Common use of Substitution upon occurrence of Financial Default Clause in Contracts

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Lessee (the “Notice of Financial Default”) along with particulars thereof, and send a copy to RLDA for its information and record. A Notice of Financial Default under this Article III shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Lessee for the purposes of the Substitution 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 the Substitution Agreement or the Financing Agreements, substitute the Lessee by a Nominated Company in accordance with the provisions of the Substitution Agreement. 3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may make a representation to RLDA, stating that it intends to substitute the Lessee by a Nominated Company (“Lenders’ Substitution Notice”). The Lenders’ Representative shall be entitled to undertake and complete the substitution of the Lessee by a Nominated Company in accordance with the provisions of the Substitution Agreement and the Lease Agreement within a period of 180 (one hundred and eighty) days from the date of Lenders’ Substitution Notice, and RLDA shall withhold Termination due to any Lessee Event of Default for the aforesaid period of 180 (one hundred and eighty) days, and the Lessee shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a copy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the Lessee.

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Lessee Developer (the “Notice of Financial Default”) along with particulars thereof, and send a copy to RLDA the Employer for its information and record. A Notice of Financial Default under this Article III Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Lessee Developer for the purposes of the Substitution 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 the Substitution this Agreement or the Financing Agreementsfinancing agreements, substitute the Lessee Developer by a Nominated Company in accordance with the provisions of the Substitution this Agreement. 3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may make a representation by notice require the Employer to RLDA, stating that it intends to substitute suspend all the Lessee by a Nominated Company (“Lenders’ Substitution Notice”). The Lenders’ Representative shall be entitled to undertake and complete the substitution rights of the Lessee by a Nominated Company Developer and undertake the operation and maintenance of the Project in accordance with the provisions of Article 15 of the Project Development and Implementation Agreement, and upon receipt of such notice, the Employer shall undertake Suspension under and in accordance with the provisions of the Substitution Agreement Project Development and Implementation Agreement. The aforesaid Suspension shall be revoked upon substitution of the Lease Agreement Developer by a Nominated Company, and in the event such substitution is not completed within a period of 180 (one hundred and eighty) days from the date of such Suspension, the Employer may terminate the Project Development and Implementation Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Project Development and Implementation Agreement; provided that upon written request from the Lenders’ Substitution NoticeRepresentative and the Developer, and RLDA shall withhold Termination due to any Lessee Event of Default for the Employer may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days, and the Lessee shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a copy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the Lessee.

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Lessee Developer (the “Notice of Financial Default”) along with particulars thereof, and send a copy to RLDA BSHB for its information and record. A Notice of Financial Default under this Article III 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Lessee Developer for the purposes of the Substitution 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 the Substitution this Agreement or the Financing AgreementsDocuments, substitute the Lessee Developer by a Nominated Company in accordance with the provisions of the Substitution this Agreement. 3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may make a representation to RLDABSHB, stating that it intends to substitute the Lessee Developer by a Nominated Company (“Lenders’ Substitution Notice”)Company. The Lenders’ Representative shall be entitled to undertake and complete the substitution Substitution of the Lessee Developer by a Nominated Company in accordance with the provisions of the Substitution this Agreement and the Lease Concession Agreement within a period of 180 (one hundred and eighty) days from the date of Lenders’ Substitution Noticesuch representation, and RLDA BSHB shall withhold Termination due to any Lessee Developer Event of Default for the aforesaid period of 180 (one hundred and eighty) days, and the Lessee Developer shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a copy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the Lessee.

