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 Authority for its information and record, A Notice of Financial Default under this 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 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 Agreements, 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Lenders' Representative and the Concessionaire, the Authority 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, thereof and send a copy to the Authority for its information and record, . A Notice of Financial Default under this 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 Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement.Financing 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 26 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Authority 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 Lenders' ’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Authority for its information and record, . A Notice of Financial Default under this 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 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 Agreements, 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 30 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Lenders' ’ Representative and the Concessionaire, the Authority may extend the aforesaid period of [180 (one hundred and eighty)] ) days by a period not exceeding [90 (ninety)] ) days. 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 at any time after 240 (two hundred and forty) days from 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 (the “Notice of Financial Default") along Default”)along with particulars thereof, thereof and send a copy to the Concessioning Authority for its information and informationand record, . A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and ofsuchFinancialDefaultand it shall be final and binding upon the Concessionaire for the purposes of finalandbindinguponthe Concessionaireforthepurposesof 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 orthe Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions theprovisions 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 Concessioning Authority to suspend all the rights therights of the Concessionaire and undertake the operation and maintenance of the Project/Project in accordance with the provisions of Article 25 of the Concession AgreementFacilities and Services, and upon receipt of such notice, the Authority ConcessioningAuthority shall undertake Suspension under and in accordance with suspend the provisions rights of the Concession AgreementConcessionaire. The aforesaid Suspension Provided, such suspension shall be revoked berevoked upon substitution of the Concessionaire 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 Concessioning Authority may terminate the Concession Agreement forthwith by forthwithby 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 Concessionaire, the Concessioning Authority may extend the aforesaid period aforesaidperiod of [180 (one hundred and eighty)] days ) Days by a period not exceeding [90 (ninety)] days) Days.

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 Developer (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Authority Employer for its information and record, . A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire Developer 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 Agreementsfinancing agreements, substitute the Concessionaire Developer 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 Authority Employer to suspend all the rights of the Concessionaire Developer and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 15 of the Concession Project Development and Implementation Agreement, and upon receipt of such notice, the Authority Employer shall undertake Suspension under and in accordance with the provisions of the Concession Project Development and Implementation Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire Developer 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 Authority Employer may terminate the Concession Project Development and Implementation Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession Project Development and Implementation Agreement; provided that upon written request from the Lenders' ’ Representative and the ConcessionaireDeveloper, the Authority Employer 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 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 Authority for its information and record, . A Notice of Financial Default under this Clause 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 Agreements, 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 30 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Lenders' ’ Representative and the Concessionaire, the Authority may extend the aforesaid period of [180 (one hundred and eighty)] ) days by a period not exceeding [90 (ninety)] ) days. 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 at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.

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 Authority for its information and record, . A Notice of Financial Default under this 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 Agreements, 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 36 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Lenders' ’ Representative and the Concessionaire, the Authority may extend the aforesaid period of [180 (one hundred and eighty)] ) days by a period not exceeding [90 (ninety)] ) days. 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 at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.

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 Developer (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Authority for its information and record, . A Notice of Financial Default under this Clause 3 Article III shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire Developer for the purposes of this the Substitution 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 the Substitution Agreement or the Financing Agreements, substitute the Concessionaire Developer by a Nominated Company in accordance with the provisions of this the Substitution Agreement. 3.2.3 At any time after the Lenders' ’ Representative has issued a Notice of Financial Default, it may make a representation to Authority, stating that it intends to substitute the Developer by notice require a Nominated Company (“Lenders’ Substitution Notice”). The Lenders’ Representative shall be entitled to undertake and complete the Authority to suspend all the rights substitution of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and Developer by a Nominated Company in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution Substitution Agreement and the Development Agreement within a period 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 SuspensionLenders’ Substitution Notice, the and Authority may terminate the Concession Agreement forthwith by issuing a shall withhold Termination Notice in accordance with the provisions due to any Developer Event of the Concession Agreement; provided that upon written request from the Lenders' Representative and the Concessionaire, the Authority may extend Default for the aforesaid period of [180 (one hundred and eighty)] days by ) days, and the Developer shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a period not exceeding [90 (ninety)] dayscopy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the Developer.

