Remedial Process Sample Clauses
The Remedial Process clause outlines the steps and procedures that must be followed when a party fails to meet its contractual obligations or breaches the agreement. Typically, this clause specifies how the non-breaching party should notify the breaching party of the issue, the timeframe allowed for the breaching party to correct or "remedy" the problem, and any consequences if the issue is not resolved within the specified period. By establishing a clear process for addressing and resolving breaches, this clause helps ensure that both parties have an opportunity to fix problems before more severe actions, such as termination or legal proceedings, are taken.
POPULAR SAMPLE Copied 1 times
Remedial Process. Following the issue of Consultation Notice by either Party, within a period not exceeding 90 days or such extended period as they may agree (the “Remedial Period”) the Parties shall, endeavour to arrive at an Agreement as to the manner of rectifying or remedying the underlying Event of Default. Without prejudice to this, if the underlying event is a concessionaire Event of Default, with the prior approval of the Authority and in consultation with the Lenders, the Concessionaire shall endeavour to arrive at an Agreement as to one or more of the following measures and/or such other measures as may be considered appropriate by them in the attendant circumstances;
(a) the change of management or control/ownership of the Concessionaire;
(b) the replacement of the Concessionaire by a new Concessionaire (“Substitute Entity”) on terms no less favourable than those contained in this Agreement, proposed by either of them or the Lenders and the specific terms and conditions of such replacement which shall include:
(i) the criteria for selection of the Substitute Entity,
(ii) the transfer of rights and obligations of the Concessionaire surviving under this Agreement to the Substitute Entity,
(iii) handing over/ transfer of the Project Assets and the Project to the Substitute Entity,
(iv) assumption by the Substitute Entity of the outstanding obligations of the Concessionaire under the Financing Documents and preserving Lenders’ charge on the Concessionaire’s assets,
(v) assumption by Substitute Entity of any amounts due to the Authority from the Concessionaire under this Agreement.
Remedial Process. Following the issue of Consultation Notice by either Party, within a period not exceeding 90 (ninety) Days or such extended period as the Parties may agree (“Remedial Period”) the Parties shall, endeavour to arrive at an agreement as to the manner of rectifying or remedying the underlying Event of Default. Without prejudice to this, if the underlying event is a SPV Event of Default, the Authority shall endeavour to arrive at an agreement as to and/or any measures as may be considered appropriate by them in the attendant circumstances.
Remedial Process. (If applicable)
(a) the change of management or control/ownership of the Operator;
(b) the replacement of the Operator by a new operator (“Selectee”) proposed by the Senior Lenders (in terms of the Substitution Agreement), and the specific terms and conditions of such replacement which shall include :
(i) the criteria for selection of the Selectee;
(ii) the transfer of rights and obligations of the Operator surviving under this Agreement to the Selectee;
(iii) handing over/ transfer of the Project Site, the Port’s Assets and the Project Facilities and Services to the Selectee;
(iv) acceptance by the Selectee of the outstanding obligations of the Operator under the Financing Documents and preserving Senior Lenders’ charge on the Operator’s assets;
(v) acceptance by the Selectee of any amounts due to the Authority from the Operator under this Agreement; and
(vi) payment of consideration for the Operator’s assets comprised in the Project Facilities and Services and the manner of appropriation thereof.
Remedial Process. Following the issue of Consultation Notice by either Party, within a period not exceeding 90 (ninety) Days or such extended period as the Parties may agree (“Remedial Period”) the Parties shall endeavour to arrive at an agreement as to the manner of rectifying or remedying the underlying Event of Default. Without prejudice to this, if the underlying event is an Operator Event of Default, the Contracting Authority shall endeavour to arrive at an agreement as to one or more of the following measures and/or such other measures as may be considered appropriate by them in the associated circumstances:
i. the change of management or control/ownership of the Operator;
Remedial Process. 14.4.1 Either Party exercising its right under this Clause 14.4, shall issue to the other Party a notice in writing specifying in reasonable detail the underlying Event of Default(s) and proposing consultation amongst the Parties and the Lenders to consider possible measures of curing or otherwise dealing with the underlying Event of Default (referred to as the “Remedial Notice”).
14.4.2 Following the issue of Remedial Notice by either Party, within a period not exceeding thirty (30) days or such extended period as they may agree (referred to as the “Remedial Period”) the Parties shall, in consultation with the Lenders, endeavour to arrive at an agreement as to the manner of rectifying or remedying the underlying Event of Default. The agreement shall specify the exact nature of the underlying Event of Default and shall have the provision of mutually agreed Cure Period for the Party that has committed an Event of Default.
14.4.3 If the underlying event is a Concessionaire Event of Default, and in case the Concessionaire is unable to follow the remedial process to rectify the Event of Default within the Cure Period, the Authority shall in consultation with the Lenders endeavour to arrive at an agreement as to ensure the following measure and/or such other measures as may be considered appropriate by them in the attendant circumstances:
(i) the change of management or control/ownership of the Concessionaire; or
(ii) substitution of the Concessionaire by the Authority in such manner as it deems fit, and within a period of 180 days or such extended period as agreed to with the Lenders.
Remedial Process. Following the issue of Consultation Notice by either Party, within a period not exceeding 90 (ninety) Days or such extended period as the Parties may agree (“Remedial Period”) the Parties shall, in consultation with the Senior Lenders, endeavour to arrive at an agreement as to the manner of rectifying or remedying the underlying Event of Default. Without prejudice to this, if the underlying event is a Concessionaire Event of Default, the Concessioning Authority shall in consultation with the Senior Lenders endeavour to arrive at an agreement as to one or more of the following measures and/or such other measures as may be considered appropriate by them in the attendant circumstances:
(a) the change of management or control/ownership of the Concessionaire;
(b) the replacement of the Concessionaire by a new Concessionaire (“Selectee”) proposed by the Senior Lenders (in terms of the Substitution Agreement), and the specific terms and conditions of such replacement which shall include:
(i) the criteria for selection of the Selectee;
(i) the transfer of rights and obligations of the Concessionaire surviving under this Agreement to the Selectee;
(ii) handing over/ transfer of the Project Site, the Port’s Assets and the Project Facilities and Services to the Selectee;
Remedial Process