Common use of NO LIQUID MARKET Clause in Contracts

NO LIQUID MARKET. At any time during the Required Period the Agent may issue a written notice (the "No Liquid Market Notice") to the Authority setting out the reasons why the Agent does not believe that a Liquid Market exists. On or before the date falling fourteen (14) Business Days after the date on which a No Liquid Market Notice is received by the Authority, the Authority shall notify the Agent of its opinion as to whether or not a Liquid Market exists. Where the Authority believes that a Liquid Market does exist, such notice shall set out the reasons for the Authority's belief. If the parties do not agree whether or not a Liquid Market exists, then either party may refer the dispute to be determined in accordance with paragraph 17 (Disputes) below. If the parties agree or it is determined in accordance with Clause 56 (Dispute Resolution Procedure) of the Design Build Finance and Maintain Agreement that no Liquid Market exists, the Design Build Finance and Maintain Agreement shall automatically terminate and the provisions of paragraph 4 (No Retendering Procedure) of Section 2 (Compensation for Project Co Default) of Schedule Part 17 (Compensation on Termination) to the Design Build Finance and Maintain Agreement (No Retendering) shall apply. If any dispute relating to this paragraph 4 (No Liquid Market) is determined pursuant to paragraph 17, the Required Period shall be extended by the period of time spent determining such dispute pursuant to paragraph 17. Subject to paragraph 5.2 and without prejudice to the Agent's rights under the Security Documents, the Agent may give the Authority a Step-In Notice at any time: during which a Project Co Event of Default or an Enforcement Event8 is subsisting (whether or not a Termination Notice has been served); or during the Required Period. The Agent shall give the Authority not less than 5 Business Days prior notice of: its intention to issue a Step-In Notice; and the identity of the proposed Appointed Representative. On the issue of the Step-In Notice, the Appointed Representative shall assume jointly with Project Co the rights of Project Co under the Authority Project Documents and thereafter, until the end of the Step-In Period the Authority shall deal with the Appointed Representative and not Project Co.

NO LIQUID MARKET. 4.1. At any time during in the Required Period (and not thereafter) and provided the Agent Lender has stepped-in in terms of clause 5.1, the Lender may issue a written notice to the Municipality (the "No Liquid Market Notice") to ): 4.1.1. confirming that the Authority setting out Lender has issued a request for pre-qualification in respect of the reasons why appointment of a Substitute Private Party for the Agent does not believe provision of the Project Deliverables for the unexpired portion of the Project Term and that a there is No Liquid Market existsMarket; and 4.1.2. describing in detail the pre-qualification process undertaken by the Lender. 4.2. On or before the date falling fourteen 10th (14tenth) Business Days after Day following the date on which a Municipality’s receipt of the No Liquid Market Notice is received by the AuthorityNotice, the Authority Municipality shall notify issue written notice to the Agent of its opinion as to Lender stating whether or not a it agrees with the Lender that No Liquid Market exists. Where , and if it disagrees with the Authority believes that a Liquid Market does existLender, such notice shall set out the its reasons for the Authority's beliefsuch disagreement. 4.3. If the parties Municipality fails to issue a notice as required in clause 4.2 or the Parties do not agree whether or not a that No Liquid Market exists, then either party may the Lender must refer the dispute (which shall be deemed to be determined exist if the Municipality fails to issue the required notice), for determination in accordance with paragraph 17 terms of clause [78] (DisputesFast-track Dispute Resolution) belowof the PPP Agreement which shall apply to such dispute, mutatis mutandis. 4.4. If the parties Parties agree that No Liquid Market exists or it is so determined in accordance with Clause 56 (Dispute Resolution Procedure) of as aforesaid, then the Design Build Finance and Maintain Agreement that no Liquid Market exists, the Design Build Finance and Maintain PPP Agreement shall terminate automatically terminate on the date of such agreement or determination and the provisions of paragraph 4 clause [66] (No Retendering Procedure) of Section 2 (Compensation for Project Co Default) of Schedule Part 17 (Compensation on Termination) to the Design Build Finance and Maintain PPP Agreement (No Retendering) shall apply. 4.5. If any dispute relating to this paragraph 4 (the No Liquid Market) Market Notice is determined pursuant to paragraph 17issued in the Required Period and a dispute is referred for determination as contemplated in clause 4.3, then the Required Period shall be extended by the period of time spent determining such over which the dispute pursuant to paragraph 17. Subject to paragraph 5.2 and without prejudice to the Agent's rights under the Security Documents, the Agent may give the Authority a Step-In Notice at any time: during which a Project Co Event of Default or an Enforcement Event8 is subsisting (whether or not a Termination Notice has been served); or during the Required Period. The Agent shall give the Authority not less than 5 Business Days prior notice of: its intention to issue a Step-In Notice; and the identity of the proposed Appointed Representative. On the issue of the Step-In Notice, the Appointed Representative shall assume jointly with Project Co the rights of Project Co under the Authority Project Documents and thereafter, until the end of the Step-In Period the Authority shall deal with the Appointed Representative and not Project Co.determined.

