Substitutions and Removals Sample Clauses

Substitutions and Removals. In any instance where the Company, in the Company's reasonable discretion, determines that any item of personal property or Fixtures constituting part of the Collateral shall have become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary or should be replaced, the Company may remove, abandon, sell or otherwise dispose of such property provided that the Company shall substitute and install other property as part of the Collateral having equal or greater value if such substitution is necessary in the Company's business discretion, but not necessarily the same function in the operation of the Collateral, which substituted property shall be free from all Liens other than Permitted Encumbrances and shall become part of the Collateral subject to this Security Agreement, or the Company shall obtain a waiver of this provision from the Director in writing. In any event, the Company shall provide to the Director prior written notice of such substitution or removal, which notice shall include evidence satisfactory to the Director of the fair market value of portions of the Collateral to be removed and of the substituted property.
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Substitutions and Removals. In any instance in which the Lessee, in its reasonable discretion, determines that any item of property constituting a part of the Project Facilities shall have become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary or should otherwise be replaced, the Lessee may remove such items; provided that, unless the Lessee determines, in its reasonable discretion, that such items were unnecessary, the Lessee shall substitute therefor, items of similar character or significance.
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Substitutions and Removals. In any instance where the Company, in the Company's reasonable discretion, determines that any item of personal property or fixtures constituting part of the Collateral shall have become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary or should be replaced, the Company may remove, abandon, sell or otherwise dispose of such property provided, that in the case of the Project Equipment, unless the Company complies with Section 2.4 hereof, the Company shall substitute and install other property as part of the Collateral having equal or greater value, but not necessarily the same function in the operation of the Collateral, which substituted property shall be free from all Liens other than Permitted Encumbrances and shall become part of the Collateral subject to this Security Agreement, or the Company shall obtain a waiver of this provision from the (name of local jurisdiction) in writing. In any event, the Company shall provide to the (name of local jurisdiction) prior written notice of such substitution or removal, which notice shall include evidence satisfactory to the (name of local jurisdiction) of the fair market value of portions of the Project Equipment to be removed and of the substituted property and that such removal and substitution is not inconsistent with the Project Purposes (as defined in the Loan Agreement).
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Substitutions and Removals. In any instance where the Grantor, in its reasonable discretion, determines that any item of the Collateral shall have become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary or should be replaced, the Grantor may remove such items provided that such removal (taking into account any substitutions) shall not impair the operative utility of the business of the Grantor and providing that the Grantor shall be obligated to: (i) substitute and install property having equal or greater utility and value as the removed property, which such substituted property shall be free from all liens and encumbrances (other than Permitted Liens) and shall become part of the Premises; (ii) promptly report to Secured Party each such removal or substitution. At Secured Party's request, Grantor shall deliver to Secured Party such instruments, including financing statements and amendments thereto, as may be necessary or advisable to perfect Secured Party's lien upon and security interest in any personal property installed in substitution for any Collateral removed pursuant to this Section 6(g), and Secured Party shall bear the full expense of preparing and filing same. Upon Grantor's request, Secured Party shall execute and deliver to Grantor appropriate instruments releasing property removed pursuant to the provisions of this Section 6(g) only, and at Grantor's expense, from the liens and security interests hereunder.
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Substitutions and Removals. If the Mortgagor, in its reasonable discretion, determines that any item of personal property constituting a part of the Series 1989D Mortgaged Property shall have become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary or should be replaced, the Mortgagor may remove such items provided that such removal (taking into account any substitutions) shall not impair the operating unity of the Series 1989D Mortgaged Property and providing that the Mortgagor shall: (a) substitute and install as part of the Series 1989D Mortgaged Property property of equal or greater utility and value (but not necessarily fulfilling the same function in the operation of the Series 1989D Mortgaged Property) as the removed property, which such substituted property shall be free from all liens and encumbrances (other than Permitted Encumbrances) and shall become part of the Series 1989D Mortgaged Property; or (b) in the case of removal of property without substitution, promptly pay to the Mortgagee for application as provided in Section 4.6 of the Series 1989D Agreement an amount equal to (i) if the removed property is sold or scrapped, the proceeds of such sale or the scrap value thereof, (ii) if the removed property is used as a trade-in for property not to be installed as part of the Series 1989D Mortgaged Property, the trade-in credit received by the Mortgagor or (iii) in the case of the retention of such removed property by the Mortgagor for other purposes, the fair market value of such property, as determined by an Engineer. If, prior to any such removal, the Mortgagor shall have acquired and installed personal property with its own funds which have become a part of the Series l989D Mortgaged Property, the Mortgagor may credit the amount so spent against the requirement that it either substitute other property or make payment under this Section on account of such removal, provided that such previously acquired and installed property meets the requirements for substituted property under Section 4.4(a) hereof. The Mortgagor shall promptly report to the Mortgagee each such removal, substitution, sale or other disposition and shall pay to the Mortgagee such amounts as are required by the provisions of the preceding subsection (b) of this Section promptly after the sale, trade-in or other disposition requiring such payment; provided, however, that no such payment need be made until the amount to be paid to the Mortgagee on account of all such sales, trade-ins or...
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Substitutions and Removals. In any instance where the SUBLESSEE, in its reasonable discretion, determines that any item of personal property constituting a part of the PROJECT FACILITIES shall have become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary or should be replaced, the SUBLESSEE may remove such items with the consent of the SUBLESSOR and the DIRECTOR or if the SUBLESSEE substitutes and installs other items of property having equal or greater value (but not necessarily the same function) in the operation of the PROJECT FACILITIES, which such substituted property shall be free from all Liens and encumbrances and shall become part of the PROJECT FACILITIES.
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Substitutions and Removals. In any instance where the Company, in its reasonable discretion, determines that any item of personal property or fixtures constituting part of the Collateral shall have become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary or should be replaced, the Company shall substitute and install other property as part of the Collateral having equal or greater value, but not necessarily the same functions in the operation of the Collateral, which substituted property shall be free from all liens and encumbrances, other than Permitted Encumbrances and shall become part of the Collateral, subject to this Security Agreement, or the Company shall obtain a waiver of this provision from the Director in writing and such waiver shall not be unreasonably withheld. In any event, the Company shall provide to the Director written evidence satisfactory to the Director of the fair market value of portions of the Collateral removed and of the substituted property and that such removal and substitution is not inconsistent with the Project Purposes (as defined in the Loan Agreement).
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Related to Substitutions and Removals

