exclude the Substituted Property and to include the Qualified Substitute Property, and the Substitute Allocated Loan Amount with respect to such Qualified Substitute Property shall be deemed to be the Allocated Loan Amount with respect to such Qualified Substitute Property for all purposes hereunder.
Nothing contained herein shall require Buyer to adopt, establish or maintain any post-retirement welfare benefits.
The security instrument and environmental indemnity shall be in the same form and substance as the counterparts of such documents executed and delivered with respect to the Substituted Property, subject to modifications reflecting the Replacement Property as the property that is the subject of such documents and such modifications reflecting the laws of the State in which the Replacement Property is located.
Upon the closing of the substitution of any Property, all references herein to the term “Borrowers” or the term “Borrower” shall be deemed to include the Qualified Substitute Borrower and to exclude the Borrower owning the Substituted Property except to the extent of any obligation of such Borrower to indemnify and hold harmless Lender pursuant to the provisions of this Agreement that are expressly stated to survive a release of any Property or repayment of the Debt.