Common use of Procedure for substitution Clause in Contracts

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 Concessioning Authority and the Concessionaire hereby agree that on or after thedate the date of Notice of Financial Default or the date of representation to the Concessioning Authorityunder Authority under Clause 3.3.2, as the case may be, the Senior Lenders/Senior Lenders’ RepresentativemayRepresentative 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 frompotential Selecteesfor from potential Selectees for substituting the Concessionaire and taking on the rights and obligationsunder obligations under the Concession Agreement.

Procedure for substitution. 3.4.1 The Concessioning Authority and the Concessionaire hereby agree that on or after thedate the date of Notice of Financial Default or the date of representation to the Concessioning Authorityunder Authority under Clause 3.3.2, as the case may be, the Senior Lenders/Senior Lenders’ RepresentativemayRepresentative 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 frompotential Selecteesfor substituting the Concessionaire and taking on the rights and obligationsunder the Concession Agreement.either