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ ' Representative may issue a notice to the Lessee Concessionaire (the “"Notice of Financial Default”") along with particulars thereof, and send a copy to RLDA the Authority for its information and record. A Notice of Financial Default under this Article III 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Lessee Concessionaire for the purposes of the Substitution 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 the Substitution this Agreement or the Financing Agreements, substitute the Lessee Concessionaire by a Nominated Company Substitute Entity in accordance with the provisions of the Substitution this Agreement. 3.2.3 At any time after the Lenders’ ' Representative has issued a Notice of Financial Default, it may make a representation by notice require the Authority to RLDA, stating that it intends to substitute suspend all the Lessee by a Nominated Company (“Lenders’ Substitution Notice”). The Lenders’ Representative shall be entitled to undertake and complete the substitution rights of the Lessee by a Nominated Company Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of the Substitution Agreement Concession Agreement, and upon receipt of such notice, the Lease Agreement 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 Substitute Entity, and in the event such substitution is not completed within a period of 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’ Substitution Notice' Representative and the Concessionaire, and RLDA shall withhold Termination due to any Lessee Event of Default for the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days, and the Lessee shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a copy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the Lessee.

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Lessee AFTO (the “Notice of Financial Default”) along with particulars thereof, and send a copy to RLDA the Railway Administration for its information and record. A Notice of Financial Default under this Article III 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Lessee AFTO for the purposes of the Substitution 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 the Substitution this Agreement or the Financing AgreementsDocuments, substitute the Lessee AFTO by a Nominated Company in accordance with the provisions of the Substitution this Agreement. 3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may make a representation by notice require the Railway Administration to RLDA, stating that it intends to substitute suspend all the Lessee by a Nominated Company (“Lenders’ Substitution Notice”). The Lenders’ Representative shall be entitled to undertake and complete the substitution rights of the Lessee by a Nominated Company AFTO under the Grant, and upon receipt of such notice, the Railway Administration shall undertake suspension under and in accordance with the provisions of the Substitution Agreement Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the AFTO by a Nominated Company, and in the Lease Agreement event such substitution is not completed within a period of 180 (one hundred and eighty) days from the date of such Suspension, the Railway Administration 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’ Substitution NoticeRepresentative and the AFTO, and RLDA shall withhold Termination due to any Lessee Event of Default for the Railway Administration may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days, and the Lessee shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a copy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the Lessee.

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 Lessee Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to RLDA the Authority for its information and record. A Notice of Financial Default under this Article III 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Lessee Concessionaire for the purposes of the Substitution 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 the Substitution this Agreement or the Financing Agreements, substitute the Lessee Concessionaire by a Nominated Company in accordance with the provisions of the Substitution this Agreement. 3.2.3 At any time after the Lenders’ Lenders‟ Representative has issued a Notice of Financial Default, it may make a representation by notice require the Authority to RLDA, stating that it intends to substitute suspend all the Lessee by a Nominated Company (“Lenders’ Substitution Notice”). The Lenders’ Representative shall be entitled to undertake and complete the substitution rights of the Lessee by a Nominated Company Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 31 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and in accordance with the provisions of the Substitution Agreement Concession Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire by a Nominated Company, and in the Lease Agreement event such substitution is not completed within a period of 180 (one hundred and eighty) days from the date of Lenders’ Substitution Noticesuch 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 RLDA shall withhold Termination due to any Lessee Event of Default for the Concessionaire, the Authority may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days, and the Lessee shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a copy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the Lessee.

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders’ Representative may issue a notice to the Lessee Developer (the “Notice of Financial Default”) along with particulars thereof, and send a copy to RLDA Authority for its information and record. A Notice of Financial Default under this Article III shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Lessee Developer for the purposes of the Substitution 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 the Substitution Agreement or the Financing Agreements, substitute the Lessee Developer by a Nominated Company in accordance with the provisions of the Substitution Agreement. 3.2.3 At any time after the Lenders’ Representative has issued a Notice of Financial Default, it may make a representation to RLDAAuthority, stating that it intends to substitute the Lessee Developer by a Nominated Company (“Lenders’ Substitution Notice”). The Lenders’ Representative shall be entitled to undertake and complete the substitution of the Lessee Developer by a Nominated Company in accordance with the provisions of the Substitution Agreement and the Lease Development Agreement within a period of 180 (one hundred and eighty) days from the date of Lenders’ Substitution Notice, and RLDA Authority shall withhold Termination due to any Lessee Developer Event of Default for the aforesaid period of 180 (one hundred and eighty) days, and the Lessee Developer shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a copy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the LesseeDeveloper.