Subsequent Owner Sample Clauses
The 'Subsequent Owner' clause defines the rights and obligations of individuals or entities who acquire ownership of an asset, property, or contractual interest after the original agreement is made. Typically, this clause clarifies whether the terms of the original contract remain binding on future owners, and may specify procedures for notifying the original parties or transferring responsibilities. Its core function is to ensure continuity and enforceability of contractual obligations, preventing disputes or confusion when ownership changes hands.
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Subsequent Owner. Each Contracting Party agrees that, if Agent notifies such Contracting Party in writing that, pursuant to the Guaranty and Security Agreements, it has assigned, foreclosed or sold the Assigned Interests, then (i) Agent or its successor, assignee and/or designee (a “Subsequent Owner”) shall be substituted for such Assignor under the Assigned Agreement and (ii) such Contracting Party shall (1) recognize Agent or the Subsequent Owner, as the case may be, as its counterparty under the Assigned Agreement and (2) continue to perform its obligations under the Assigned Agreement in favor of Agent or the Subsequent Owner, as the case may be; provided that Agent or such Subsequent Owner, as the case may be, has assumed in writing all of such Assignor’s rights and obligations (including, without limitation, the obligation to cure any then existing payment and performance defaults, but excluding any obligation to cure any then existing performance defaults which by their nature are incapable of being cured) under the Assigned Agreement.
Subsequent Owner. The obligations of the Borrower or of any person obligated to reimburse the Loan shall in no way be modified or reduced by the fact that the Lender contracts with a subsequent owner of the Hypothecated Property in order to modify in any way whatsoever the terms and conditions of this Contract which has been assumed by the subsequent owner.
Subsequent Owner. (a) The Contracting Party agrees that, if Ormat notifies the Contracting Party in writing that, pursuant to and in accordance with the terms and conditions of the Credit Agreement and the Security Agreement, it has assigned, foreclosed or sold the Assigned Interests, then (i) Ormat or its successor, assignee and/or designee, or any purchaser of the Assigned Interests (a “Subsequent Owner”) shall be substituted for the Company under the Assigned Agreement[s] and (ii) the Contracting Party shall (A) recognize Ormat or the Subsequent Owner, as the case may be, as its counterparty under the Assigned Agreement[s] and (B) continue to perform its obligations under the Assigned Agreement[s] in favor of Ormat or the Subsequent Owner, as the case may be; provided that Ormat or such Subsequent Owner, as the case may be, has assumed in writing all of the Company’s rights and obligations (including, without limitation, the obligation to cure any then existing payment and performance defaults, but excluding any obligation to cure any then existing performance defaults which by their nature are incapable of being cured) under the Assigned Agreement[s].
(b) Without limiting anything herein, any warranties provided by the Contracting Party under the Assigned Agreement[s] shall continue in full force and effect (until the expiration of the applicable warranty periods set forth in the Assigned Agreement[s]) in the event that Ormat or a Subsequent Owner succeeds to the Company’s right, title and interest in the Assigned Agreement[s].
Subsequent Owner. (i) The Undersigned agrees that, if the Lender notifies the Undersigned in writing that it has foreclosed on and taken assignment of the Assigned Agreement, or assigned or sold the Assigned Interests or any portion thereof, then (A) the Lender or its permitted successor, assignee, and/or designee, or any purchaser of the Assigned Interests following a permitted sale, assignment, or other transfer of the Assigned Interests (a “Subsequent Owner”) will be substituted for the Assignor under the Assigned Agreement (and further, Lender through this Agreement and without further writings or instruments being necessary, can and hereby does assume all of the Assignor’s rights and obligations as of the date of such foreclosure, and is duly substituted for the Assignor in such case) and (B) the Undersigned shall (1) recognize the Lender or the Subsequent Owner, as the case may be, as its counterparty or beneficiary, as applicable, under the Assigned Agreement and (2) continue to perform its obligations under the Assigned Agreement in favor of the Lender or the Subsequent Owner, as the case may be; provided that such Subsequent Owner has assumed in writing (through an “Assumption Agreement”) all of the Assignor’s rights and obligations (including, without limitation, the obligation to cure any then- existing payment and performance defaults, but excluding any obligation to cure any then-existing performance defaults which by their nature are incapable of being cured under the Assigned Agreement (“Incurable Defaults”); but further provided, however, that the Undersigned does not waive any rights it may have under the Assigned Agreement for such Incurable Defaults), and which Assumption Agreement must be fully executed before any other party besides Lender becomes a Subsequent Owner under this Agreement by any permitted sale, assignment or other transfer, and further before Lender may assign or otherwise transfer the rights and obligations of the Assigned Agreement to any other party, and provided further that, in the case of any such assumption of the Assigned Agreement by a Subsequent Owner, the Undersigned has reasonably determined that such purchaser or transferee has the technical and financial capability to perform the Assignor’s obligations under the Assigned Agreement to no less than the extent possessed by the Assignor immediately prior to such transfer, or if such Subsequent Owner lacks such capabilities, such Subsequent Owner has contracted with advisors or c...
