Common use of Province's Option for Substituted Termination Payment Clause in Contracts

Province's Option for Substituted Termination Payment. Upon any Termination Payment becoming due under section 18 of the DBFM Agreement, but subject to Section 2.14 of this Agreement, the Province may, within five Business Days of the effective date of the termination, by notice to the Lender and the Contractor elect in lieu of paying the Termination Payment to deliver to the Lender a bond issued by Her Majesty the Queen in right of Alberta (a "Bond"), in accordance with the following: (a) the Bond shall be issued by Her Majesty the Queen in right of Alberta to the Lender or as otherwise directed by the Lender; (b) the Bond must rank pari passu with other unsecured bonds issued by Her Majesty the Queen in right of Alberta in financial markets; and (c) the Bond must be in a principal amount and coupon rate such that the cash proceeds from the Bond (net of trading commissions), if the Bond is immediately liquidated upon issuance in accordance with normal market practices for trading in Government of Xxxxxxx xxxxx, will equal the amount of the Termination Payment.

Province's Option for Substituted Termination Payment. Upon any Termination Payment becoming due under section 18 of the DBFM DBFO Agreement, but subject to Section 2.14 of this Agreement, the Province may, within five Business Days of the effective date of the termination, by notice to the Lender and the Contractor elect in lieu of paying the Termination Payment to deliver to the Lender a bond issued by Her Majesty the Queen in right of Alberta (a "Bond"), in accordance with the following: (a) the Bond shall be issued by Her Majesty the Queen in right of Alberta to the Lender or as otherwise directed by the Lender; (b) the Bond must rank pari passu with other unsecured bonds issued by Her Majesty the Queen in right of Alberta in financial markets; and (c) the Bond must be in a principal amount and coupon rate such that the cash proceeds from the Bond (net of trading commissions), if the Bond is immediately liquidated upon issuance in accordance with normal market practices for trading in Government of Xxxxxxx xxxxx, will equal the amount of the Termination Payment.

Province's Option for Substituted Termination Payment. Upon any Termination Payment becoming due under section Section 18 of the DBFM DBFO Agreement, but subject to Section section 2.14 of this Agreement, the Province may, within five Business Days of the effective date of the termination, by notice to the Lender and the Contractor elect in lieu of paying the Termination Payment to deliver to the Lender a bond issued by Her Majesty the Queen in right of Alberta (a "Bond"), in accordance with the following: (a) the Bond shall be issued by Her Majesty the Queen in right of Alberta to the Lender or as otherwise directed by the Lender; (b) the Bond must rank pari passu with other unsecured bonds issued by Her Majesty the Queen in right of Alberta in financial markets; and (c) the Bond must be in a principal amount and coupon rate such that the cash proceeds from the Bond (net of trading commissions), if the Bond is immediately liquidated upon issuance in accordance with normal market practices for trading in Government of Xxxxxxx xxxxx, will equal the amount of the Termination Payment.