Common use of Lender May Assume Responsibility Clause in Contracts

Lender May Assume Responsibility. As between the Lender and the Province, the Lender may at any time, except to the extent that its right to do so is restricted by a communication to the Province made jointly by the Lender and the Contractor, by notice to the Province assume direct responsibility for carrying out all of the obligations of the Contractor under the DBFO Agreement (and upon notice of such assumption, be entitled to all benefits and rights of the Contractor thereunder). In that event, the Lender may (either concurrently with or subsequent to such assumption) assign all rights and obligations under the DBFO Agreement to a Suitable Substitute Contractor, but only if:

Lender May Assume Responsibility. As between the Lender and the Province, the Lender may at any time, except to the extent that its right to do so is restricted by a communication to the Province made jointly by the Lender and the Contractor, by notice to the Province assume direct responsibility for carrying out all of the obligations of the Contractor under the DBFO DBFM Agreement (and upon notice of such assumption, be entitled to all benefits and rights of the Contractor thereunder). In that event, the Lender may (either concurrently with or subsequent to such assumption) assign all rights and obligations under the DBFO DBFM Agreement to a Suitable Substitute Contractor, but only if: