Common use of Period To Achieve Financial Close Clause in Contracts

Period To Achieve Financial Close. 12.2.1 Subject to the terms of this Agreement, the Concessionaire shall achieve Financial Close within six (6) Months from the Effective Date (the “Financial Close Period”). 12.2.2 If despite the procurement of the requisite Approvals and Consents and the fulfilment of the other Conditions Precedent, the Concessionaire is unable to achieve Financial Close within the time period prescribed in Section 12.2.1 above, the period may be further extended for four (4) Months or such other period as may be mutually agreed upon by the Parties upon the request of the Concessionaire. 12.2.3 Subject to the terms of this Agreement, if despite procurement of the requisite Approvals and Consents and the fulfilment of the other Conditions Precedent, the Concessionaire is unable to achieve Financial Close within the time period prescribed and any extension thereof pursuant to Section 12.2.2, FBR shall be entitled to declare a Concessionaire Event of Default pursuant to Section [x], whereupon Section 12.2.2 and the applicable sub-Sections of Section 21 [Termination] shall apply.