Common use of Substitution by Lenders’ Representative Clause in Contracts

Substitution by Lenders’ Representative. In the event of Concessionaire’s default, Authority shall, if there be any Lenders, send copy of the Termination Notice to the Lenders’ Representative to inform and grant 15 (fifteen) days to the Lenders’ Representative, for making representation on behalf of the Lenders stating the intention to substitute the Concessionaire. In case Authority receives representation on behalf of the Lenders, within the aforesaid period, the Authority shall withhold the termination for period not exceeding 180 (one hundred and eighty) days, for enabling the Lenders’ Representative to exercise the Lenders’ right of substitution in accordance with the Substitution Agreement, and substitute the Concessionaire with Nominated Company.

Substitution by Lenders’ Representative. In the event of Concessionaire’s Concessionaire‟s default, Authority shall, if there be any Lenders, send copy of the Termination Notice to the Lenders’ Lenders‟ Representative to inform and grant 15 (fifteen) days to the Lenders’ Lenders‟ Representative, for making representation on behalf of the Lenders stating the intention to substitute the Concessionaire. In case Authority receives representation on behalf of the Lenders, within the aforesaid period, the Authority shall withhold the termination for period not exceeding 180 (one hundred and eighty) days, for enabling the Lenders’ Lenders‟ Representative to exercise the Lenders’ Lenders‟ right of substitution in accordance with the Substitution Agreement, and substitute the Concessionaire with Nominated Company.

Substitution by Lenders’ Representative. In the event of Concessionaire’s default, Authority shall, if there be any Lenders, send copy of the Termination Notice to the Lenders’ Representative to inform and grant 15 (fifteen) days to the Lenders’ Representative, for making representation on behalf of the Lenders stating the intention to substitute the Concessionaire. In case Authority receives representation on behalf of the Lenders, within the aforesaid period, the Authority shall withhold the termination for period not exceeding 180 (one hundred and eighty) days, for enabling the Lenders’ Representative to exercise the Lenders’ right of substitution in accordance with the Substitution Agreement, and substitute the Concessionaire with Nominated Company. 22.2.

Substitution by Lenders’ Representative. 14.1.1 In the event of Concessionaire’s default, Authority shall, if there be any Lenders, send copy of the Termination Notice to the Lenders’ Representative to inform and grant 15 (fifteen) days to the Lenders’ Representative, for making representation on behalf of the Lenders stating the intention to substitute the Concessionaire. In case Authority receives representation on behalf of the Lenders, within the aforesaid period, the Authority shall withhold the termination for period not exceeding 180 (one hundred and eighty) days, for enabling the Lenders’ Representative to exercise the Lenders’ right of substitution in accordance with the Substitution Agreement, and substitute the Concessionaire with Nominated Company.