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders' Lenders‟ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Authority for its information and record, . A Notice of Financial Default under this Clause 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' Lenders‟ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement. 3.2.3 At any time after the Lenders' Lenders‟ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 31 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Lenders' Lenders‟ Representative and the Concessionaire, the Authority 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 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 Concessioning Authority for its information and record, . A Notice of Financial Default under this Clause 3 3.2.1 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 Agreements, 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 Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 24 of the Concession Agreement, and upon receipt of such notice, the Concessioning Authority 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 Concessioning 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 Lenders' ’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of [180 (one hundred and eighty)] ) days by a period not exceeding [90 (ninety)] ) days. For the avoidance of doubt, the Concessioning Authority expressly agrees and undertakes to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.

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 Authority for its information and record, . A Notice of Financial Default under this Clause 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 Agreements, substitute the Concessionaire by a Nominated Company Substitute Entity 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 of the Concession Agreement, and upon receipt of such notice, the Authority 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 CompanySubstitute Entity, and in the event such substitution is not completed within [180 (one hundred and eighty)] ) days from the date of such Suspension, the 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 Lenders' Representative and the Concessionaire, the Authority 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 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 Authority for its information and record, . A Notice of Financial Default under this 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 . 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 Agreements, 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 29 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Lenders' ’ Representative and the Concessionaire, the Authority may extend the aforesaid period of [180 (one hundred and eighty)] ) days by a period not exceeding [90 (ninety)] ) days. 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 at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.

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 Authority for its information and record, . A Notice of Financial Default under this 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 Agreements, 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 26 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Authority 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 Lenders' Representative may issue a notice to the Concessionaire (the “"Notice of Financial Default") along with particulars thereof, and send a copy to the Authority ULB for its information and record, . A Notice of Financial Default under this Clause 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 Agreements, substitute the Concessionaire by a Nominated Company Substitute Entity 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 Authority AMC to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 of the Concession Agreement, and upon receipt of such notice, the Authority AMC 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 CompanySubstitute Entity, and in the event such substitution is not completed within [180 (one hundred and eighty)] ) days from the date of such Suspension, the Authority AMC 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 Authority AMC 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 Upon occurrence of a Financial Default, the Lenders' Lenders/ ▇▇▇▇▇▇▇’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record, . A Notice of Financial Default under this 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 . Upon issue of a Notice of Financial Default hereunder, the Lenders' Lenders/▇▇▇▇▇▇▇’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement. 3.2.3 . At any time after the Lenders' Lenders/▇▇▇▇▇▇▇’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project Facilities and Services, in accordance with the provisions of Article 25 of the Concession Agreement, Agreement and upon receipt of such notice, the Concessioning Authority 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 CompanySelectee, and in the event such substitution is not completed within [180 (one hundred and eighty)] days ) Days from the date of such Suspension, the Concessioning 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 Lenders' /Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of [180 (one hundred and eighty)] days ) Days by a period not exceeding [90 (ninety)] days) Days. For the avoidance of doubt, the Concessioning Authority expressly agree and undertake to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders/▇▇▇▇▇▇▇’ Representative at any time after 240 days from the date of Suspension hereunder.

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 Authority for its information and record, . A Notice of Financial Default under this 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 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 Agreements, 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 Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 36 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Lenders' ’ Representative and the Concessionaire, the Authority may extend the aforesaid period of [180 (one hundred and eighty)] ) days by a period not exceeding [90 (ninety)] ) days. 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 at any time after 240 (two hundred and forty) days from 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 Authority for its information and record, . A Notice of Financial Default under this 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 AgreementsDocuments, 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 Authority to suspend all the rights of the Concessionaire Operator and undertake the operation and maintenance of the Project/Project in accordance with the provisions of Article 25 of the Concession AgreementFacilities and Services, and upon receipt of such notice, the 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 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 Authority may extend the aforesaid period of [180 (one hundred and eighty)] days ) Days by a period not exceeding [90 (ninety)] days) Days.

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders' Lenders/ ▇▇▇▇▇▇▇’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record, . A Notice of Financial Default under this 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 Upon issue of a Notice of Financial Default hereunder, the Lenders' Lenders/▇▇▇▇▇▇▇’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement. 3.2.3 At any time after the Lenders' Lenders/▇▇▇▇▇▇▇’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project Facilities and Services, in accordance with the provisions of Article 25 of the Concession Agreement, Agreement and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with the provisions of the Concession AgreementAgreement . The aforesaid Suspension shall be revoked upon substitution of the Concessionaire 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 Suspension, the Concessioning 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 Lenders' Lenders/▇▇▇▇▇▇▇’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of [180 (one hundred and eighty)] days ) Days by a period not exceeding [90 (ninety)] days) Days. For the avoidance of doubt, the Concessioning Authority expressly agree and undertake to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders/▇▇▇▇▇▇▇’ Representative at any time after 240 days from the date of Suspension hereunder.

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 Authority Railway Administration for its information and record, . A Notice of Financial Default under this Clause 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 AgreementsDocuments, 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 Authority Railway Administration to suspend all the rights of the Concessionaire and undertake under the operation and maintenance of the Project in accordance with the provisions of Article 25 of the Concession AgreementGrant, and upon receipt of such notice, the Authority Railway Administration 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 Authority 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 Authority 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 Licensee (the “Notice of Financial Default") along with particulars thereof, and send a copy to the Authority for its information and record, A Notice of Financial Default under this 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 Agreements, 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 Authority to suspend all the rights of the Concessionaire Licensee and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 31 of the Concession License Agreement, and upon receipt of such notice, the Authority shall undertake 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 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 Authority 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 1.2.1 Upon occurrence of a Financial Default, the Lenders' Lenders/ ▇▇▇▇▇▇▇’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record, . A Notice of Financial Default under this 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 1.2.2 Upon issue of a Notice of Financial Default hereunder, the Lenders' Lenders/▇▇▇▇▇▇▇’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement. 3.2.3 1.2.3 At any time after the Lenders' Lenders/▇▇▇▇▇▇▇’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project Facilities and Services, in accordance with the provisions of Article 25 of the Concession Agreement, Agreement and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with the provisions of the Concession AgreementAgreement . The aforesaid Suspension shall be revoked upon substitution of the Concessionaire 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 Suspension, the Concessioning 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 Lenders' /Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of [180 (one hundred and eighty)] days ) Days by a period not exceeding [90 (ninety)] days) Days. For the avoidance of doubt, the Concessioning Authority expressly agree and undertake to terminate the Concession Agreement forthwith, upon receipt of a written request from the Lenders/▇▇▇▇▇▇▇’ Representative at any time after 240 days from the date of Suspension hereunder.

Substitution upon occurrence of Financial Default. 3.2.1 Upon occurrence of a Financial Default, the Lenders' /Lenders’ Representative may issue a notice to the Concessionaire (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record, . A Notice of Financial Default under this 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 Upon issue of a Notice of Financial Default hereunder, the Lenders' /Lenders’ Representative may, without prejudice to any of its rights or remedies under this Agreement or the Financing AgreementsDocuments, substitute the Concessionaire by a Nominated Company Selectee in accordance with the provisions of this Agreement. 3.2.3 At any time after the Lenders' /Lenders’ Representative has issued a Notice of Financial Default, it may by notice require the Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project in accordance with the provisions of Article 25 of the Concession AgreementFacilities and Services, and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with suspend the provisions rights of the Concession AgreementConcessionaire. The aforesaid Suspension Provided, such suspension shall be revoked upon substitution of the Concessionaire 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 Concessioning 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 Lenders' /Lenders’ Representative and the Concessionaire, the Concessioning Authority may extend the aforesaid period of [180 (one hundred and eighty)] days ) Days by a period not exceeding [90 (ninety)] days) Days.

