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 Concessionaire 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 Concessionaire under the Comprehensive Agreement, or remedy any breach of the Concessionaire 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 Concessionaire and in satisfaction of the Concessionaire’s obligations under the Comprehensive Agreement. To the extent that any breach of the Concessionaire under the Comprehensive Agreement is remedied and/or any payment liabilities or obligations of the Concessionaire are performed by the Collateral Agent under this Section 3.02(a), such action will discharge the relevant liabilities or obligations of the 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 Concessionaire under the Comprehensive Agreement.

Collateral Agent Rights. (a) At any time during an Event of Default (but, in the case of a Concessionaire 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 Concessionaire under the Comprehensive AgreementSecond ARCA, or remedy any breach of the Concessionaire 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 Concessionaire and in satisfaction of the Concessionaire’s obligations under the Comprehensive AgreementSecond ARCA. To the extent that any breach of the Concessionaire under the Comprehensive Agreement Second ARCA is remedied and/or any payment liabilities or obligations of the Concessionaire are performed by the Collateral Agent under this Section 3.02(a), such action will discharge the relevant liabilities or obligations of the 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 Concessionaire under the Comprehensive AgreementSecond ARCA.

Collateral Agent Rights. (a) At any time during an Event of Default (but, in the case of a Concessionaire 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 Concessionaire under the Comprehensive Agreement, or remedy any breach of the Concessionaire thereunder at any time, which performance or remedy by or on behalf of the Collateral Agent will shall be accepted by the Department in lieu of performance by the Concessionaire and in satisfaction of the Concessionaire’s obligations under the Comprehensive Agreement. To the extent that any breach of the Concessionaire under the Comprehensive Agreement is remedied and/or any payment liabilities or obligations of the Concessionaire are performed by the Collateral Agent under this Section 3.02(a), such action will shall discharge the relevant liabilities or obligations of the Concessionaire to the Department. No such performance by or on behalf of the Collateral Agent under this Section 3.02(a) will shall 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 Concessionaire under the Comprehensive Agreement.