Common use of Substitute Entity Clause in Contracts

Substitute Entity. 18.2.1 Upon the occurrence of an event in Clause 17.1 entitling SANParks to terminate this PPP Agreement, and upon the expiry of the Remedy Period (in the event a Remedy Period is provided), or, where no Remedy Period is provided, upon the occurrence of such event, SANParks shall have the right to appoint a Substitute Entity, subject to agreement by the Lenders, that the Substitute Entity nominated by SANParks - 18.2.1.1 is legally and validly constituted and has the capability to enter into such agreements as may be reasonably required to give effect to the substitution; 18.2.1.2 has the financial and technical capability sufficient to perform and assume the obligations of the Private Party under the PPP Agreement and the Loan Agreements as demonstrated by its ability to meet the criteria set out in Annexure VII; and 18.2.1.3 has the financial capability to pay any damages or other sums outstanding which SANParks is entitled to receive from the Private Party before or at the time of such substitution. 18.2.2 If SANParks does not wish or is not able to nominate a Substitute Entity pursuant to Clause 18.2.1 or if there has been an event of default under the Loan Agreements and an acceleration of all amounts outstanding under the Loan Agreements, the Lenders shall have the right to appoint a Substitute Entity subject to agreement by SANParks that the Substitute Entity nominated by the Lenders: 18.2.2.1 is legally and validly constituted and has the capability to enter into such agreements as may be reasonably required to give effect to the substitution; 18.2.2.2 has the financial and technical capability sufficient to perform and assume the obligations of the Private Party under the PPP Agreement and the Loan Agreements as demonstrated by its ability to meet the criteria set out in Part A of Annexure VII; and 18.2.2.3 has the financial capability to pay any damages or other sums outstanding which SANParks is entitled to receive from the Private Party before or at the time of such substitution.

Substitute Entity. 18.2.1 Upon the occurrence of an event in Clause 17.1 entitling SANParks to terminate this PPP Agreement, and upon the expiry of the Remedy Period (in the event a Remedy Period is provided), or, where no Remedy Period is provided, upon the occurrence of such event, SANParks shall have the right to appoint a Substitute Entity, subject to agreement by the Lenders, that the Substitute Entity nominated by SANParks -SANParks 18.2.1.1 is legally and validly constituted and has the capability to enter into such agreements as may be reasonably required to give effect to the substitution; 18.2.1.2 has the financial and technical capability sufficient to perform and assume the obligations of the Private Party under the PPP Agreement and the Loan Agreements as demonstrated by its ability to meet the criteria set out in Part A of Annexure VIIVI - Shareholding, Company Structure and Required Qualifications to Operate Project Site; and 18.2.1.3 has the financial capability to pay any damages or other sums outstanding which SANParks is entitled to receive from the Private Party before or at the time of such substitution. 18.2.2 If SANParks does not wish or is not able to nominate a Substitute Entity pursuant to Clause 18.2.1 or if there has been an event of default under the Loan Agreements and an acceleration of all amounts outstanding under the Loan Agreements, the Lenders shall have the right to appoint a Substitute Entity subject to agreement by SANParks that the Substitute Entity nominated by the Lenders: 18.2.2.1 is legally and validly constituted and has the capability to enter into such agreements as may be reasonably required to give effect to the substitution; 18.2.2.2 has the financial and technical capability sufficient to perform and assume the obligations of the Private Party under the PPP Agreement and the Loan Agreements as demonstrated by its ability to meet the criteria set out in Part A of Annexure VIIVI - Shareholding, Company Structure and Required Qualifications to Operate Project Site; and 18.2.2.3 has the financial capability to pay any damages or other sums outstanding which SANParks is entitled to receive from the Private Party before or at the time of such substitution.

Substitute Entity. 18.2.1 Upon the occurrence of an event in Clause 17.1 entitling SANParks to terminate this PPP Agreement, and upon the expiry of the Remedy Period (in the event a Remedy Period is provided), or, where no Remedy Period is provided, upon the occurrence of such event, SANParks shall have the right to appoint a Substitute Entity, subject to agreement by the Lenders, that the Substitute Entity nominated by SANParks -SANParks 18.2.1.1 is legally and validly constituted and has the capability to enter into such agreements as may be reasonably required to give effect to the substitution; 18.2.1.2 has the financial and technical capability sufficient to perform and assume the obligations of the Private Party under the PPP Agreement and the Loan Agreements as demonstrated by its ability to meet the criteria set out in Part A of Annexure VII; and 18.2.1.3 has the financial capability to pay any damages or other sums outstanding which SANParks is entitled to receive from the Private Party before or at the time of such substitution. 18.2.2 If SANParks does not wish or is not able to nominate a Substitute Entity pursuant to Clause 18.2.1 or if there has been an event of default under the Loan Agreements and an acceleration of all amounts outstanding under the Loan Agreements, the Lenders shall have the right to appoint a Substitute Entity subject to agreement by SANParks that the Substitute Entity nominated by the Lenders: 18.2.2.1 is legally and validly constituted and has the capability to enter into such agreements as may be reasonably required to give effect to the substitution; 18.2.2.2 has the financial and technical capability sufficient to perform and assume the obligations of the Private Party under the PPP Agreement and the Loan Agreements as demonstrated by its ability to meet the criteria set out in Part A of Annexure VII; and 18.2.2.3 has the financial capability to pay any damages or other sums outstanding which SANParks is entitled to receive from the Private Party before or at the time of such substitution.

Substitute Entity. 18.2.1 Upon the occurrence of an event in Clause 17.1 entitling SANParks to terminate this PPP Agreement, and upon the expiry of the Remedy Period (in the event a Remedy Period is provided), or, where no Remedy Period is provided, upon the occurrence of such event, SANParks shall have the right to appoint a Substitute Entity, subject to agreement by the Lenders, that the Substitute Entity nominated by SANParks -SANParks 18.2.1.1 is legally and validly constituted and has the capability to enter into such agreements as may be reasonably required to give effect to the substitution; 18.2.1.2 has the financial and technical capability sufficient to perform and assume the obligations of the Private Party under the PPP Agreement and the Loan Agreements as demonstrated by its ability to meet the criteria set out in Part A of Annexure VII; and 18.2.1.3 has the financial capability to pay any damages or other sums outstanding which SANParks is entitled to receive from the Private Party before or at the time of such substitution. 18.2.2 If SANParks does not wish or is not able to nominate a Substitute Entity pursuant to Clause 18.2.1 or if there has been an event of default under the Loan Agreements and an acceleration of all amounts outstanding under the Loan Agreements, the Lenders shall have the right to appoint a Substitute Entity subject to agreement by SANParks that the Substitute Entity nominated by the Lenders: 18.2.2.1 is legally and validly constituted and has the capability to enter into such agreements as may be reasonably required to give effect to the substitution; 18.2.2.2 has the financial and technical capability sufficient to perform and assume the obligations of the Private Party under the PPP Agreement and the Loan Agreements as demonstrated by its ability to meet the criteria set out in Part A of Annexure VII; and 18.2.2.3 has the financial capability to pay any damages or other sums outstanding which SANParks is entitled to receive from the Private Party before or at the time of such substitution.Private