SUB-HUBCO CHANGES Sample Clauses

SUB-HUBCO CHANGES. If Sub-hubco wishes to introduce a Sub-hubco Change, it shall serve a notice containing the information required pursuant to paragraph 2 of this Section 5 (Sub-hubco Changes) (a “Sub-hubco Notice of Change”) on the Authority. A Sub-hubco Notice of Change shall: set out the proposed Sub-hubco Change in sufficient detail to enable the Authority to evaluate it in full; specify Sub-hubco’s reasons for proposing Sub-hubco Change; indicate any implications of Sub-hubco Change; indicate what savings, if any, will be generated by Sub-hubco Change, including: whether a reduction of the Annual Service Payment is; or whether such savings will be paid to the Authority in a lump sum, in each case giving details in accordance with paragraph 8 of this Section 5 (Sub-hubco Changes); indicate whether there are any critical dates by which a decision by the Authority is required; and request the Authority to consult with Sub-hubco with a view to deciding whether to agree to Sub-hubco Change and, if so, what consequential changes the Authority requires as a result. The Authority shall evaluate Sub-hubco Notice of Change in good faith, taking into account all relevant issues, including whether: a revision of the Annual Service Payment will occur; the Sub-hubco Change may affect the quality of the Services and/or the Works or the likelihood of successful completion of the Works and/or delivery of the Services (or any of them); the Sub-hubco Change will interfere with the relationship of the Authority with third parties; the financial strength of Sub-hubco is sufficient to perform the Works and/or Services after implementation of Sub-hubco Change; the value and/or life expectancy of any of the Facilities will be reduced; or the Sub-hubco Change materially affects the risks or costs to which the Authority is exposed. As soon as practicable after receiving Sub-hubco Notice of Change, the parties shall meet and discuss the matters referred to in it, including in the case of a Relevant Change in Law those matters referred to in Clause 32.4 of this Agreement. During discussions the Authority may propose modifications to, or accept or reject, Sub-hubco Notice of Change. If the Authority accepts Sub-hubco Notice of Change (with or without modification) the parties shall consult and agree the remaining details as soon as practicable and upon agreement the Authority shall issue a notice confirming Sub-hubco Change which shall set out the agreed Sub-hubco Change and: shall enter into any ...