Lenders’ step-in right. 9.14.1 In an Event of Default by the Seller or Emergency such that the Seller is prevented temporarily from satisfying its obligations hereunder despite its best efforts, including but not limited to restoring the operation of the Plant, the Lender (hereinafter called “the Person”) may elect to provide notice to all parties as provided herein, of its intention to step into the rights and obligations of the Seller in response to the Event of Default and attempt during a reasonable time to remedy such event of Default or Emergency (the Step – In - Rights). The lender shall only exercise the Step – In – Rights under this Clause if it has the skills and means to carry out the work necessary to remedy the Event of Default or Emergency in accordance with the laws of Tanzania and Prudent Operating Practice. Such step- in rights shall require the consent of the Authority.
Lenders’ step-in right. The Parties agree that, notwithstanding anything to the contrary hereinabove contained, before First Party can terminate this Agreement for a Corporation Event of Default, it shall provide a copy of the Preliminary Notice to the Lenders of Corporation and the Lenders shall, in addition to any other rights and security rights that the Lenders may have under the Financing Documents, take over and change the management of Corporation and to take over the Plant, have the right to appoint a substitute entity to take over the Project Facilities and the implementation of the Project under this Agreement provided however, that the Lenders shall exercise this right or commence proceedings to exercise their rights, within a period of thirty (30) days from the receipt of Preliminary Notice. In the event the Lenders do not appoint a substitute entity, within a period of 3 months commencing from the expiry of 30 days from the receipt of Preliminary Notice, which may be extended for up to another Three (3) months by First Party at the request of the Lenders (Schedule X). In the event the Lenders are not in a position to identify and appoint a substitute entity within the aforesaid period of Three (3) months or any extension thereof, and First Party also does not proposes to take over the Plant, then the Lenders shall ensure that, then they enforce and satisfy their security charges and other Encumbrances (including but not limited to by auctioning the secured assets of the Plant excluding the land granted to Corporation by First Party) that they may have over the Plant and provide the Vacant Possession of the Site to the First Party, in accordance with Article 19 below. First Party shall, in the event such a substitute entity is notified by the Lenders, not terminate this Agreement and will transfer this Agreement to such substitute entity and the substitute entity shall thereafter implement the Project provided however, the Lenders shall have no obligation to appoint a substitute entity and shall not in any manner be liable or responsible for the Corporation Event of Default.
Lenders’ step-in right. From and after Financial Close and for so long as the Financing Documents remain in effect, the MOIT shall not, upon a BOT Company Event of Default, terminate this BOT Contract without first providing a copy of any notices required to be given by the non-defaulting Party pursuant to Article 21.4 to the Lenders and otherwise in accordance with the MOIT Acknowledgment and Consent. The suspension of the MOIT’s right to terminate this BOT Contract shall be contingent on the Lenders’ curing the outstanding BOT Company Event(s) of Default. Upon receipt of a copy of a notice from the MOIT to the defaulting Party as a result of a BOT Company Event of Default, the Lenders may, but shall have no obligation to:
