Substitution definition

Substitution or “substitute” shall mean materials, products, equipment, assemblies, or installation methods deviating in at least one characteristic (physical, functional, or aesthetic) from those specified, but which in the opinion of the bidder would improve competition and/or enhance the finished installation. Acceptance of substitution is subject to the approval of the Designer and owner.

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Substitution. The meaning specified in Section 2.14(b).

Substitution has the meaning set forth in Section 2.2(a).

Examples of Substitution in a sentence

• The foregoing provisions in this paragraph are referred to as the "Repurchase and Substitution Limit".

• Notwithstanding the foregoing, if such Collateral Loan is to be sold to an Affiliate of any Loan Party, such Loan Party shall sell such Collateral Loan at a price not less than the Market Value; provided that, in the case of a Principal Transaction, the Independent Review Party has approved such transaction; provided further that any sale by such Loan Party of a Collateral Loan to any Affiliate shall be subject to the Repurchase and Substitution Limit.

• In addition to the right to substitute for any Collateral Obligations that become subject to a Substitution Event, the Transferor by written notice to the Issuer, the Collateral Manager and the Trustee shall have the right, but not the obligation, to repurchase from the Retention Holder, cause the Retention Holder to repurchase from the Issuer and convey to the Transferor any such Collateral Obligation subject to the Repurchase and Substitution Limit.

• The Borrower shall not take any action which would directly or indirectly impair or adversely affect Borrower’s title to the Collateral Portfolio, except in connection with any Discretionary Sale, Substitution or other transaction permitted hereunder.

• To the extent any cash or other property received by the Issuer from the Retention Holder, by the Retention Holder from the Transferor in connection with a Substitution Event pursuant to this Section 12.4 exceeds the fair market value of the replaced Collateral Obligation (as determined by the Collateral Manager in its reasonable discretion), such excess shall be deemed a capital contribution from the Transferor to the Retention Holder, and from the Retention Holder to the Issuer.

More Definitions of Substitution

Substitution has the meaning specified in Section 6.2(a).

Substitution has the meaning set forth in Section 1.05.

Substitution shall have the meaning set forth in Section 3.05(a).

Substitution has the meaning assigned to that term in Section 2.07(a).

Substitution means a replacement for or alternative to an item of material or item identified in the Construction Documents which is proposed by the Trade Contractor and approved in writing by Authority.

Substitution means the dispensing of a drug or a brand of drug other than the drug or brand of drug ordered or prescribed.

Substitution or “substitute” shall mean materials, products, equipment, assemblies, or installation methods deviating in at least one characteristic (physical, functional, or aesthetic) from those specified, but which in the opinion of the bidder would improve competition and/or enhance the finished installation.