Common use of Procedure for substitution Clause in Contracts

Procedure for substitution. 3.4.1 The Railway Administration and the AFTO hereby agree that on or after the date of Notice of Financial Default or the date of representation to the Railway Administration under Article 3.3.2, as the case may be, the Lenders’ Representative may, without prejudice to any of the other rights or remedies of the Lenders under the Financing Documents, invite, negotiate and procure offers, either by private negotiations or public auction or tenders for the take over and transfer of the Concession to the Nominated Company upon such Nominated Company’s assumption of the liabilities and obligations of the AFTO towards the Railway Administration under the Concession Agreement and towards the Lenders under the Financing Documents, subject to such substitution by a Nominated Company not being prejudicial to national security or public interest, provided further that in case the right of substitution is proposed to be exercised by the lenders prior to one year after commencement of commercial operation, the Nominated Company shall also satisfy the eligibility of selection criteria prescribed by MOR . 3.4.2 Upon selection of a Nominated Company, the Lenders’ Representative shall request the Railway Administration to:

Procedure for substitution. 3.4.1 The Railway Administration and the AFTO Concessionaire hereby agree that on or after the date of Notice of Financial Default or the date of representation to the Railway Administration under Article 3.3.2, as the case may be, the Lenders’ Representative may, without prejudice to any of the other rights or remedies of the Lenders under the Financing Documents, invite, negotiate and procure offers, either by private negotiations or public auction or tenders for the take over and transfer of the Concession to the Nominated Company upon such Nominated Company’s assumption of the liabilities and obligations of the AFTO Concessionaire towards the Railway Administration under the Concession Agreement and towards the Lenders under the Financing Documents, subject to such substitution by a Nominated Company not being prejudicial to national security or public interest, provided further that in case the right of substitution is proposed to be exercised by the lenders prior to one year after commencement of commercial operation, the Nominated Company shall also satisfy the eligibility of selection criteria prescribed by MOR . 3.4.2 Upon selection of a Nominated Company, the Lenders’ Representative shall request the Railway Administration to: