Common use of Xxxxxx’s Step-in Rights Clause in Contracts

Xxxxxx’s Step-in Rights. a) Notwithstanding anything to the contrary contained in this Agreement, the Parties hereby agree that: i. Upon the Lenders recalling and demanding the debt outstanding under the Financing Documents (following an event of default under the Financing Documents); or ii. Upon a Termination Notice being issued by the Authority. The Lenders shall, without prejudice to any other remedy available to them, have the option to propose to the Authority the substitution of the Developer by another suitable operating company (“Proposed Developer”). Any such proposal shall contain in sufficient detail all the relevant information about the Proposed Developer and the terms and conditions of the substitution. b) Upon receipt of the Lenders’ proposal pursuant to the Clause 9.5 (a), the Authority shall, at its discretion, have the right to accept substitution of the Developer on such terms and conditions as it may deem fit.

Xxxxxx’s Step-in Rights. a) Notwithstanding anything to the contrary contained in this Agreement, the Parties hereby agree that: i. Upon the Lenders recalling and demanding the debt outstanding under the Financing Documents (following an event of default under the Financing Documents); , or ii. Upon a Termination Notice being issued by the Authority. Authority The Lenders shall, without prejudice to any other remedy available to them, have the option to propose to the Authority the substitution of the Developer by another suitable operating company (“Proposed Developer”). Any such proposal shall contain in sufficient detail all the relevant information about the Proposed Developer and the terms and conditions of the substitution. b) Upon receipt of the Lenders’ proposal pursuant to the preceding Clause 9.5 (a), the Authority shall, at its discretion, have the right to accept substitution of the Developer on such terms and conditions as it may deem fit.

Xxxxxx’s Step-in Rights. a) Notwithstanding anything to the contrary contained in this Agreement, the Parties hereby agree that: i. Upon the Lenders recalling and demanding the debt outstanding under the Financing Documents (following an event of default under the Financing Documents); , or ii. Upon a Termination Notice being issued by the Authority. Authority The Lenders shall, without prejudice to any other remedy available to them, have the option to propose to the Authority the substitution of the Developer by another suitable operating company (“Proposed Developer”). Any such proposal shall contain in sufficient detail all the relevant information about the Proposed Developer and the terms and conditions of the substitution. b) Upon receipt of the Lenders’ proposal pursuant to the preceding Clause 9.5 (a9.5(a), the Authority shall, at its discretion, have the right to accept substitution of the Developer on such terms and conditions as it may deem fit.

Xxxxxx’s Step-in Rights. a) 9.5.1 Notwithstanding anything to the contrary contained in this Agreement, the Parties hereby agree that: i. Upon the Lenders recalling and demanding the debt outstanding under the Financing Documents (following an event of default under the Financing Documents); , or ii. Upon a Termination Notice being issued by the Authority. Authority The Lenders shall, without prejudice to any other remedy available to them, have the option to propose to the Authority the substitution of the Developer by another suitable operating company (“Proposed Developer”). Any such proposal shall contain in sufficient detail all the relevant information about the Proposed Developer and the terms and conditions of the substitution. b) 9.5.2 Upon receipt of the Lenders’ proposal pursuant to the preceding Clause 9.5 (a), the Authority shall, at its discretion, have the right to accept substitution of the Developer on such terms and conditions as it may deem fit.