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 Concessionaire (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Railway Administration for its information and record. A Notice of Financial Default under this 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 Documents, 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 Railway Administration to suspend all the rights of the Concessionaire under the Grant, and upon receipt of such notice, the Railway Administration 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 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’ Representative and the Concessionaire, the Railway Administration may extend the aforesaid period of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) days.

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 Railway Administration Authority for its information and record. A Notice of Financial Default under this Article 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 DocumentsAgreements, 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 Railway Administration Authority to suspend all the rights of the Concessionaire under and undertake the Grantoperation and maintenance of the Project in accordance with the provisions of Article 26 of the Concession Agreement, and upon receipt of such notice, the Railway Administration Authority shall undertake suspension 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 Railway Administration Authority may terminate the Concession Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Agreement; provided that . 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 and at the Concessionaire, the Railway Administration may extend the aforesaid period end of 180 (one hundred and eighty) days by a period not exceeding 90 (ninety) daysfrom the date of Suspension hereunder.

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 Operator (the “Notice of Financial Default”) along with particulars thereof, and send a copy to the Railway Administration Authority for its information and record. A Notice of Financial Default under this Article Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire Operator 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 Documents, substitute the Concessionaire Operator 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 Railway Administration Authority to suspend all the rights of the Concessionaire under Operator and undertake the Grantoperation and maintenance of the Project/Project Facilities and Services, and upon receipt of such notice, the Railway Administration Authority shall undertake suspension under and in accordance with suspend the provisions rights of the Concession AgreementOperator. The aforesaid Suspension Provided, such suspension shall be revoked upon substitution of the Concessionaire Operator 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 Railway Administration 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 ConcessionaireOperator, the Railway Administration Authority may extend the aforesaid period of 180 (one hundred and eighty) days Days by a period not exceeding 90 (ninety) daysDays.

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 Licensee (the “Notice of Financial Default”") along with particulars thereof, and send a copy to the Railway Administration Authority for its information and record. , A Notice of Financial Default under this Article Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire Licensee 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 DocumentsAgreements, substitute the Concessionaire Licensee 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 Railway Administration Authority to suspend all the rights of the Concessionaire under Licensee and undertake the Grantoperation and maintenance of the Project in accordance with the provisions of Article 31 of the License Agreement, and upon receipt of such notice, the Railway Administration Authority shall undertake suspension Suspension under and in accordance with the provisions of the Concession License Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire Licensee 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 Railway Administration Authority may terminate the Concession License Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession License Agreement; provided that upon written request from the Lenders’ ' Representative and the ConcessionaireLicensee, the Railway Administration Authority may extend the aforesaid period of [180 (one hundred and eighty) )] days by a period not exceeding [90 (ninety) )] days.