Common use of Substitution by the Authority Clause in Contracts

Substitution by the Authority. In the event that no company is nominated by the Lender’s Representative to act as the Nominated Company or the company nominated by the Lenders’ Representative in terms of Article 15.1 is not acceptable to the Authority, Authority may either substitute the Concessionaire with its own Nominated Company in accordance with the Substitution Agreement, or terminate the Agreement.

Substitution by the Authority. In the event that no company is nominated by the Lender’s Lender‟s Representative to act as the Nominated Company or the company nominated by the Lenders’ Lenders‟ Representative in terms of Article 15.1 is not acceptable to the Authority, Authority may either substitute the Concessionaire with its own Nominated Company in accordance with the Substitution Agreement, or terminate the Agreement.