Common use of Concessioning Authority’s Rights of Step-in Clause in Contracts

Concessioning Authority’s Rights of Step-in. Upon a Termination Notice being issued due to a Concessionaire Event of Default, the Concessioning Authority may, at its discretion: (a) re-enter upon and take possession and control of Project Site/Project Facilities and Services forthwith; (b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire from entering upon/dealing with the Project Facilities and Services; (c) step in and succeed upon election by Concessioning Authority without the necessity of any further action by the Concessionaire, to the interests of the Concessionaire under such of the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effect from the date of communication of such election to the counter party to the relative Project Contracts. Provided, that in such circumstances, the Concessioning Authority shall assume the obligations of the Concessionaire with respect to the Senior Lenders during such Remedial Period out of the current revenues. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of the provisions of this Agreement.

Concessioning Authority’s Rights of Step-in. Upon a Termination Notice being issued due to a Concessionaire Event of Default, the Concessioning Authority may, at its discretion: (a) re-enter upon and take possession and control of Project Site/Project Facilities and Services forthwithServicesforthwith; (b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire from entering fromentering upon/dealing with the Project Facilities and Services; (c) step in and succeed upon election by Concessioning Authority without the necessity of any further action by the Concessionaire, to the interests of the Concessionaire under such of the Project theProject Contracts as the Concessioning Authority may in its discretion deem appropriate with effect from the date effectfromthedate of communication of communicationof such election to the counter party to the relative Project Contracts. .Provided, that in such circumstances, the Concessioning Authority shall assume the obligations of ofthe Concessionaire, either by itself or through an operation and maintenance contractor appointed in consultation with the Concessionaire Senior Lenders, with respect to the Senior Lenders during such Remedial Period out Periodout of the current revenuescashflows of the project. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjusted against adjustedagainst compensation payable by the Concessioning Authority to the Concessionaire in terms of the provisions theprovisions of this Agreement.

Concessioning Authority’s Rights of Step-in. Upon a Termination Notice being issued due to a Concessionaire Event of Default, the Concessioning Authority may, at its discretion: (a) re-enter upon and take possession and control of Project Site/Project Facilities and Services forthwith; (b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire from entering upon/dealing with the Project Facilities and Services; (c) step in and succeed upon election by Concessioning Authority without the necessity of any further action by the Concessionaire, to the interests of the Concessionaire under such of the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effect from the date of communication of such election to the counter party to the relative Project Contracts. Provided, that in such circumstances, the Concessioning Authority shall assume the obligations of the Concessionaire Concessionaire, either by itself or through an operation and maintenance contractor appointed in consultation with the Senior Lenders, with respect to the Senior Lenders during such Remedial Period out of the current revenuescash flows of the project. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of the provisions of this Agreement.

Concessioning Authority’s Rights of Step-in. Upon a Termination Notice being issued due to a Concessionaire Event of Default, the Concessioning Authority may, at its discretion: (a) a. re-enter upon and take possession and control of Project Site/Project Facilities and Services forthwith; (b) b. prohibit the Concessionaire and any Person claiming through or under the Concessionaire from entering upon/dealing with the Project Facilities and Services; (c) c. step in and succeed upon election by Concessioning Authority without the necessity of any further action by the Concessionaire, to the interests of the Concessionaire under such of the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effect from the date of communication of such election to the counter party to the relative Project Contracts. Provided, that in such circumstances, the Concessioning Authority shall assume the obligations of the Concessionaire with respect to the Senior Lenders during such Remedial Period out of the current revenues. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of the provisions of this Agreement.

Concessioning Authority’s Rights of Step-in. Upon a Termination Notice being issued due to a Concessionaire Event of Default, the Concessioning Authority may, at its discretion: (a) : re-enter upon and take possession and control of Project Site/Project Facilities and Services forthwith; (ba) prohibit the Concessionaire and any Person claiming through or under the Concessionaire from entering upon/dealing with the Project Facilities and Services; (cb) step in and succeed upon election by Concessioning Authority without the necessity of any further action by the Concessionaire, to the interests of the Concessionaire under such of the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effect from the date of communication of such election to the counter party to the relative Project Contracts. Provided, that in such circumstances, the Concessioning Authority shall assume the obligations of the Concessionaire with respect to the Senior Lenders during such Remedial Period out of the current revenues. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of the provisions of this Agreement.

Concessioning Authority’s Rights of Step-in. Upon a Termination Notice being issued due to a Concessionaire Event of Default, the Concessioning Authority may, at its discretion: (a) re-enter upon and take possession and control of Project Site/Project Facilities and Services forthwith; (b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire from entering upon/dealing with the Project Facilities and Services; (c) step in and succeed upon election by Concessioning Authority without the necessity of any further action by the Concessionaire, to the interests of the Concessionaire under such of the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effect from the date of communication of such election to the counter party to the relative Project Contracts. Provided, that in such circumstances, the Concessioning Authority shall assume the obligations of the Concessionaire Concessionaire, either by itself or through an operation and maintenance contractor appointed in consultation with the Senior Lenders, with respect to the Senior Lenders during such Remedial Period out of the current revenuescashflows of the project. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of the provisions of this Agreement.

Concessioning Authority’s Rights of Step-in. Upon a Termination Notice being issued due to a Concessionaire Event of Default, the Concessioning Authority may, at its discretion: (a) re-enter upon and take possession and control of Project Site/Project Facilities and Services forthwith; (b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire from entering upon/dealing with the Project Facilities and Services; (c) step in and succeed upon election by Concessioning Authority without the necessity of any further action by the Concessionaire, to the interests of the Concessionaire under such of the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effect from the date of communication of such election to the counter party to the relative Project Contracts. Provided, that in such circumstances, the Concessioning Authority shall assume the obligations of the Concessionaire with respect to the Senior Lenders during such Remedial Period out of the current revenues. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of the provisions of this Agreement.