Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement. 3.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement. 3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ Representative and the Concessionaire, the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 2 contracts
Samples: Substitution Agreement, Vesting Certificate
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Senior Lenders/Senior Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along Default”)along with particulars thereof, thereof and send a copy to the Concessioning Authority for its information and informationand record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and ofsuchFinancialDefaultand it shall be final and binding upon the Concessionaire for the purposes of finalandbindinguponthe Concessionaireforthepurposesof this Agreement.
3.2.2 Upon issue of a Notice of Financial Default hereunder, the Senior Lenders/Senior Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the orthe Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions theprovisions of this Agreement.
3.2.3 At any time after the Senior Lenders/Senior Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights therights of the Concessionaire and undertake the operation and maintenance of the Project/Project in accordance with the provisions of Article 30 of the Concession AgreementFacilities and Services, and upon receipt of such notice, the Authority ConcessioningAuthority shall undertake Suspension under and in accordance with suspend the provisions rights of the Concession AgreementConcessionaire. The aforesaid Suspension Provided, such suspension shall be revoked berevoked upon substitution of the Concessionaire by a Nominated CompanySelectee, and in the event such substitution is not completed within 180 (one hundred and eighty) days Days from the date of such Suspensionsuspension, the Concessioning Authority may terminate the Concession Agreement forthwith by forthwithby issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Senior Lenders/Senior Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period aforesaidperiod of 180 (one hundred and eighty) days Days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunderDays.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 3.2.1. Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, thereof and send a copy to the Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 3.2.2. Upon issue of a Notice of Financial Default hereunder, the Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement.Financing
3.2.3 3.2.3. At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 26 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ Representative and the Concessionaire, the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 the end of 180 (two one hundred and fortyeighty) days from the date of Suspension hereunder.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Senior Lenders/Senior Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 Upon issue of a Notice of Financial Default hereunder, the Senior Lenders/Senior Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement.
3.2.3 At any time after the Senior Lenders/Senior Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project in accordance with the provisions of Article 30 of the Concession AgreementFacilities and Services, and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with suspend the provisions rights of the Concession AgreementConcessionaire. The aforesaid Suspension Provided, such suspension shall be revoked upon substitution of the Concessionaire by a Nominated CompanySelectee, and in the event such substitution is not completed within 180 (one hundred and eighty) days Days from the date of such Suspensionsuspension, the Concessioning Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Senior Lenders/Senior Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of 180 (one hundred and eighty) days Days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunderDays.
Appears in 1 contract
Samples: Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 a. Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Concessionaire Contractor (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire Contractor for the purposes of this Agreement.
3.2.2 b. Upon issue of a Notice of Financial Default hereunder, the Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire Contractor by a Nominated Company Contractor in accordance with the provisions of this Agreement.
3.2.3 c. At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire Contractor and undertake the operation and maintenance of the Project as mentioned elsewhere in accordance with the provisions of Article 30 of the Concession this Contract Agreement, and upon receipt of such notice, the Authority of NMC shall undertake Suspension under and in accordance with the provisions of the Concession Contract Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire Contractor by a Nominated CompanyContractor, and in the event such substitution is not completed within 180 30 (one hundred and eightythirty) days from the date of such Suspension, the Authority of NMC may terminate the Concession Contract Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession AgreementContract Agreemen t; provided that upon written request from the Lenders’ Representative and the ConcessionaireContractor, the Authority of NMC may extend the aforesaid period of 180 30 (one hundred and eightythirty) days by a period not exceeding 90 30 (ninetythirty) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Contract Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Contract
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ ' Representative may issue a notice to the Concessionaire (the “"Notice of Financial Default”") along with particulars thereof, and send a copy to the Authority ULB for its information and record. A Notice of Financial Default under this Clause Article 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders’ ' Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company Substitute Entity in accordance with the provisions of this Agreement.
3.2.3 At any time after the Lenders’ ' Representative has issued a Notice of Financial Default, it may by notice require the Authority AMC to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 of the Concession Agreement, and upon receipt of such notice, the Authority AMC shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated CompanySubstitute Entity, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Authority AMC may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ ' Representative and the Concessionaire, the Authority AMC may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 (a) Upon occurrence of a Financial Default, the Lenders’ ' Representative may issue a notice to the Concessionaire (the “"Notice of Financial Default”") along with particulars thereof, and send a copy to the Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 (b) Upon issue issuance of a Notice of Financial Default hereunder, the Lenders’ ' Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement.
