Examples of GT in a sentence
Notwithstanding the foregoing, upon a termination of this Agreement or in the event GT USA Enstructure breaches its Initial Capital Expenditure Obligation the Initial Second Amendment Payment, Port Initial Capital Expenditure Obligation or Total Capital Expenditure Obligation with respect to Edgemoor under this Agreement, then this Section 3.3(a) shall be of no further force and effect.
Pursuant to that certain Assignment and Assumption Agreement dated as of the date hereof (the “Assignment and Assumption Agreement”) between GT USA and Enstructure, following DSPC’s consent, Enstructure will assume the rights and obligations of GT USA under the Concession Agreement as modified by the terms of this Second Amendment, and the Early Works Agreement (as defined below), and succeed GT USA as concessionaire of the Port.
In the event the Letter of Credit is set to expire in fewer than thirty (30) days and DSPC has received a notice of non-extension from the issuer thereof, DSPC is hereby authorized to draw on the Letter of Credit as cash collateral to secure the contingent obligations of GT USA Enstructure under this Agreement and to satisfy them as they become absolute and due; provided that DSPC shall account to GT USA Enstructure for any proceeds that are not so used.
GT USA, GT Americas or the ultimate parent of any other Equity Participants in GT USA Enstructure Parent, as applicant under the Letter of Credit, hereby agrees to waive any challenge to a draw made by DSPC against the Letter of Credit based on a GT USA Enstructure Default, including, without limitation, failure to pay the Concession Fee or any other breach of this Agreement.
Notwithstanding the foregoing, GT USA Enstructure may from time to time request that DSPC join with GT USA Enstructure in activities designed to promote and enhance development of the Port with Governmental Authorities, and to the extent it undertakes such activities, DSPC shall not be in violation of this Section 3.3(a).