Common use of Restructuring or sale of < Clause in Contracts

Restructuring or sale of <. <Service Provider> not a default (a) The restructuring or sale of <Service Provider> is not a default for the purposes of clause 15.1 if it is conducted as part of, in preparation for or otherwise to facilitate: (i) a restructure of all or part of <Service Provider>'s corporate group; or (ii) the establishment of ring fencing policies or procedures (or both) specified in or under the Access Laws. (b) The term "restructure" in clause 15.9(a) includes the division of <Service Provider> into two or more separate legal entities, and the assignment, sale or other transfer of all or part of <Service Provider>'s business or assets to one or more Related Bodies Corporate of <Service Provider>. (c) If <Service Provider> notifies <User> of its intent to effect a restructure as contemplated by this clause 15.9, then <User> agrees to co-operate to enter into the documentation reasonably required to give effect to the restructure, within the timeframe reasonably required by <Service Provider>. In the event that the restructure results in <Service Provider> transferring all or any part of its rights and obligations under this Haulage Contract to one or more Third Parties, then <User> will arrange for any existing security provided or to be provided under clause 16.2 to be replaced by equivalent security in favour of the relevant transferee(s). (d) Upon confirmation in writing from any transferee(s) that they have received replacement security in form and substance satisfactory to them as contemplated by clause 15.9(c), <Service Provider> will, within 5 Business Days, return bank guarantees with an equivalent face value to the amount replaced, provided that where <Service Provider> is to continue to provide part of the Haulage Services following the restructure, <User> will procure the substitution of the bank guarantees held by <Service Provider> with a bank guarantee for an amount determined by <Service Provider> in order to guarantee the resulting reduced amount.

Restructuring or sale of <. <Service Provider> not a default (a) The restructuring or sale of <Service Provider> is not a default for the purposes of clause clause 15.1 if it is conducted as part of, in preparation for or otherwise to facilitate: (i) a restructure of all or part of <Service Provider>'s corporate group; or (ii) the establishment of ring fencing policies or procedures (or both) specified in or under the Access Laws. (b) The term "restructure" in clause 15.9(a) includes the division of <Service Provider> into two or more separate legal entities, and the assignment, sale or other transfer of all or part of <Service Provider>'s business or assets to one or more Related Bodies Corporate of <Service Provider>. (c) If <Service Provider> notifies <UserCounterparty> of its intent to effect a restructure as contemplated by this clause 15.9, then <UserCounterparty> agrees to co-operate to enter into the documentation reasonably required to give effect to the restructure, within the timeframe reasonably required by <Service Provider>. In the event that the restructure results in <Service Provider> transferring all or any part of its rights and obligations under this Haulage Contract Service Agreement to one or more Third Parties, then <UserCounterparty> will arrange for any existing security provided or to be provided under clause 16.2 to be replaced by equivalent security in favour of the relevant transferee(s). (d) Upon confirmation in writing from any transferee(s) that they have received replacement security in form and substance satisfactory to them as contemplated by clause 15.9(c), <Service Provider> will, within 5 Business Days, return bank guarantees Approved Security with an equivalent face value to the amount replaced, provided that where <Service Provider> is to continue to provide part of the Haulage Reference Services following the restructure, <UserCounterparty> will procure the substitution of the bank guarantees Approved Security held by <Service Provider> with a bank guarantee Approved Security for an amount determined by <Service Provider> in order to guarantee secure the resulting reduced amount.

Restructuring or sale of <. <Service Provider> not a default (a) The restructuring or sale of <Service Provider> is not a default for the purposes of clause 15.1 if it is conducted as part of, in preparation for or otherwise to facilitate: (i) a restructure of all or part of <Service Provider>'s corporate group; or (ii) the establishment of ring fencing policies or procedures (or both) specified in or under the Access Laws. (b) The term "restructure" in clause 15.9(a) includes the division of <Service Provider> into two or more separate legal entities, and the assignment, sale or other transfer of all or part of <Service Provider>'s business or assets to one or more Related Bodies Corporate of <Service Provider>. (c) If <Service Provider> notifies <User> of its intent to effect a restructure as contemplated by this clause 15.9, then <User> agrees to co-operate to enter into the documentation reasonably required to give effect to the restructure, within the timeframe reasonably required by <Service Provider>. In the event that the restructure results in <Service Provider> transferring all or any part of its rights and obligations under this Haulage Contract Service Agreement to one or more Third Parties, then <User> will arrange for any existing security provided or to be provided under clause 16.2 to be replaced by equivalent security in favour of the relevant transferee(s). (d) Upon confirmation in writing from any transferee(s) that they have received replacement security in form and substance satisfactory to them as contemplated by clause 15.9(c), <Service Provider> will, within 5 Business Days, return bank guarantees with an equivalent face value to the amount replaced, provided that where <Service Provider> is to continue to provide part of the Haulage Reference Services following the restructure, <User> will procure the substitution of the bank guarantees held by <Service Provider> with a bank guarantee for an amount determined by <Service Provider> in order to guarantee the resulting reduced amount.