Subsequent Owner if you are a subsequent owner (i.e., not the first owner / original purchaser), the warranty period is two
Subsequent Owner. If Lender notifies Landlord in writing that it has assigned, foreclosed or sold the Assigned Interests or any portion thereof, then (a) Lender or any Qualified Purchaser of the Assigned Interests (each, a “Subsequent Owner”), shall be substituted for Tenant under the Lease and (b) Landlord shall (i) recognize the Subsequent Owner as its counterparty under the Lease and (ii) continue to perform its obligations under the Lease in favor of the Subsequent Owner; in each case (a) and (b) provided that such Subsequent Owner has assumed in writing all of Tenant’s rights and obligations and cured any then existing payment and performance defaults under the Lease, other than performance defaults which by their nature are incapable of being cured by performance or payment of damages. Existence of any Subsequent Owner as a result of Lender’s exercise of remedies, including by
Subsequent Owner. Subsequent Owner shall mean (a) any party (including, without limitation, any Leasehold Mortgagee or assignee of a Leasehold Mortgagee, as applicable) acquiring the Lessee's rights and interests in the Leased Premises, this Lease, and the Improvements, which acquisition is a result of a foreclosure or other transfer in lieu of foreclosure under a Leasehold Mortgage, and (b) any successor or assignee of any party described in (a).
Subsequent Owner. The warranty provided for in Section A may be transferred to any subsequent owner provided that the period of warranty has not expired and that the CUSTOMER has complied with all terms and conditions of this warranty. The subsequent owner has the responsibility for ensuring that a change of registration is sent to LIGHTNING at the time of transfer of ownership. This transfer MUST be done by contacting LIGHTNING or the DEALER who will forward the following information to LIGHTNING:
1. the complete model and serial number as shown on the original warranty document;
2. the name of the previous owner;
3. the original delivery date of the MOTORCYCLE;
4. the complete name and address of the subsequent owner;
5. the indication that the subsequent owner has received and read the Owner's Manual and this warranty policy.
Subsequent Owner. Landlord agrees that, if the Lender notifies Landlord in writing that it has elected to exercise its rights and remedies pursuant to the Security Agreement and the other Loan Documents and replace the Project Company with respect to the Assigned Interest, then (i) the Lender or any assignee and/or designee of the Lender (each, a “Subsequent Owner”) shall be substituted for Project Company under the Lease and this Consent and (ii) Landlord shall recognize the Lender or such other Subsequent Owner, as the case may be, as its counterparty under the Lease and this Consent and continue to perform its obligations under the Lease and this Consent in favor of the Lender or such other Subsequent Owner, as the case may be.
Subsequent Owner. Mortgagor agrees that, in the event ownership of all or any part of the Mortgaged Property becomes vested in a person other than Mortgagor, Mortgagee may, without notice to Mortgagor, deal in any way with such successor or successors in interest with reference to this Mortgage, the other Loan Documents and the Indebtedness, without in any way vitiating or discharging Mortgagor's liability with respect thereto. No sale, conveyance, transfer, pledge, encumbrance, assignment or lease referred to in Section 4.01, and no forbearance, extension or assumption by or to any person with respect to the Indebtedness or any of the Loan Documents, shall operate to release, discharge, modify, change or affect the liability of Mortgagor either in whole or in part, unless Mortgagee specifically agrees in writing to the contrary.