Common use of Substitution Process Clause in Contracts

Substitution Process. While carrying out substitution, the Lender’s Representative or Maha-Metro, as the case may be, shall invite competitive bids from the prospective parties for acting as the Nominated Company and substituting the Concessionaire. The financial bidding criteria for the bid shall be a Substitution Premium to be paid by the Nominated Company as a consideration to Maha-Metro. The Substitution Premium shall be in addition to the Nominated Company agreeing to bear all the liabilities of the Concessionaire in terms of the Agreement, Financing Agreement, Letter of Allotment/Sub-Leasing Agreements and sub-contracts with the Sub-Contractors, and which shall include but not be limited to overdue and future payments towards taxes to be paid to any Government (State Govt. and Central Government), Premium to be paid to Maha-Metro, Annual Concession Fees to be paid to Maha-Metro, repayment or refunds to third parties, liquidated damages to be paid to Maha-Metro, payment to Sub- Contractors relating to the Project, expenses incurred and claims by Maha-Metro on the Project due to the Concessionaire Default in terms of the Agreement to be paid to Maha-Metro, servicing of Debt Due to the Lenders etc. Moreover, as part of the condition of bidding, the Nominated Company shall be required to invest an additional minimum amount in the Project within 30 days of its appointment as the Nominated Company to clear all overdue amounts in respect of payments specified here above.

Substitution Process. While carrying out substitution, the Lender’s Representative or Maha-Metro, as the case may be, shall invite competitive bids from the prospective parties for acting as the Nominated Company and substituting the Concessionaire. The financial bidding criteria for the bid shall be a Substitution Premium to be paid by the Nominated Company as a consideration to Maha-Metro. The Substitution Premium shall be in addition to the Nominated Company agreeing to bear all the liabilities of the Concessionaire in terms of the this Concession Agreement, Financing Agreement, Letter of Allotment/Sub-Leasing Agreements and sub-contracts with the Sub-Contractors, and which shall include but not be limited to overdue and future payments towards taxes to be paid to any Government (State Govt. and Central Government), Premium all payments and services to be paid to Maha-Metro, Annual Concession Fees to be paid paid/ offered to Maha-Metro, repayment or refunds to third parties, liquidated damages to be paid to Maha-Metro, payment to Sub- Sub-Contractors relating to the Project, expenses incurred and claims by Maha-Metro on the Project due to the Concessionaire Default in terms of the Agreement to be paid to Maha-Metro, servicing of Debt Due to the Lenders etc. Moreover, as part of the condition of bidding, the Nominated Company shall be required to invest an additional minimum amount in the Project within 30 days of its appointment as the Nominated Company to clear all overdue amounts in respect of payments specified here above.