Notice to the Lenders of the Seller’s Default. The Lenders (or their designee) may make, but shall be under no obligation to make, any payment or perform or procure the performance of any act required to be made or performed by the Seller, with the same effect as if made or performed by the Seller. If the Lenders (or their designee) fail to cure, or procure the cure of, or are unable or are unwilling to cure, or procure the cure of, any Seller Event of Default within the Initial Cure Period or do not mitigate such Seller Event of Default within the Initial Cure Period, the GOP shall have all its rights and remedies with respect to such default as set forth in this Agreement; provided, however, that, notwithstanding the expiration of the Initial Cure Period, the Lenders (or their designee) shall have a further period (the “Evaluation Period”), during which the Lenders (or their designee) may evaluate such Seller Event of Default, the condition of the Complex, and other matters relevant to the actions to be taken by the Lenders (or their designee) concerning such Seller Event of Default including the possible issuance of a Notice of Intent to Succeed pursuant to Section 11.2 (Creation of Security). The Evaluation Period shall end on the sooner to occur of (i) the Agent’s delivery to AEDB of a Succession Notice as provided under Section 11.2 (Creation of Security) or (ii) forty-five
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Notice to the Lenders of the Seller’s Default. The Lenders (or their designee) may make, but shall be under no obligation to make, any payment or perform or procure the performance of any act required to be made or performed by the Seller, with the same effect as if made or performed by the Seller. If the Lenders (or their designee) fail to cure, or procure the cure of, or are unable or are unwilling to cure, or procure the cure of, any Seller Event of Default within the Initial Cure Period or do not mitigate such Seller Event of Default within the Initial Cure Period, the GOP shall have all its rights and remedies with respect to such default as set forth in this Agreement; provided, however, that, notwithstanding the expiration of the Initial Cure Period, the Lenders (or their designee) shall have a further period (the “Evaluation Period”), during which the Lenders (or their designee) may evaluate such Seller Event of Default, the condition of the Complex, and other matters relevant to the actions to be taken by the Lenders (or their designee) concerning such Seller Event of Default including the possible issuance of a Notice of Intent to Succeed pursuant to Section 11.2 (Creation of Security). The Evaluation Period shall end on the sooner to occur of (i) the Agent’s delivery to AEDB of a Succession Notice as provided under Section 11.2 (Creation of Security) or (ii) forty-fivefive (45) Days following the end of the Initial Cure Period, unless, within thirty (30) Days following the end of the Initial Cure Period, the Lenders or the Agent shall have delivered a Notice of Intent to Succeed pursuant to Section 11.2 (Creation of Security), in which case the Evaluation Period shall not end prior to the date that is 10 Days after delivery by AEDB of the statement of liabilities referred to in Section 11.2(b). Upon the delivery of a Succession Notice, the Lenders (or their designee or Transferee) shall be granted an additional period of one hundred and eighty (180) Days within which to cure, remedy, or procure the cure or remedy of any such Seller Event of Default (the “Extended Cure Period”) that is required to be cured pursuant to Section 11.2 (Creation of Security). If the Purchaser has assumed the operation of the Complex pursuant to Section 5.13 of the Energy Purchase Agreement and the Complex is being operated by the Purchaser, the AEDB shall extend the Initial Cure Period, Evaluation Period and/ or the Extended Cure Period, as the case may be, for an additional period of six (6) Months. During the Initial Cure Period, the Evaluation Period and the Extended Cure Period and any extensions thereof including any such additional period of six (6) months, the GOP’s right to terminate this Agreement in respect of any Seller Event of Default shall be suspended so long as the Lenders (or their designee or Transferee) are diligently attempting to cure or mitigate or procure the cure or mitigation of such Seller Event of Default or are pursuing the enforcement of their rights and remedies under the Financing Documents against the Seller, including by way of exercise of succession rights under Section 11.2 (Creation of Security). In the event that the Lenders (or the Agent) fails to deliver a Succession Notice or the Lenders or their designee or the Transferee fail to cure any such Seller Event of Default on or before the expiration of the Extended Cure Period, as it may have been extended, the GOP may exercise any and all of its rights and remedies with respect to such default set forth in this Agreement including the right to immediately terminate this Agreement, and such termination shall be effective on delivery to the Agent of notice of such termination. During such Extended Cure Period, the Agent shall keep the AEDB apprised of the Lenders’ or their designee’s efforts to cure such Seller Event of Default. Notwithstanding any provisions of this Section 14.4 (Notice to the Lenders of the Seller’s Default) to the contrary, the Initial Cure Period, the Evaluation Period and the Extended Cure Period, as the case may be, shall be extended on a Day-for-Day basis for each Day during any such period in which the breaches, conditions or events set forth in sub clauses (i), (ii), (iii) or (iv) of the preamble of Section 14.1(a) are in existence or in effect or subsist or a Seller Consent has not been transferred to or issued in favour of the Lenders, their designee or any Transferee, or is not in full force or effect within thirty
