Operations Co’s Options Clause Samples

Operations Co’s Options. After the occurrence of a Project Co Event of Default and while a Project Co Event of Default is continuing, Operations Co may exercise one or more of the following, as applicable: (a) in respect of the Design and the Construction prior to the System Completion Date, suspend performance by it of its obligations under this Project Implementation Agreement until such time as Project Co has demonstrated to the reasonable satisfaction of Operations Co that it will perform and is capable of performing its obligations under this Project Implementation Agreement and, if so extended pursuant to Section 13.3(a) of the Project Agreement, the Target Site Completion Dates, Target Ring Completion Dates, Target System Completion Date, Outside Ring Completion Dates and Longstop Date will be extended by the time such suspension is in effect; (b) in the case of a Project Co Event of Default under Section 13.1(a), suspend performance by it of its obligations under this Project Implementation Agreement until Project Co has remedied such Project Co Event of Default and, if so extended pursuant to Section 13.3(b) of the Project Agreement, the Target Site Completion Dates, Target Ring Completion Dates, Target System Completion Date, Outside Ring Completion Dates and Longstop Date will be extended by the time such suspension is in effect and such additional time as may be reasonably required to return to normal operations following such suspension; (c) in the case of a Project Co Event of Default under Sections 13.1(a) or 13.1(b), serve notice on Project Co of the occurrence specifying details of such Project Co Event of Default and if the relevant matter or circumstance has not been rectified or remedied by Project Co or otherwise within 45 days of such notice (or in the case of a Project Co Event of Default under Section 13.1(b) such longer period as is reasonably required for Project Co to rectify or remedy such Project Co Event of Default as long as Project Co is diligently pursuing such rectification or remedy), Operations Co may serve a further notice on Project Co terminating this Project Implementation Agreement with immediate effect; or 34985-2017 25902380.4 Amended and Restated Project Implementation Agreement NG-KIH Project (d) in the case of a Project Co Event of Default under Sections 13.1(d) or 13.1(e), terminate this Project Implementation Agreement by notice to Project Co with immediate effect. If Project Co has become entitled to terminate the Project Agreement ...