Power of Substitution Sample Clauses

POPULAR SAMPLE Copied 44 times
Power of Substitution. 21 SECTION 3. COUNTERPARTS...............................................................................21 SECTION 4. NOTICES....................................................................................21 SECTION 5.
View SourceView Similar (5)
Power of Substitution. Wherever and whenever herein any right, power or authority is granted or given to the Mortgagee, such right, power or authority may be exercised in all cases by the Mortgagee or such agent or agents as it may appoint, and the act or acts of such agent or agents when taken shall constitute the act of the Mortgagee hereunder.
View SourceView Similar (25)
Power of Substitution. Each of the Attorneys-in-Fact is hereby granted and shall have full power of substitution hereunder. Such substitution shall be effected by notice thereof to the Undersigned, signed by the Attorney-in-Fact who is being substituted for as well as by his successor Attorney-in-Fact.
View SourceView Similar (4)
Power of Substitution. Pursuant to the terms of the Grantor Trust Agreement, ST, as Grantor, has the right to substitute property for the Combined Tower Property as the corpus of the Grantor Trust. In the event of any such substitution of trust corpus: (i) the Combined Tower Property shall remain subject to the Amended Transaction Documents and the Master Lease; and (ii) ST shall assume and become liable for all obligations of Tower Owner arising from and after such substitution. Except as provided in Section 19.03 hereof, ST covenants and agrees not to release such power of substitution under the Grantor Trust Agreement without the prior written consent of First Lender, Second Lender and Option Holder, which consent each such party may grant or withhold in its absolute discretion.
View Source
Power of Substitution. A Grantee's appointment hereunder shall terminate at such time as such Grantee ceases to be an officer of Sprint, at which time the appointment pursuant to this Proxy in favor of such Grantee shall automatically be granted, without any further act by FT, DT, NAB or their controlled Affiliates (including any Qualified Subsidiary that is owned by both FT and/or its controlled Affiliates and DT and/or its controlled Affiliates), to such Grantee=s successor officer of Sprint and thereafter to each subsequent successor (each of which persons shall be deemed to be a Grantee hereunder). Subject to Section 1.4 and Section 2, at the request of Sprint or the Grantees from time to time, each of FT, DT and NAB shall confirm, and shall cause each of its controlled Affiliates (including any Qualified Subsidiary that is owned by both FT and/or its controlled Affiliates and DT and/or its controlled Affiliates) holding any Subject Shares, to confirm, the appointment of each successor officer of Sprint as a Grantee for all purposes under this Proxy.
View Source
Power of Substitution. Upon the occurrence of an Event of Default, the Borrower hereby irrevocably appoints the Bank as its true and lawful attorney with power of substitution in its name or otherwise for the Bank's sole use and benefit, but at the Borrower's cost and expense, to exercise at any time and from time to time, all or any of the following powers with respect to all or any of the accounts: (a) to demand, sue ▇▇▇, collect, receive and give acquittance for any and all monies due or to become due upon or by virtue thereof; (b) to receive, take, endorse, assign and deliver any and all checks, notes, drafts, documents and other negotiable and non-negotiable instruments and chattel paper taken or received by the Bank in connection therewith; (c) to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto; (d) to sell, transfer, assign or otherwise deal in or with the same or the proceeds or avails thereof as fully and effectually as if the Bank were the absolute owner thereof; (e) to extend the time of payment of any or all thereof and to make any allowance and other adjustments with reference thereto; (f) after default by the Borrower in the payment or performance of any of the terms and conditions of this Agreement to notify the post office authorities to change the address for
View Source
Power of Substitution. Wherever and whenever herein any right, power or authority is granted or given to the Second Mortgagee, such right, power or authority may be exercised in all cases by the Second Mortgagee or such agent or agents the Second Mortgagee may appoint, and the act or costs of such agent or agents when taken shall constitute the act or costs of the Second Mortgagee hereunder.
View Source
Power of Substitution. Section 3. Counterparts
View Source