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Samples: www.ppib.gov.pk
Notice to the Lenders of the Seller’s Default. The Lenders (or their designee) may make, but shall be under no obligation to make, any payment or perform or procure the performance of any act required to be made or performed by the Seller, with the same effect as if made or performed by the Seller. If the Lenders (or their designee) fail to cure, or procure the cure of, or are unable or are unwilling to Implementation Agreement 57 cure, or procure the cure of, any Seller Event of Default within the Initial Cure Period or do not mitigate such Seller Event of Default within the Initial Cure Period, the GOP shall have all its rights and remedies with respect to such default as set forth in this Agreement; provided, however, that, notwithstanding the expiration of the Initial Cure Period, the Lenders (or their designee) shall have a further period (the “Evaluation Period”), during which the Lenders (or their designee) may evaluate such Seller Event of Default, the condition of the Complex, and other matters relevant to the actions to be taken by the Lenders (or their designee) concerning such Seller Event of Default including the possible issuance of a Notice of Intent to Succeed pursuant to Section 11.2 (Creation of Security). The Evaluation Period shall end on the sooner to occur of (i) the Agent’s delivery to AEDB of a Succession Notice as provided under Section 11.2 (Creation of Security) or (ii) forty-fivefive (45) Days following the end of the Initial Cure Period, unless, within thirty (30) Days following the end of the Initial Cure Period, the Lenders or the Agent shall have delivered a Notice of Intent to Succeed pursuant to Section 11.2 (Creation of Security), in which case the Evaluation Period shall not end prior to the date that is 10 Days after delivery by AEDB of the statement of liabilities referred to in Section 11.2(b). Upon the delivery of a Succession Notice, the Lenders (or their designee or Transferee) shall be granted an additional period of one hundred and eighty (180) Days within which to cure, remedy, or procure the cure or remedy of any such Seller Event of Default (the “Extended Cure Period”) that is required to be cured pursuant to Section 11.2 (Creation of Security). If the Purchaser has assumed the operation of the Complex pursuant to Section 5.13 of the Energy Purchase Agreement and the Complex is being operated by the Purchaser, the AEDB shall extend the Initial Cure Period, Evaluation Period and/ or the Extended Cure Period, as the case may be, for an additional period of six (6) Months. During the Initial Cure Period, the Evaluation Period and the Extended Cure Period and any extensions thereof including any such additional period of six (6) months, the GOP’s right to terminate this Agreement in respect of any Seller Event of Default shall be suspended so long as the Lenders (or their designee or Transferee) are diligently attempting to cure or mitigate or procure the cure or mitigation of such Seller Event of Default or are pursuing the enforcement of their rights and remedies under the Financing Documents against the Seller, including by way of exercise of succession rights under Section 11.2 (Creation of Security). In the event that the Lenders (or the Agent) fails to deliver a Succession Notice or the Lenders or their designee or the Transferee fail to cure any such Seller Event of Default on or before the expiration of the Extended Cure Period, as it may have been extended, the GOP may exercise any and all of its rights and remedies with respect to such default set forth in this Agreement including Implementation Agreement 58 the right to immediately terminate this Agreement, and such termination shall be effective on delivery to the Agent of notice of such termination. During such Extended Cure Period, the Agent shall keep the AEDB apprised of the Lenders’ or their designee’s efforts to cure such Seller Event of Default. Notwithstanding any provisions of this Section 14.4 (Notice to the Lenders of the Seller’s Default) to the contrary, the Initial Cure Period, the Evaluation Period and the Extended Cure Period, as the case may be, shall be extended on a Day-for-Day basis for each Day during any such period in which the breaches, conditions or events set forth in sub clauses (i), (ii), (iii) or (iv) of the preamble of Section 14.1(a) are in existence or in effect or subsist or a Seller Consent has not been transferred to or issued in favour of the Lenders, their designee or any Transferee, or is not in full force or effect within thirty
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Samples: Implementation Agreement