  • Resignations and Removals Any Trustee or officer may resign at any time by written instrument signed by him or her and delivered to the President or Secretary or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. The Trustees may remove any officer elected by them with or without cause. Except to the extent expressly provided in a written agreement with the Trust, no Trustee or officer resigning and no officer removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal.

  • Resignation and Removal The Trustee may at any time resign and be discharged from the trust hereby created by giving written notice of resignation to the Master Servicer, such resignation to be effective upon the appointment of a successor trustee. Upon receiving such notice of resignation, the Master Servicer shall promptly appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning entity and one copy to its successor. If no successor trustee shall have been appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.07 and shall fail to resign after written request for its resignation by the Master Servicer, or if at any time the Trustee shall become incapable of acting, or an order for relief shall have been entered in any bankruptcy or insolvency proceeding with respect to such entity, or a receiver of such entity or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of the property or affairs of the Trustee for the purpose of rehabilitation, conversion or liquidation, or the Master Servicer shall deem it necessary in order to change the situs of the Trust Estate for state tax reasons, then the Master Servicer shall remove the Trustee and appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee. The Holders of Certificates evidencing in the aggregate not less than 51% of the Voting Interests represented by all Certificates (except that any Certificate registered in the name of the Seller, the Master Servicer or any affiliate thereof will not be taken into account in determining whether the requisite Voting Interests has been obtained) may at any time remove the Trustee and appoint a successor by written instrument or instruments, in triplicate, signed by such holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Master Servicer, one complete set of which shall be delivered to the entity or entities so removed and one complete set of which shall be delivered to the successor so appointed. Any resignation or removal of the Trustee and appointment of a successor pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor as provided in Section 8.09.

  • Legend Removal Certificates evidencing the Underlying Shares shall not contain any legend (“Unlegended Shares”) (including the legend set forth in Section 4.1(b) hereof): (i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Underlying Shares pursuant to Rule 144, (iii) if such Underlying Shares are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Underlying Shares and without volume or manner-of-sale restrictions or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent during the time any of the aforedescribed conditions apply, to effect the removal of the legend hereunder. If all or any Notes are converted or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the resale of the corresponding Underlying Shares, or if such Underlying Shares may be sold under Rule 144 or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then such Underlying Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under this Section 4.1(d), it will, no later than five Trading Days following the delivery by the Purchaser to the Company or the Transfer Agent of a certificate representing Underlying Shares, as applicable, issued with a restrictive legend (such fifth Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends (however, the Corporation shall use reasonable best efforts to deliver such shares within three (3) Trading Days). The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.1. Certificates for Underlying Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser.

  • Conduct and Removal While performing the Project, Grantee Agents must comply with applicable Contract terms, State and federal rules, regulations, HHSC’s policies, and HHSC’s requests regarding personal and professional conduct; and otherwise conduct themselves in a businesslike and professional manner. If HHSC determines in good faith that a particular Grantee Agent is not conducting himself or herself in accordance with the terms of the Contract, HHSC may provide Grantee with notice and documentation regarding its concerns. Upon receipt of such notice, ▇▇▇▇▇▇▇ must promptly investigate the matter and, at HHSC’s election, take appropriate action that may include removing the Grantee Agent from performing the Project.

  • Resignation and Removal of the Trustee The Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice of resignation to the Depositor, the Master Servicer, and each Rating Agency not less than 60 days before the date specified in such notice, when, subject to Section 8.08, such resignation is to take effect, and acceptance by a successor trustee in accordance with Section 8.08 meeting the qualifications set forth in Section 8.06. If no successor trustee meeting such qualifications shall have been so appointed and have accepted appointment within 30 days after the giving of such notice or resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee. If at any time the Trustee shall cease to be eligible in accordance with Section 8.06 and shall fail to resign after written request thereto by the Depositor, or if at any time the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or a tax is imposed with respect to the Trust Fund by any state in which the Trustee or the Trust Fund is located and the imposition of such tax would be avoided by the appointment of a different trustee, then the Depositor or the Master Servicer may remove the Trustee and appoint a successor trustee by written instrument, in triplicate, one copy of which shall be delivered to the Trustee, one copy to the Master Servicer and one copy to the successor trustee. The Holders of Certificates entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which shall be delivered by the successor Trustee to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so appointed. The successor trustee shall notify each Rating Agency of any removal of the Trustee. Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to this Section 8.07 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.08.