NO LIQUID MARKET. At any time during the Required Period the Agent may issue a written notice (the "No Liquid Market Notice") to the Authority setting out the reasons why the Agent does not believe that a Liquid Market exists. On or before the date falling fourteen (14) Business Days after the date on which a No Liquid Market Notice is received by the Authority, the Authority shall notify the Agent of its opinion as to whether or not a Liquid Market exists. Where the Authority believes that a Liquid Market does exist, such notice shall set out the reasons for the Authority's belief. If the parties do not agree whether or not a Liquid Market exists, then either party may refer the dispute to be determined in accordance with paragraph 17 (Disputes) below. If the parties agree or it is determined in accordance with Clause 56 (Dispute Resolution Procedure) of the Design Build Finance and Maintain Agreement that no Liquid Market exists, the Design Build Finance and Maintain Agreement shall automatically terminate and the provisions of paragraph 4 (No Retendering Procedure) of Section 2 (Compensation for Project Co Sub-hubco Default) of Schedule Part 17 (Compensation on Termination) to the Design Build Finance and Maintain Agreement (No Retendering) shall apply. If any dispute relating to this paragraph 4 (No Liquid Market) is determined pursuant to paragraph 17, the Required Period shall be extended by the period of time spent determining such dispute pursuant to paragraph 17. Subject to paragraph 5.2 and without prejudice to the Agent's rights under the Security Documents, the Agent may give the Authority a Step-In Notice at any time: during which a Project Co Sub-hubco Event of Default or an Enforcement Event8 is subsisting (whether or not a Termination Notice has been served); or during the Required Period. The Agent shall give the Authority not less than 5 Business Days prior notice of: its intention to issue a Step-In Notice; and the identity of the proposed Appointed Representative. On the issue of the Step-In Notice, the Appointed Representative shall assume jointly with Project Co Sub-hubco the rights of Project Co Sub-hubco under the Authority Project Documents and thereafter, until the end of the Step-In Period the Authority shall deal with the Appointed Representative and not Project Co.Sub-hubco.

NO LIQUID MARKET. 4.1 At any time during the Required Period the Agent [Agent] may issue a written notice (the "“No Liquid Market Notice"”) to the Lead Authority setting out the reasons why the Agent [Agent] does not believe that a Liquid Market exists. . 4.2 On or before the date falling fourteen (14) Business Days 14 days after the date on which a No Liquid Market Notice is received by the Lead Authority, the Lead Authority shall notify the Agent [Agent] of its opinion as to whether or not a Liquid Market exists. Where the Lead Authority believes that a Liquid Market does exist, such notice shall set out the reasons for the Lead Authority's ’s belief. If the parties do not agree whether or not a Liquid Market exists, then either party may refer the dispute to be determined in accordance with paragraph 17 Clause 70 (DisputesDispute Resolution) below. of the Contract. 4.3 If the parties agree or it is determined in accordance with Clause 56 70 (Dispute Resolution ProcedureResolution) of the Design Build Finance and Maintain Agreement Contract that no Liquid Market exists, the Design Build Finance and Maintain Agreement Contract shall automatically terminate and the provisions of paragraph 4 Clause 53.3 (No Retendering Procedure) of Section 2 (Compensation for Project Co Default) of Schedule Part 17 (Compensation on Termination) to the Design Build Finance and Maintain Agreement (No Retendering) Contract shall apply. . 4.4 If any dispute relating to this paragraph Clause 4 (No Liquid Market) is determined pursuant to paragraph 17under Clause 70 (Dispute Resolution), the Required Period shall be extended by the period of time spent determining such the dispute pursuant to paragraph 17. Subject to paragraph 5.2 and without prejudice to the Agent's rights under the Security Documents, the Agent may give the Authority a Step-In Notice at any time: during which a Project Co Event of Default or an Enforcement Event8 is subsisting Clause 70 (whether or not a Termination Notice has been served); or during the Required Period. The Agent shall give the Authority not less than 5 Business Days prior notice of: its intention to issue a Step-In Notice; and the identity Dispute Resolution) of the proposed Appointed Representative. On the issue of the Step-In Notice, the Appointed Representative shall assume jointly with Project Co the rights of Project Co under the Authority Project Documents and thereafter, until the end of the Step-In Period the Authority shall deal with the Appointed Representative and not Project Co.Contract.

NO LIQUID MARKET. At any time during the Required Period the Agent may issue a written notice (the "No Liquid Market Notice") to the Authority setting out the reasons why the Agent does not believe that a Liquid Market exists. On or before the date falling fourteen (14) Business Days after the date on which a No Liquid Market Notice is received by the Authority, the Authority shall notify the Agent of its opinion as to whether or not a Liquid Market exists. Where the Authority believes that a Liquid Market does exist, such notice shall set out the reasons for the Authority's belief. If the parties do not agree whether or not a Liquid Market exists, then either party may refer the dispute to be determined in accordance with paragraph 17 127 (Disputes) below. If the parties agree or it is determined in accordance with Clause 56 (Dispute Resolution Procedure) of the Design Build Finance and Maintain Agreement that no Liquid Market exists, the Design Build Finance and Maintain Agreement shall automatically terminate and the provisions of paragraph 4 308 (No Retendering Procedure) of Section 2 (Compensation for Project Co Default) of Schedule Part 17 (Compensation on Termination) to the Design Build Finance and Maintain Agreement (No Retendering) shall apply. If any dispute relating to this paragraph 4 114 (No Liquid Market) is determined pursuant to paragraph 17127, the Required Period shall be extended by the period of time spent determining such dispute pursuant to paragraph 17127. Subject to paragraph 5.2 115.2 and without prejudice to the Agent's rights under the Security Documents, the Agent may give the Authority a Step-In Notice at any time: during which a Project Co Event of Default or an Enforcement Event8 is subsisting (whether or not a Termination Notice has been served); or during the Required Period. The Agent shall give the Authority not less than 5 Business Days prior notice of: its intention to issue a Step-In Notice; and the identity of the proposed Appointed Representative. On the issue of the Step-In Notice, the Appointed Representative shall assume jointly with Project Co the rights of Project Co under the Authority Project Documents and thereafter, until the end of the Step-In Period the Authority shall deal with the Appointed Representative and not Project Co.