Related to Power of Substitution

  • Substitution of Engines Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, the Owner shall promptly (and in any event within fifteen (15) days after such occurrence) give the Indenture Trustee written notice of such Event of Loss. The Owner shall have the right at its option at any time, on at least five (5) Business Days’ prior notice to the Indenture Trustee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, shall within one hundred and twenty (120) days of the occurrence of such Event of Loss substitute, a Replacement Engine for any Engine. In such event, immediately upon the effectiveness of such substitution and without further act, (i) the replaced Engine shall thereupon be free and clear of all rights of the Indenture Trustee and the Lien of this Trust Indenture and shall no longer be deemed an Engine hereunder and (ii) such Replacement Engine shall become subject to this Trust Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the replaced Engine. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with this Trust Indenture). The Owner’s right to make a replacement hereunder shall be subject to the fulfillment (which may be simultaneous with such replacement) of the following conditions precedent at the Owner’s sole cost and expense, and the Indenture Trustee agrees to cooperate with the Owner to the extent necessary to enable it to timely satisfy such conditions: (i) an executed counterpart of each of the following documents shall be delivered to the Indenture Trustee: (A) a Trust Indenture Supplement covering the Replacement Engine, which shall have been duly filed for recordation pursuant to the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft of which such Engine is a part is registered in accordance with Section 4.02(e), as the case may be; (B) a full warranty ▇▇▇▇ of sale (as to title), covering the Replacement Engine, executed by the former owner thereof in favor of the Owner (or, at the Owner’s option, other evidence of the Owner’s ownership of such Replacement Engine, reasonably satisfactory to the Indenture Trustee); and (C) UCC financing statements covering the security interests created by this Trust Indenture (or any similar statements or other documents required to be filed or delivered pursuant to the laws of the jurisdiction in which such Aircraft may be registered) as are deemed necessary or desirable by counsel for the Indenture Trustee to protect the security interests of the Indenture Trustee in the Replacement Engine; (ii) the Owner shall cause to be delivered to the Indenture Trustee an opinion of counsel to the effect that the Lien of this Trust Indenture continues to be in full force and effect with respect to the Replacement Engine and such evidence of compliance with the insurance provisions of Section 4.06 with respect to such Replacement Engine as the Indenture Trustee shall reasonably request; (iii) promptly after the filing of the Trust Indenture Supplement, the Owner shall have caused to be furnished to the Indenture Trustee an opinion of the Owner’s aviation law counsel reasonably satisfactory to the Indenture Trustee addressed to the Indenture Trustee as to the due filing for recordation of the Trust Indenture Supplement with respect to such Replacement Engine under the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft is registered in accordance with Section 4.02(e), as the case may be, and the registration (which the Owner shall have caused to be effected) with the International Registry of the sale to the Owner of such Replacement Engine (if occurring after February 28, 2006) and the International Interest granted under such Trust Indenture Supplement with respect to such Replacement Engine; and (iv) the Owner shall have furnished to the Indenture Trustee a certificate of a qualified aircraft engineer (who may be an employee of the Owner) or an independent appraiser certifying that such Replacement Engine has a value and utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine so replaced (assuming that such Engine had been maintained in accordance with this Trust Indenture). Upon satisfaction of all conditions to such substitution, (x) the Indenture Trustee shall execute and deliver to the Owner such documents and instruments, prepared at the Owner’s expense, as the Owner shall reasonably request to evidence the release of such replaced Engine from the Lien of this Trust Indenture, (y) the Indenture Trustee shall assign to the Owner all claims it may have against any other Person relating to any Event of Loss giving rise to such substitution and (z) the Owner shall receive all insurance proceeds (other than those reserved to others under Section 4.06(b)) and proceeds in respect of any Event of Loss giving rise to such replacement to the extent not previously applied to the purchase price of the Replacement Engine as provided in Section 4.05(d).

  • Substitution of Equipment In the event the Computer is inoperable, ASL has a limited number of spare laptops for use while the Computer is being repaired or replaced. This agreement remains in effect for such a substitute. The Student may NOT opt to keep a broken Computer or to avoid using the Computer due to loss or damage.

  • Substitution of Collateral A Fund may substitute securities for any securities identified as Collateral by delivery to the Custodian of a Pledge Certificate executed by such Fund on behalf of the applicable Portfolio, indicating the securities pledged as Collateral.

  • Disposal of Subsidiary Stock Except for any sale of any Regulatory Shares or all of the Capital Stock of a Subsidiary owned by the Borrower or its Subsidiaries, in each case in compliance with the provisions of Section 6.03 hereof, Borrower shall not directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any shares of Capital Stock or other equity securities of any of its Subsidiaries, except to qualify directors if required by applicable law; or permit any of its Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any shares of Capital Stock or other equity securities of any of its Subsidiaries (including such Subsidiary), except to Borrower, a Subsidiary Loan Party, or to qualify directors if required by applicable law.

  • Successor Substituted Upon any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.