Common use of Substitution of SPD Clause in Contracts

Substitution of SPD. At any time during the period of Suspension, the Lenders‟ Representative, on behalf of Senior Lenders, shall be entitled to substitute the SPD under and in accordance with the Substitution Agreement, and upon receipt of notice there under from the Lenders‟ Representative, Railways shall withhold Termination for a period not exceeding 180 (one hundred and eighty) days from the date of Suspension, and any extension thereof under Clause 27.1, for enabling the Lenders‟ Representative to exercise its rights of substitution on behalf of Senior Lenders.

Substitution of SPD. At any time during the period of Suspension, the Lenders‟ Representative, on behalf of Senior Lenders, shall be entitled to substitute the SPD under and in accordance with the Substitution Agreement, and upon receipt of notice there under from the Lenders‟ Lenders ‟ Representative, Railways shall withhold Termination for a period not exceeding 180 (one hundred and eighty) days from the date of Suspension, and any extension thereof under Clause 27.1, for enabling the Lenders‟ Representative to exercise its rights of substitution on behalf of Senior Lenders.