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 Servicesforthwith; b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire 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 theProject Contracts as the Concessioning Authority may in its discretion deem appropriate with effectfromthedate 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 ofthe 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 Periodout of the cashflows of the project. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjustedagainst compensation payable by the Concessioning Authority to the Concessionaire in terms of theprovisions of this Agreement.

Appears in 2 contracts

Samples: Concession Agreement, Concession Agreement

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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 ServicesforthwithServices forthwith; (b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire fromentering 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 theProject the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effectfromthedate effect from the date of communicationof 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 ofthe Concessionaire, either by itself or through an operation and maintenance contractor appointed in consultation with of the Senior Lenders, Concessionaire with respect to the Senior Lenders during such Remedial Periodout Period out of the cashflows of the projectcurrent revenues. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjustedagainst adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of theprovisions the provisions of this Agreement.

Appears in 2 contracts

Samples: Concession Agreement, Concession 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 ServicesforthwithServices forthwith; b(a) prohibit the Concessionaire and any Person claiming through or under the Concessionaire fromentering from entering upon/dealing with the Project Facilities and Services; c(b) 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 theProject the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effectfromthedate effect from the date of communicationof 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 ofthe Concessionaire, either by itself or through an operation and maintenance contractor appointed in consultation with of the Senior Lenders, Concessionaire with respect to the Senior Lenders during such Remedial Periodout Period out of the cashflows of the projectcurrent revenues. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjustedagainst adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of theprovisions the provisions of this Agreement.

Appears in 1 contract

Samples: Concession 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 ServicesforthwithServices forthwith; (b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire fromentering 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 theProject the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effectfromthedate effect from the date of communicationof 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 ofthe Concessionaire, either by itself or through an operation and maintenance contractor appointed in consultation with of the Senior Lenders, Concessionaire with respect to the Senior Lenders during such Remedial Periodout Period out of the cashflows of the projectcurrent revenues. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjustedagainst adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of theprovisions the provisions of this Agreement.

Appears in 1 contract

Samples: Concession 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 ServicesforthwithServices forthwith; b) b. prohibit the Concessionaire and any Person claiming through or under the Concessionaire fromentering 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 theProject the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effectfromthedate effect from the date of communicationof 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 ofthe Concessionaire, either by itself or through an operation and maintenance contractor appointed in consultation with of the Senior Lenders, Concessionaire with respect to the Senior Lenders during such Remedial Periodout Period out of the cashflows of the projectcurrent revenues. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjustedagainst adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of theprovisions the provisions of this Agreement.

Appears in 1 contract

Samples: Concession Agreement

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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 ServicesforthwithServices forthwith; b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire fromentering 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 theProject the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effectfromthedate effect from the date of communicationof 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 ofthe of the 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 Periodout Period out of the cashflows of the project. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjustedagainst adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of theprovisions the provisions of this Agreement.

Appears in 1 contract

Samples: Concession 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 ServicesforthwithServices forthwith; (b) prohibit the Concessionaire and any Person claiming through or under the Concessionaire fromentering 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 theProject the Project Contracts as the Concessioning Authority may in its discretion deem appropriate with effectfromthedate effect from the date of communicationof 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 ofthe of the 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 Periodout Period out of the cashflows cash flows of the project. Provided further, the Concessionaire acknowledges that any payments made by the Concessioning Authority during the Remedial Period shall be adjustedagainst adjusted against compensation payable by the Concessioning Authority to the Concessionaire in terms of theprovisions the provisions of this Agreement.

Appears in 1 contract

Samples: Concession Agreement

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