3.2.3 (c) At any time after the Lenders’ ' Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ ' Representative and the Concessionaire, the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 3.2.1. Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 3.2.2. Upon issue of a Notice of Financial Default hereunder, the Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement.
3.2.3 3.2.3. At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 36 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ Representative and the Concessionaire, the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the LendersLenders/ Xxxxxxx’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders/Xxxxxxx’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement.
3.2.3 At any time after the Lenders/Xxxxxxx’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project Facilities and Services, in accordance with the provisions of Article 30 of the Concession Agreement, Agreement and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with the provisions of the Concession AgreementAgreement . The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated CompanySelectee, and in the event such substitution is not completed within 180 (one hundred and eighty) days Days from the date of such Suspension, the Concessioning Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders/Xxxxxxx’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of 180 (one hundred and eighty) days Days by a period not exceeding 90 (ninety) daysDays. For the avoidance of doubt, the Concessioning Authority expressly agrees agree and undertakes undertake to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders/Xxxxxxx’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Non Technical Schedules
Substitution upon occurrence of Financial Default. 3.2.1 1.2.1 Upon occurrence of a Financial Default, the LendersLenders/ Xxxxxxx’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 1.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders/Xxxxxxx’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement.
3.2.3 1.2.3 At any time after the Lenders/Xxxxxxx’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project Facilities and Services, in accordance with the provisions of Article 30 of the Concession Agreement, Agreement and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with the provisions of the Concession AgreementAgreement . The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated CompanySelectee, and in the event such substitution is not completed within 180 (one hundred and eighty) days Days from the date of such Suspension, the Concessioning Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders/Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of 180 (one hundred and eighty) days Days by a period not exceeding 90 (ninety) daysDays. For the avoidance of doubt, the Concessioning Authority expressly agrees agree and undertakes undertake to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders/Xxxxxxx’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record. A Notice of Financial Default under this Clause 3 3.2.1 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement.
3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 24 of the Concession Agreement, and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Concessioning Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Concessioning Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the LendersLenders/ Xxxxxxx’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 . Upon issue of a Notice of Financial Default hereunder, the Lenders/Xxxxxxx’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement.
3.2.3 . At any time after the Lenders/Xxxxxxx’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project Facilities and Services, in accordance with the provisions of Article 30 of the Concession Agreement, Agreement and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated CompanySelectee, and in the event such substitution is not completed within 180 (one hundred and eighty) days Days from the date of such Suspension, the Concessioning Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders/Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of 180 (one hundred and eighty) days Days by a period not exceeding 90 (ninety) daysDays. For the avoidance of doubt, the Concessioning Authority expressly agrees agree and undertakes undertake to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders/Xxxxxxx’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Substitution Agreement
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 . Upon issue of a Notice of Financial Default hereunder, the Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement.
3.2.3 . At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 29 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ Representative and the Concessionaire, the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement.
3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 36 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ Representative and the Concessionaire, the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Substitution Agreement
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders/Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record. A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders/Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement.
3.2.3 At any time after the Lenders/Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project in accordance with the provisions of Article 30 of the Concession AgreementFacilities and Services, and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with suspend the provisions rights of the Concession AgreementConcessionaire. The aforesaid Suspension Provided, such suspension shall be revoked upon substitution of the Concessionaire by a Nominated CompanySelectee, and in the event such substitution is not completed within 180 (one hundred and eighty) days Days from the date of such Suspensionsuspension, the Concessioning Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders/Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of 180 (one hundred and eighty) days Days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunderDays.
Appears in 1 contract
Samples: Concession Agreement
Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Authority for its information and record. A Notice of Financial Default under this Clause Article 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire for the purposes of this Agreement.
3.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement.
3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 30 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the event such substitution is not completed within 180 (one hundred and eighty) days from the date of such Suspension, the Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that upon written request from the Lenders’ Representative and the Concessionaire, the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.
Appears in 1 contract
Samples: Concession Agreement