Consequences of Substitution Clause Samples

Consequences of Substitution. On and from the Substitution Effective Date: (a) subject to Section 6.04, any right of termination or any other right suspended by virtue of Section 3.01 will be of no further effect and the Department will not be entitled to terminate the Comprehensive Agreement and this Agreement by virtue of any act, omission or circumstance that occurred prior to such Substitution Effective Date; (b) if any Step-in Entity is a party to or has any obligations under the Comprehensive Agreement and this Agreement on the Substitution Effective Date, such Step-in Entity will cease to be a party thereto and hereto and will be discharged from all obligations thereunder and hereunder; and (c) the Department will enter into an equivalent direct agreement on substantially the same terms as this Agreement, save that the Developer will be replaced as a party by the Substitute.
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Consequences of Substitution. Authority shall grant, to the Nominated Company, the right to develop, design, finance, construct, operate and maintain the Project (including entering into Sub- Contracts) together with all other rights of the Concessionaire under this Agreement, subject to fulfilment of the Concessionaire’s entire obligation under this Agreement by such Nominated Company, for the remainder of the term of this Agreement. Such rights shall be granted by the Authority through the Novation of the Agreement, if applicable, in favour of the Nominated Company. The Authority shall also execute new Substitution Agreement with the Nominated Company and the Lenders, if there be any. All Sub-Contracts and agreements in respect of the Project including Financing Agreements and all Sub-Contracts executed by the Concessionaire shall stand transferred and novated in favour of the Nominated Company. Further all rights of the Concessionaire on the Sites and Project Assets in terms of the Agreement shall stand transferred and novated in favour of the Nominated Company. All approvals/ clearances of the Authority received by the Concessionaire shall stand transferred and novated in favour of the Nominated Company. The Concessionaire shall get replaced by the Nominated Company for all purposes related to the Project.
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Consequences of Substitution. (i) Maha-Metro shall grant, to the Nominated Company, the right to develop, design, finance, construct, operate and maintain the Project (including entering into Sub- Contracts) together with all other rights of the Concessionaire under this Agreement, subject to fulfilment of all the Concessionaire’s obligation under this Agreement by such Nominated Company, for the remaining Concession Period. Such rights shall be granted by Maha-Metro through the Novation of the Agreement, if applicable, in favour of the Nominated Company. Maha-Metro shall also execute a new Substitution Agreement with the Nominated Company and the Lenders, if there be any. (ii) All Sub-Contracts and agreements in respect of the Project and all Sub-Contracts executed by the Concessionaire shall stand transferred and novated in favour of the Nominated Company. Further all rights of the Concessionaire on the Project Site, Project Assets and Project Facilities in terms of the Agreement shall stand transferred and novated in favour of the Nominated Company. All approvals/clearances of Maha-Metro received by the Concessionaire shall stand transferred and novated in favour of the Nominated Company. All letter of allotments, sub-lease deeds or any other agreements executed by the Concessionaire for marketing the Project in terms of the Agreement shall stand transferred and novated in favour of the Nominated Company. The Concessionaire shall get replaced by the Nominated Company for all purposes related to the Project. (iii) The project liabilities including performance of contracts shall be transferred to the nominee/ Maha-Metro from the effective date of termination or the date upto which Concessionaire is requested to operate the Project, whichever is later.
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Consequences of Substitution. On and from the Substitution Effective Date: (a) subject to Section 7.4 and the Substitute’s obligation to perform any and all undischarged obligations of Developer that were the subject of any plan approved by the Enterprises pursuant to Section 6.2(a)(iv)(B), any right of termination under the Project Agreement or this Agreement or any other right under the Project Agreement or this Agreement previously suspended by virtue of Section 4.1 and/or Section 5.4(b)(i) shall be of no further effect and the Enterprises shall not be entitled to terminate either the Project Agreement or this Agreement by virtue of any act, omission or circumstance (including any breach, Developer Default, Noncompliance Points, Construction Closure Deductions or Operating Period Closure Deductions) that occurred or accrued prior to the Substitution Effective Date; (b) if any Step-in Entity is a party to or has any obligations under the Project Agreement or this Agreement on the Substitution Effective Date, such Step-in Entity shall cease to be a party thereto and hereto and shall be discharged from all obligations thereunder and hereunder; and (c) the Enterprises, the Collateral Agent and the Substitute (replacing Developer as a party) (each acting reasonably) shall enter into a direct agreement on substantially the same terms as this Agreement.‌
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Consequences of Substitution. Any former Active Sanofi Target which has been substituted subject to Section 2.4.3 shall (unless it becomes an ES Target or an ET Target) no longer be a Sanofi Target. Subject to Section 2.4.6 and Article 9, DiCE shall be free to conduct any activities with any former Sanofi Target(s) as it deems appropriate.
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Consequences of Substitution. (a) If a Retiring Subscriber has arranged a novation in accordance with this clause: (i) references in each Transaction Document to the Retiring Subscriber and its Subscriber Affiliates as a "Subscriber" are to be taken as references to: (A) the Retiring Subscriber and the New Subscriber (and, as appropriate, to their respective Subscriber Affiliates), in each case to the extent of their Commitments and their Shares of outstanding Funding Portions and corresponding interest in Debentures and the related rights and obligations; or (B) where the Retiring Subscriber and its Subscriber Affiliates have no further right or Commitment and no further Share in any outstanding Funding Portions, to the New Subscriber (and, as appropriate, its Subscriber Affiliates); and (ii) all agreements, representations and warranties made in each Transaction Document survive any novation made under this clause, and take effect for the benefit of the New Subscriber and the Retiring Subscriber (and their respective Subscriber Affiliates) to the extent of their respective Commitments and Shares of outstanding Funding Portions and corresponding interest in Debentures and related rights and obligations, with effect from the "Substitution Date" referred to in the Substitution Certificate. (b) The Retiring Subscriber and its Subscriber Affiliates are not responsible to the New Subscriber and its Subscriber Affiliates for the performance by the Parent, any other Group Party or any other person of any obligation under any Transaction Document.
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Consequences of Substitution. On and from the Substitution Effective Date: (a) subject to Section 6.04 of this Agreement, any right of termination or any other right suspended by virtue of Section 3.01 of this Agreement shall be of no further effect and the City shall not be entitled to terminate the Franchise Agreement by virtue of any act, omission or circumstance that occurred prior to such Substitution Effective Date; and (b) if any Step-in Entity is a party to or has any obligations under the Franchise Agreement and this Agreement on the Substitution Effective Date, such Step-in Entity shall cease to be a party thereto and hereto and shall be discharged from all obligations thereunder and hereunder, except for any obligation that relates to the performance or non-performance of the Franchise Agreement by the Step-in Entity during the Step-in Period.
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Consequences of Substitution. Any Person admitted to the Company as a ---------------------------- Substituted Member shall be subject to all the provisions of this Agreement that apply to the Member from whom the Membership Interest was assigned; provided, however, that the Assigning Member shall not be released from liabilities as a Member solely as a result of the assignment, both with respect to obligations to the Company and to third parties, incurred prior to the assignment.
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Related to Consequences of Substitution

