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.
Appears in 4 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Lenders’ step-in right. 9.14.1 9.15.1 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.
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