Procedure for substitution. 3.4.1. The Authority and the Concessionaire hereby agree that on or after the date of Notice of Financial Default or the date of representation to the Authority under Clause 3.3.2, as the case may be, the Lenders’ Representative may, without prejudice to any of the other rights or remedies of the Senior Lenders, invite, negotiate and procure offers, either by private negotiations or public auction or tenders for the take over and transfer of the Project including the Concession to the Nominated Company upon such Nominated Company’s assumption of the liabilities and obligations of the Concessionaire towards the Authority under the Concession Agreement and towards the Senior Lenders under the Financing Agreements.
Procedure for substitution. 3.4.1 The Concessioning Authority and the Concessionaire hereby agree that on or after thedate of Notice of Financial Default or the date of representation to the Concessioning Authorityunder Clause 3.3.2, as the case may be, the Senior Lenders/Senior Lenders’ Representativemay, without prejudice to any of the other rights or remedies of the Senior Lenders, invite,negotiate and procure offers, either by private negotiations or public auction or tenders frompotential Selecteesfor substituting the Concessionaire and taking on the rights and obligationsunder the Concession Agreement.
Procedure for substitution. 3.4.1 The Railway Administration and the Concessionaire hereby agree that on or after the date of Notice of Financial Default or the date of representation to the Railway Administration under Article 3.3.2, as the case may be, the Lenders’ Representative may, without prejudice to any of the other rights or remedies of the Lenders under the Financing Documents, invite, negotiate and procure offers, either by private negotiations or public auction or tenders for the take over and transfer of the Concession to the Nominated Company upon such Nominated Company’s assumption of the liabilities and obligations of the Concessionaire towards the Railway Administration under the Concession Agreement and towards the Lenders under the Financing Documents, subject to such substitution by a Nominated Company not being prejudicial to national security or public interest, provided further that in case the right of substitution is proposed to be exercised by the lenders prior to one year after commencement of commercial operation, the Nominated Company shall also satisfy the eligibility of selection criteria prescribed by MOR .
Procedure for substitution. (a) Subject to satisfaction of the requirements set out in Clause 30.3(a), a novation is effected if:
Procedure for substitution. Maha-Metro and the Concessionaire hereby agree that on or after the date of Lenders’ Substitution Notice under Article 3.2.3 and/or Lenders’ Substitution Representation Article 3.3.2, as the case may be, the Lenders’ Representative or Maha-Metro as the case may be, without prejudice to any of the other rights or remedies of the Lenders under the Financing Agreements, invite offers through competitive tenders for the take over and transfer of the Grant to the Nominated Company upon such Nominated Company’s assumption of the liabilities and obligations of the Concessionaire towards Maha-Metro under the Concession Agreement and towards the Lenders under the Financing Agreements, subject to such Nominated Company conforming to the qualification criteria prescribed by Maha-Metro at the time of selection of the Concessionaire. The criteria for selection of the Nominated Company shall be a lump sum Substitution Premium to be paid upfront to Maha-Metro by the selected party as consideration prior to execution of any agreement for the Project. The Substitution Premium shall be in addition to the Nominated Company agreeing to bear all the liabilities of the Concessionaire in terms of the Concession Agreement, Financing Agreement, letter of allotment/sub-lease deeds and contracts with the Sub-contractors which shall include but not be limited to overdue and future payments towards taxes to be paid to the Government, repayment or refunds to third parties, instalments of Lease Premium (and interests thereof) to be paid to Maha-Metro , Annual Concession Fees to be paid to Maha-Metro , liquidated damages to be paid to Maha-Metro, payment to Sub-contractors relating to the Project, expenses incurred and claims by Maha-Metro on the Project due to the Concessionaire’s default in terms of the Concession Agreement to be paid to Maha-Metro , servicing of Debt Due to the Lenders. Moreover as part of the condition of the bidding, the Nominated Company shall be required to deposit an additional minimum amount within 30 days of its appointment as the Nominated Company to clear all overdue amounts in respect of payments specified hereabove. The lump sum Substitution Premium may be either negative or positive depending on the perception of the concerned party of the rights and obligations in terms of the Concession Agreement, Lease Deed and Financing Agreements. Upon selection of a Nominated Company, the Lenders’ Representative shall request Maha-Metro to: transfer the Grant to the ...
Procedure for substitution. The Concessioning Authority and the Concessionaire hereby agree that on or after the date of Notice of Financial Default or the date of representation to the Concessioning Authority under Clause 3.3.2, as the case may be, the Lenders/Lenders’ Representative may, without prejudice to any of the other rights or remedies of the Lenders/ Senior Lenders, invite, negotiate and procure offers, either by private negotiations or public auction or tenders for the transfer of the Project including the Concession to the Selectee upon such Selectees assumption of the liabilities and the obligations of the Concessionaire from towards the Concessioning Authority under the Concession Agreement towards the Senior Lenders under the Financing Documents. To be eligible for substitution in place of the Concessionaire, the Selectee shall be required to fulfill the eligibility criteria that were laid down by the Concessioning Authority for shortlisting the bidders for award of the Concession; provided that the Lenders/Lenders’ Representative may represent to the Concessioning Authority that all or any of such criteria may be waived in the interest of the Project, and if the Concessioning Authority determines that such waiver shall not have any material adverse effect on the Project, it may waive all or any of such eligibility criteria. Upon selection of a Selectee, the Lenders/Lenders’ Representative shall request the Concessioning Authority to:
Procedure for substitution. 17 SECTION 5.6. Objection and Repurchase.......................................................18 SECTION 5.7. Transferor's and Servicer's Subsequent Obligations.............................18
Procedure for substitution. (a) By 11:00 a.m. on the third Business Day following each Determination Date, Transferor shall give written notice to Servicer of any substitution of Substitute Leases for Predecessor Leases. By 11:00 a.m. on the fourth Business Day following each Payment Date, Transferor shall deliver to Servicer and Indenture Trustee and, to the extent not included in the Monthly Servicer Report, Indenture Trustee shall promptly deliver to each Rating Agency (i) a supplement to Schedule 1 setting forth the information shown thereon for each such Substitute Lease, (ii) an Officer's Certificate (A) certifying that each such Substitute Lease is an Eligible Lease, (B) specifying each Predecessor Lease for which a substitution has been made and the amount of each periodic Lease Payment and the Booked Residual Value under each such Predecessor Lease and the amount of each periodic Lease Payment and the Booked Residual Value under each Substitute Lease being transferred thereby and (C) that all conditions precedent to such substitution have been satisfied and (iii) such additional information concerning such Substitute Leases or Predecessor Leases as may be needed for Servicer to prepare its monthly reports pursuant to Section 4.8 and to otherwise carry out its duties as Servicer hereunder.
Procedure for substitution. (a) A novation is effected if after prior consultation with the Parent:
Procedure for substitution. (a) A Retiring Subscriber may arrange to novate a New Subscriber for itself and its Subscriber Affiliates in respect of all or part of a Commitment, the corresponding proportion of its Share of each relevant Funding Portion and interest in the Debentures which correspond with the amount of the commitment to be transferred and related rights and obligations under the Transaction Documents, by delivering to the Facility Agent 4 counterparts of a Substitution Certificate executed by the Retiring Subscriber and by the proposed New Subscriber in the Australian Capital Territory or outside Australia.
