Project Co Remains Bound Clause Samples
The "Project Co Remains Bound" clause ensures that the main contracting party, typically referred to as Project Co, remains obligated to fulfill its contractual duties even if certain changes occur, such as subcontracting or assignment of responsibilities. In practice, this means that Project Co cannot escape liability or transfer its obligations to another party without continuing to be responsible for the contract's performance. This clause is essential for protecting the interests of the other contracting party by guaranteeing continuity and accountability, thereby preventing Project Co from avoiding its commitments through delegation or transfer.
Project Co Remains Bound. Subject to Section 6.4, Project Co will continue to be bound by the terms of the Project Agreement notwithstanding the occurrence of an Indicative Notice, a Step-In Notice, a Step-In Period, a Step-Out Notice, a Step-Out Date, any action by the Agent, Appointed Representative, Security Trustee or the Senior Lenders or any provision of this Agreement, and for greater certainty Project Co will be liable for any obligations and liabilities arising prior to the expiry of the Step-in Period from actions or inactions of the Agent, the Appointed Representative, Security Trustee or Senior Lenders. Project Co will remain liable for any unpaid amounts due and payable to the Authority by Project Co under the Project Agreement provided that Project Co will not be required to discharge such liability during the Step-in Period.
Project Co Remains Bound. Subject to Section 6.4 [Terms of Transfer] of this Agreement, Project Co shall continue to be bound by the terms of the Project Agreement and any other Province Project Document (other than this Agreement) notwithstanding the delivery of an Indicative Notice, a Step-In Notice, a Step-Out Notice, the commencement of a Step-In Period, the occurrence of a Step-Out Date or any action by the Agent (in either or both of its capacities, including as Collateral Agent), Appointed Representative or the Senior Lenders or any provision of this Agreement. Project Co shall remain liable for any unpaid amounts due and payable to the Province by Project Co under the Project Agreement. Any notice, demand, request, consent, approval objection, agreement or other communication given, made or issued by the Province to the Appointed Representative in accordance with this Agreement during the Step-In Period shall be deemed simultaneously to have been given to Project Co.
Project Co Remains Bound. Subject to Section 6.4, Project Co shall continue to be bound by the all of the terms of the Project Agreement notwithstanding the occurrence or issuance of an Indicative Notice, a Step-In Notice, a Step- In Period, a Step-Out Notice, a Step-Out Date, any action by the Lenders’ Agent, the Appointed Representative or the Senior Lenders or any provision of this Agreement, and for greater certainty Project Co shall be liable for any obligations and liabilities arising prior to the expiry of the Step-in Period from actions or inactions of the Lenders’ Agent, the Appointed Representative or the Senior Lenders. Project Co shall remain liable for any unpaid amounts due and payable to the City by Project Co and for all other obligations and liabilities of Project Co under the Project Agreement provided that Project Co shall not be required to discharge such liabilities or obligations during the Step-In Period.