Common use of Substitution by Xxxxxxx’ Representative Clause in Contracts

Substitution by Xxxxxxx’ Representative. In the event of Concessionaire Default which is not rectified in time, Maha-Metro shall, if there be any Lenders, send a copy of the Termination Notice to the Lenders’ Representative to inform and grant 15 (Fifteen) days to the Lenders’ Representative, for making a representation on behalf of the Lenders stating the intention to substitute the Concessionaire. In case Maha-Metro receives a representation on behalf of the Lenders, within the aforesaid period, Maha-Metro shall withhold the termination for a 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 a Nominated Company. The nomination by Xxxxxx’s hall not be rejected for reasons other than non-fulfilment of eligibility criteria stated in the RFP Document, provided that “Any entity/novatee (the Novatee, its Member, or Associate was, either by itself or as Member of a consortium) which has been barred by the Central Government / State Government or any entity Controlled by it, from participating in any project (BOT, BOOT, DBFOT or otherwise) and where the bar subsists as on the Date of Novation, or has been declared by the Maha- Metro as non-performer/blacklisted would not be eligible to submit its application for Novation, either individually or as Member of a Consortium.

Substitution by Xxxxxxx’ Representative. In the event of Concessionaire Default which is not rectified in timewithin the defined time limit, Maha-Metro shall, if there be any Lenders, send a copy of the Termination Notice to the Lenders’ Representative to inform and grant 15 (Fifteen) days to the Lenders’ Representative, for making a representation on behalf of the Lenders stating the intention to substitute the Concessionaire. In case Maha-Metro receives a representation on behalf of the Lenders, within the aforesaid period, Maha-Metro shall withhold the termination for a 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 Agreement, and substitute the Concessionaire with a Nominated Company. The nomination by Xxxxxx’s hall not be rejected for reasons other than non-fulfilment fulfillment of eligibility criteria stated in the RFP Document, provided that “Any entity/novatee (the Novatee, its Member, or Associate was, either by itself or as Member of a consortium) which has been barred by the Central Government / State Government or any entity Controlled by it, from participating in any project (BOT, BOOT, DBFOT or otherwise) and where the bar subsists as on the Date of Novation, or has been declared by the Maha- Metro as non-performer/blacklisted would not be eligible to submit its application for Novation, either individually or as Member of a Consortium.

Substitution by Xxxxxxx’ Representative. In the event of Concessionaire Default which is not rectified in time, Maha-Metro shall, if there be any Lenders, send a copy of the Termination Notice to the Lenders’ Representative to inform and grant 15 (Fifteen) days to the Lenders’ Representative, for making a representation on behalf of the Lenders stating the intention to substitute the Concessionaire. In case Maha-Metro receives a representation on behalf of the Lenders, within the aforesaid period, Maha-Metro shall withhold the termination for a 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 Agreement, and substitute the Concessionaire with a Nominated Company. The nomination by Xxxxxx’s hall not be rejected for reasons other than non-fulfilment fulfillment of eligibility criteria stated in the RFP Document, provided that “Any entity/novatee (the Novatee, its Member, or Associate was, either by itself or as Member of a consortium) which has been barred by the Central Government / State Government or any entity Controlled by it, from participating in any project (BOT, BOOT, DBFOT or otherwise) and where the bar subsists as on the Date of Novation, or has been declared by the Maha- Metro as non-performer/blacklisted would not be eligible to submit its application for Novation, either individually or as Member of a Consortium.