  • Consequences of Default Upon the occurrence of any Event of Default, as defined in the Revenue Sharing Agreement: 6.1 Any unpaid amounts under section 2 shall bear interest at one and one-quarter percent (1.25%) per month;

  • Consequences of Events of Default (a) If an Event of Default of the type described in Section 3.1(a) or (b) has occurred and continued for 15 days or any other Event of Default has occurred, the interest rate on this Note will increase immediately by an increment of two percentage points to the extent permitted by law. Thereafter, until such time as no Event of Default exists, the interest rate on this Note will increase automatically at the end of each succeeding fiscal quarter by an additional increment of one percentage points to the extent permitted by law (but in no event will the interest rate exceed 18 percent per annum). Any increase of the interest rate resulting from the operation of this Section 3.2(a) will terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this Section). (b) If an Event of Default of the type described in Section 3.1(d) has occurred, the principal amount of this Note (together with all accrued interest thereon and all other amounts payable in connection therewith) will become immediately due and payable without any action on the part of the Holder, and the Companies will immediately pay to the Holder all amounts due and payable with respect to this Note. (c) If an Event of Default of the type described in Section 3.1(a) or (b) has occurred and continued for 15 days and if an Event of Default of the type described in Section 3.1(b) has occurred and continued for 30 days, or any other Event of Default (other than under Section 3.1(d)) has occurred, the Holder may declare all or any portion of the outstanding principal amount of this Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of such amount. If the Holder demands immediate payment and all or any portion of the amounts due under this Note, the Companies will immediately pay to the Holder all amounts demanded to be paid with respect to this Note. (d) The Holder will also have any other rights which it may have been afforded under any contract or agreement at any time and any other rights which the Holder may have pursuant to applicable law. (e) Each Company hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Holder may accept security for this Note or release security for this Note, all without in any way affecting the liability of the Companies hereunder.

  • Consequences of Breach Without prejudice to Clause 8, Funding, the Mortgages Trustee and the Security Trustee severally acknowledge to and agree with the Seller, and the Security Trustee acknowledges to and agrees with Funding and the Mortgages Trustee, that the Seller shall have no liability or responsibility (whether, in either case, contractual, tortious or delictual, express or implied) for any loss or damage for or in respect of any breach of, or any act or omission in respect of, any of its obligations hereunder other than loss or damage directly (and not indirectly or consequentially) suffered by the Mortgages Trustee and/or Funding or the assets comprised in the security constituted by the Funding Deed of Charge by reason of such breach, act or omission. For this purpose (and without limiting the scope of the above exclusion in respect of indirect or consequential loss or damage), any loss or damage suffered by the Mortgages Trustee and/or Funding or such assets which would not have been suffered by it or such assets had the breach, act or omission in question not also been or given rise to a Note Event of Default or enforcement of the security constituted by the Funding Deed of Charge shall be treated as indirect or consequential loss or damage.

  • Consequences of Event of Default (a) Upon the occurrence of an Event of Default, the Company shall promptly deliver written notice thereof to the Holder. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority), then, and in each and every such case (other than an Event of Default specified in Section 2.4(h) or Section 2.4(i) with respect to the Company or any of its Significant Subsidiaries), unless the principal of the Note shall have already become due and payable, the Holder may by notice in writing to the Company, declare 100% of the outstanding principal of, and accrued and unpaid interest on, the Note to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable. If an Event of Default specified in Section 2.4(h) or Section 2.4(i) with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, 100% of the outstanding principal of, and accrued and unpaid interest on, the Note shall become and shall automatically be immediately due and payable without any action on the part of the Holder. (b) Subsection (a) above, however, is subject to the conditions that if, at any time after the outstanding principal of the Note shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Holder a sum sufficient to pay installments of accrued and unpaid interest upon the Note and the outstanding principal of the Note that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable Law, and on such principal at the rate per annum borne by the Note plus one percent), and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under the Note, other than the nonpayment of the principal of and accrued and unpaid interest on the Note that shall have become due solely by such acceleration, shall have been cured or waived, then and in every such case the Holder, by written notice to the Company, may waive all default or Events of Default with respect to the Note and rescind and annul such declaration and its consequences and such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Note; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Event of Default, or shall impair any right consequent thereon.

  • Consequences of non-compliance If a beneficiary breaches any of its obligations under this Article, the grant may be reduced (see Article 43). Such breaches may also lead to any of the other measures described in Chapter 6.