Material NEXT System Documents Clause Samples

Material NEXT System Documents. (a) Each Obligor shall not: (i) without the prior written consent of the COFACE Agent, cause, permit, concur in, exercise or agree to or give (as the case may be): (A) any amendment or waiver of, or any consent or option under or in respect of, any provision of the Satellite Supply Contract or any Launch Services Contract, in each case, to the extent that such amendment, waiver, consent or option is reasonably likely to: I. increase: a. with respect to the Satellite Supply Contract, the original Contract Amount by more than $30,000,000; or b. with respect to the Launch Services Contract, the total amount payable by the Borrower thereunder by more than five per cent., (or in each case its equivalent in any other currencies); or II. result in NEXT System Completion not occurring on or prior to the Scheduled Completion Date or delay the completion of any Milestone by 3 months or more; or III. be material to the design or implementation of the NEXT System or have an adverse effect on the interest of the Lenders in any material respect; (B) any material amendment or waiver of, or any material consent under or in respect of, any Material NEXT System Document (other than the Satellite Supply Contract or any Launch Services Contract), if such amendment, waiver or consent could reasonably be expected to have a Material Adverse Effect; or (C) the termination or abandonment of a Material NEXT System Document (except any termination in accordance with its terms as permitted under the Finance Documents or by reason of full performance of the agreement or expiry of its term); and (ii) assign or transfer any of its rights or obligations under any Material NEXT System Document. (b) The Borrower must exercise its rights and comply with its obligations under each Material NEXT System Document to which it is a party in a proper and timely manner consistent with the Borrower’s obligations under the Finance Documents, except where failure to do so would not reasonably be expected to have a Material Adverse Effect. (c) If the Technical Adviser’s Quarterly Report discloses, in respect of any Milestone: (i) a delay of 6 months or more; or (ii) a delay of 3 months or more which is reasonably likely to cause any of the first three launches to be delayed by 6 months or more, the Borrower shall promptly enter into discussions with the COFACE Agent and the Lenders for a period of 60 days after receipt by the Borrower of a copy of such Technical Adviser’s Quarterly Report in order to r...