Replacement Material Contract definition
Replacement Material Contract means, in respect of any Material Contract, any contract or agreement that (a) is entered into by any Credit Party or any Subsidiary in replacement of such Material Contract and (b) has economic and other terms which, taken as a whole, are not materially less favorable to the (i) Credit Parties or (ii) the Administrative Agent and the Lenders, in each case, as the Material Contract being replaced.
Replacement Material Contract means any agreement entered into in replacement of a Material Project Agreement (a) which has substantially similar or more favorable economic effect for Borrower or the Guarantor, as applicable, when taken as a whole together with any other agreements related thereto and (b) which has substantially similar or more favorable non-economic terms (taken as a whole) for Borrower or the Guarantor, as applicable, as the Material Project Agreement being replaced.
Replacement Material Contract means any agreement entered into in replacement of a Material Contract (I) (a) which has substantially similar or more favorable economic effect for Borrower or the applicable Subsidiary and (b) substantially similar or more favorable non-economic terms (taken as a whole) for Borrower or the applicable Subsidiary as the Material Contract being replaced or (II) except with respect to the replacement of any Material Contract which was terminated by Borrower or any Subsidiary and at the time of such termination, the counterparty thereunder was not in default or subject to any event of default (or applicable terms of similar meaning in such Material Contract), the terms of which Borrower represents in writing as being the best achievable by Borrower or the applicable Subsidiary, taking into account then-prevailing market conditions and the economic and non-economic terms of such replacement Material Contract (taken as a whole).
Examples of Replacement Material Contract in a sentence
In the event that the Borrower receives any termination payments or proceeds in connection with the termination of any Material Project Agreement, such amounts shall be deposited into the Additional Proceeds Prepayment Account(s) to make prepayments of the Loans, except to the extent such amounts are applied to any Replacement Material Contract within 60 days following termination of such Material Project Agreement.
Neither the Issuer Trust nor any Guarantor (other than the Murano Parent Guarantor) shall enter into any new Material Contract except with respect to the operation, maintenance, construction or financing of the Properties, any Replacement Material Contract as permitted hereunder and any other action incidental thereto and such new Material Contracts shall not contain indemnification provisions or similar reimbursement obligations that are not customary in the market.
More Definitions of Replacement Material Contract
Replacement Material Contract means, with respect to any Material Contract, any other Material Contract or other agreement entered into by an Obligor in replacement of or substitution for such Material Contract that contains terms and conditions, taken as a whole, which are substantially similar in all material respects to, and which are not materially less favorable to the relevant Obligor(s) than, the Material Contract being replaced satisfactory to such Obligor.
Replacement Material Contract means any agreement replacing a Material Contract that is substantially similar to the Material Contract that it is replacing.
Replacement Material Contract means, in respect of any E&P Agreement, O&M Agreement or Marketing Agreement, as applicable, any replacement E&P Agreement, O&M Agreement or Marketing Agreement that (a) is entered into by any Loan Party in replacement of such contract, (b) has economic and other terms which, taken as a whole, are not materially less favorable to the Loan Parties as the relevant contract being replaced, and (c) is with one or more Qualified Replacement Parties.
Replacement Material Contract means a replacement contract entered into by the Issuer Trust or any Guarantor that is (i) entered into on terms substantially similar to the Material Contract it is replacing, as confirmed by the Servicer or (ii) otherwise reasonably acceptable to the Indenture Trustee (acting at the direction of the Majority Holders).
Replacement Material Contract has the meaning given in Schedule A of the A&R CSAA.
Replacement Material Contract means any agreement entered into in replacement of a Material Contract (I) (a) which has either (1) substantially similar or more favorable economic effect for Borrower or the applicable Subsidiary when taken as a whole together with any other agreements related thereto or (2) except in the case of any terminal use agreement signed with an Anchor Customer that is in place as of the Closing Date, is on market economic terms at the time entered into and (b) which has (1) substantially similar or more favorable non-economic terms (taken as a whole) for Borrower or the applicable Subsidiary as the Material Contract being replaced or (2) except in the case of any terminal use agreement signed with an Anchor Customer that is in place as of the Closing Date, is on market non-economic terms at the time entered into or (II) except with respect to the replacement of any Material Contract which was terminated by Borrower or any Subsidiary and at the time of such termination, the counterparty thereunder was not in default or subject to any event of default (or applicable terms of similar meaning in such Material Contract), the terms of which Borrower represents in writing as being the best achievable by Borrower or the applicable Subsidiary, taking into account then-prevailing market conditions and the economic and non-economic terms of such replacement Material Contract (taken as a whole).