Disruption in Financial Markets Sample Clauses

Disruption in Financial Markets. (a) If Financial Close cannot be achieved by the Financial Close Target Date by reason solely of a Severe Market Disruption, subject to Project Co’s obligation to renew the Standby Letter of Credit pursuant to Section 2.2, the Financial Close Target Date will be extended until the date falling 10 Business Days (or such other period as the Parties agree, acting reasonably) after the date on which such Severe Market Disruption ceases. (b) If a Severe Market Disruption exists, then, at any time before such Severe Market Disruption ceases and prior to Financial Close, Contracting Authority may in its sole discretion either: (i) terminate this Project Agreement in its entirety by written Notice having immediate effect; or (ii) direct Project Co to assign to a designee of Contracting Authority which has agreed to assume: (A) the Project Agreement, and all of Project Co’s right, title and interest in the Project Data, the Intellectual Property Rights and the Project Co Permits, Licences, Approvals and Agreements; and (B) those contracts between Project Co and any Project Co Party which Contracting Authority elects to be assigned. (c) If Contracting Authority exercises its rights pursuant to Section 2.4(b), and, provided Project Co has, if directed, delivered the assignments provided for in Section 2.4(b)(ii)(A) and (B) above, Project Co will be entitled to the return of its Standby Letter of Credit and to payment of an amount equal to the Design and Bid Fee pursuant to Section 10.3.2 of the Request for Proposals plus [REDACTED] of such fee. Contracting Authority’s obligation to return the Standby Letter of Credit and to pay such fee shall be contingent on the receipt of a waiver, in form and substance satisfactory to Contracting Authority, that such fee represents full and final satisfaction of any obligation or liability of Contracting Authority and any other Government Entity to Project Co and any Project Co Parties in connection with the Project Agreement and the Request for Proposals process.

Disruption in Financial Markets. (a) If Financial Close cannot be achieved by the Financial Close Target Date by reason solely of a Severe Market Disruption, subject to Project Co's obligation to renew the Standby Letter of Credit pursuant to Section 2.2, the Financial Close Target Date will be extended until the date falling 10 Business Days (or such other period as the Parties agree, acting reasonably) after the date on which such Severe Market Disruption ceases.

Disruption in Financial Markets. (a) If Financial Close cannot be achieved by the Financial Close Target Date by reason solely of a Severe Market Disruption, subject to Project Co’s obligation to renew the Standby Letter of Credit pursuant to Section 2.2, the Financial Close Target Date will be extended until the date falling 10 Business Days (or such other period as the Parties agree, acting reasonably) after the date on which such Severe Market Disruption ceases. (b) If a Severe Market Disruption exists, then, at any time before such Severe Market Disruption ceases and prior to Financial Close, CHH may in its sole discretion either: (i) terminate this Project Agreement in its entirety by written notice having immediate effect; or (ii) direct Project Co to assign to CHH and CHH will assume: (A) the Project Agreement and the Project Co Permits, Licences and Approvals; and (B) those contracts between Project Co and any Project Co Party which CHH elects to be assigned. (c) If CHH exercises its rights pursuant to Section 2.4(b), and, provided Project Co has, if directed, delivered the assignments provided for in 2.4(b)(ii)(A) and 2.4(b)(ii)(B) above, Project Co will be entitled to the return of its Standby Letter of Credit. CHH’s obligation to return the Standby Letter of Credit shall be contingent on the receipt of a waiver, in form and substance satisfactory to CHH, of any obligation or liability of CHH, IO, the Government of Ontario and any other Government Entity to Project Co and any Project Co Parties in connection with the Project Agreement and the Request for Proposals.

Disruption in Financial Markets. (a) If Financial Close cannot be achieved by the Financial Close Target Date by reason solely of a Severe Market Disruption, subject to Project Co’s obligation to renew the Letter of Credit pursuant to Section 2.2(b), the Financial Close Target Date will be extended until the date falling 10 Business Days (or such other period as the Parties agree, acting reasonably) after the date on which such Severe Market Disruption ceases. (b) If a Severe Market Disruption exists, then, at any time before such Severe Market Disruption ceases and prior to Financial Close, the City may in its sole discretion either: (i) terminate this Project Agreement in its entirety by written Notice having immediate effect; or (ii) direct Project Co to assign to a designee of the City which has agreed to assume: (A) the Project Agreement, and all of Project Co’s right, title and interest in the Project Data, the Intellectual Property Rights and the Project Co Permits, Licences, Approvals and Authorizations; and (B) those contracts between Project Co and any Project Co Party which the City elects to be assigned.

Disruption in Financial Markets. 13 2.5 Conditions to Financial Close ....................................................................................... 13