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. 1. Contracting Party agrees that, if Agent notifies Contracting Party in writing that, pursuant to the Security Agreement, 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 EWP under the Assigned Agreement and (ii) 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 EWP’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. 1. 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. (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].
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.
Subsequent Owner. Subject to the terms and conditions of this Consent, the Parties agree that if Agent notifies Buyer in writing that it has foreclosed on the Assigned Interests pursuant to the First Lien Collateral Documents, or taken a “deed in lieu of foreclosure,” Agent or its successor, any assignee of Agent, or any other purchaser of the Assigned Interests shall be recognized as a party substituting for Seller under the Contract so long as it meets the qualifications set forth below for a Qualified Purchaser (as defined below) (each, a “Subsequent Owner”), and the terms and conditions of the Contract as in effect on such date of assignment or foreclosure shall continue to apply to such Subsequent Owner. For purposes of the previous sentence, “Qualified Purchaser” means an entity that (a) is, or has contracted with an operator who is, at least as experienced as Seller and its ultimate parent on the date hereof in the ownership and operation of windpower and electric transmission facilities, (b) has invested at least [$100 million] of equity capital in the Facility, minus any equity capital already invested therein by Pledgor, (c) agrees to assume and perform the obligations of Seller under the Contract and to otherwise comply with the terms and provisions of the Contract, and (d) is not then in litigation or arbitration against Buyer or any member of Buyer that is a purchaser from Buyer of electric energy produced by the Facility.
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. The Parties agree that no foreclosure or delivery of a deed in lieu of foreclosure with respect to the Facilities pursuant to the Financing Documents shall take place or become effective, unless and until (a) Agent or its successor or permitted assignee, or the purchaser purchasing the Facilities (Agent or such successor or permitted assignee, or purchaser, each, a “Subsequent Owner”) is substituted for Seller and has assumed Seller’s obligations under the Power Purchase Agreement, (b) the Subsequent Owner meets the qualifications for a Qualified Transferee, and (c) the Subsequent Owner confirms to Buyer that the Performance Security remains in effect or provides replacement Performance Security meeting the requirements of the Power Purchase Agreement. In the event of any foreclosure, whether judicial or nonjudicial, or delivery of any deed in lieu of foreclosure under the Financing Documents, in connection with any deed of trust, mortgage, or other similar Lien, Agent or Subsequent Owner, and its respective successors in interest and permitted assigns, shall execute and deliver a written assumption of Seller’s obligations under the Power Purchase Agreement in form and substance reasonably acceptable to Buyer and shall be bound by the covenants and agreements of Seller in the Power Purchase Agreement; provided, however, that until the Person who acquires title to the Facilities executes and delivers to Buyer a written assumption of Seller’s obligations under the Power Purchase Agreement in form and substance reasonably acceptable to Buyer, such Person will not be entitled to any of the benefits of the Power Purchase Agreement.
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.
