Common use of Collateral Agent Rights Clause in Contracts

Collateral Agent Rights. (a) At any time during an Event of Default (but, in the case of a Developer Default, only for so long as the Initial Period has not expired), without giving a Step-in Notice, the Collateral Agent may (but shall have no obligation), at its sole option and discretion, perform or arrange for the performance of any act, duty, or obligation required of the Developer under the Comprehensive Agreement, or remedy any breach of the Developer thereunder at any time, which performance or remedy by or on behalf of the Collateral Agent will be accepted by the Department in lieu of performance by the Developer and in satisfaction of the Developer’s obligations under the Comprehensive Agreement. To the extent that any breach of the Developer under the Comprehensive Agreement is remedied and/or any payment liabilities or obligations of the Developer are performed by the Collateral Agent under this Section 3.02(a), such action will discharge the relevant liabilities or obligations of the Developer to the Department. No such performance by or on behalf of the Collateral Agent under this Section 3.02(a) will be construed as an assumption by the Collateral Agent, or any person acting on the Collateral Agent’s behalf, of any of the covenants, agreements or other obligations of the Developer under the Comprehensive Agreement.

Collateral Agent Rights. (a) At any time during an Event of Default (but, in the case of a Developer Default395 Concessionaire Breach, only for so long as the Initial Period has not expired), without giving a Step-in Notice, the Collateral Agent may (but shall have no obligation), at its sole option and discretion, perform or arrange for the performance of any act, duty, or obligation required of the Developer Concessionaire under the Comprehensive AgreementAgreement with respect to the 395 Project, or remedy any breach of the Developer thereunder 395 Concessionaire Breach at any time, which performance or remedy by or on behalf of the Collateral Agent will be accepted by the Department in lieu of performance by the Developer Concessionaire and in satisfaction of the DeveloperConcessionaire’s obligations under the Comprehensive AgreementAgreement with respect to the 395 Project. To the extent that any breach of the Developer under the Comprehensive Agreement 395 Concessionaire Breach is remedied and/or any payment liabilities or obligations of the Developer Concessionaire are performed by the Collateral Agent under this Section 3.02(a), such action will discharge the relevant liabilities or obligations of the Developer Concessionaire to the Department. No such performance by or on behalf of the Collateral Agent under this Section 3.02(a) will be construed as an assumption by the Collateral Agent, or any person acting on the Collateral Agent’s behalf, of any of the covenants, agreements or other obligations of the Developer Concessionaire under the Comprehensive Agreement.

Collateral Agent Rights. (a) At any time during an Event of Default (but, in the case of a Developer DefaultNEXT Concessionaire Breach, only for so long as the Initial Period has not expired), without giving a Step-in Notice, the Collateral Agent may (but shall have no obligation), at its sole option and discretion, perform or arrange for the performance of any act, duty, or obligation required of the Developer Concessionaire under the Comprehensive AgreementSecond ARCA with respect to the NEXT Project, or remedy any breach of the Developer thereunder NEXT Concessionaire Breach at any time, which performance or remedy by or on behalf of the Collateral Agent will be accepted by the Department in lieu of performance by the Developer Concessionaire and in satisfaction of the DeveloperConcessionaire’s obligations under the Comprehensive AgreementSecond ARCA with respect to the NEXT Project. To the extent that any breach of the Developer under the Comprehensive Agreement NEXT Concessionaire Breach is remedied and/or any payment liabilities or obligations of the Developer Concessionaire are performed by the Collateral Agent under this Section 3.02(a), such action will discharge the relevant liabilities or obligations of the Developer Concessionaire to the Department. No such performance by or on behalf of the Collateral Agent under this Section 3.02(a) will be construed as an assumption by the Collateral Agent, or any person acting on the Collateral Agent’s behalf, of any of the covenants, agreements or other obligations of the Developer Concessionaire under the Comprehensive AgreementSecond ARCA.

Collateral Agent Rights. (a) At any time during an Event of Default (but, in the case of a Developer Default395 Concessionaire Breach, only for so long as the Initial Period has not expired), without giving a Step-in Notice, the Collateral Agent may (but shall have no obligation), at its sole option and discretion, perform or arrange for the performance of any act, duty, or obligation required of the Developer Concessionaire under the Comprehensive AgreementSecond ARCA with respect to the 395 Project, or remedy any breach of the Developer thereunder 395 Concessionaire Breach at any time, which performance or remedy by or on behalf of the Collateral Agent will be accepted by the Department in lieu of performance by the Developer Concessionaire and in satisfaction of the DeveloperConcessionaire’s obligations under the Comprehensive AgreementSecond ARCA with respect to the 395 Project. To the extent that any breach of the Developer under the Comprehensive Agreement 395 Concessionaire Breach is remedied and/or any payment liabilities or obligations of the Developer Concessionaire are performed by the Collateral Agent under this Section 3.02(a), such action will discharge the relevant liabilities or obligations of the Developer Concessionaire to the Department. No such performance by or on behalf of the Collateral Agent under this Section 3.02(a) will be construed as an assumption by the Collateral Agent, or any person acting on the Collateral Agent’s behalf, of any of the covenants, agreements or other obligations of the Developer Concessionaire under the Comprehensive AgreementSecond ARCA.