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 (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Concessioning Authority for its information and record, . A Notice of Financial Default under this 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 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 AgreementsDocuments, substitute the Concessionaire 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 Concessioning Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project/Project in accordance with the provisions of Article 25 of the Concession AgreementFacilities and Services, and upon receipt of such notice, the Concessioning Authority shall undertake Suspension under and in accordance with suspend the provisions rights of the Concession AgreementConcessionaire. The aforesaid Suspension Provided, such suspension shall be revoked upon substitution of the Concessionaire 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 Concessioning 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 Concessionaire, the Concessioning Authority may extend the aforesaid period of [180 (one hundred and eighty)] days ) Days by a period not exceeding [90 (ninety)] days) Days.

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 AFTO (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Authority Railway Administration for its information and record, . A Notice of Financial Default under this Clause Article 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire AFTO 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 AgreementsDocuments, substitute the Concessionaire AFTO 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 Authority Railway Administration to suspend all the rights of the Concessionaire and undertake AFTO under the operation and maintenance of the Project in accordance with the provisions of Article 25 of the Concession AgreementGrant, and upon receipt of such notice, the Authority Railway Administration 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 AFTO 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 Authority 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 ConcessionaireAFTO, the Authority 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 Upon occurrence of a Financial Default, the Lenders' ’ Representative may issue a notice to the Concessionaire Lessee (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Authority RLDA for its information and record, . A Notice of Financial Default under this Clause 3 Article III shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire Lessee for the purposes of this the Substitution 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 the Substitution Agreement or the Financing Agreements, substitute the Concessionaire Lessee by a Nominated Company in accordance with the provisions of this the Substitution Agreement. 3.2.3 At any time after the Lenders' ’ Representative has issued a Notice of Financial Default, it may make a representation to RLDA, stating that it intends to substitute the Lessee by notice require a Nominated Company (“Lenders’ Substitution Notice”). The Lenders’ Representative shall be entitled to undertake and complete the Authority to suspend all the rights substitution of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 of the Concession Agreement, and upon receipt of such notice, the Authority shall undertake Suspension under and Lessee by a Nominated Company in accordance with the provisions of the Concession Agreement. The aforesaid Suspension shall be revoked upon substitution Substitution Agreement and the Lease Agreement within a period 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 SuspensionLenders’ Substitution Notice, the Authority may terminate the Concession Agreement forthwith by issuing a and RLDA shall withhold Termination Notice in accordance with the provisions due to any Lessee Event of the Concession Agreement; provided that upon written request from the Lenders' Representative and the Concessionaire, the Authority may extend Default for the aforesaid period of [180 (one hundred and eighty)] days by ) days, and the Lessee shall continue to discharge its obligations thereunder for such period. Lenders’ Representative shall forthwith send a period not exceeding [90 (ninety)] dayscopy of the aforesaid Lenders’ Substitution Notice to the Escrow Bank and to the Lessee.

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 Developer (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Authority BSHB for its information and record, . A Notice of Financial Default under this Clause Article 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire Developer 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 AgreementsDocuments, substitute the Concessionaire Developer 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 make a representation to BSHB, stating that it intends to substitute the Developer by notice require a Nominated Company. The Lenders’ Representative shall be entitled to undertake and complete the Authority to suspend all the rights Substitution of the Concessionaire and undertake the operation and maintenance of the Project Developer by a Nominated Company in accordance with the provisions of Article 25 of this Agreement and the Concession Agreement, and upon receipt Agreement within a period of such notice, the Authority 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 Suspensionrepresentation, the Authority may terminate the Concession Agreement forthwith by issuing a and BSHB shall withhold Termination Notice in accordance with the provisions due to any Developer Event of the Concession Agreement; provided that upon written request from the Lenders' Representative and the Concessionaire, the Authority may extend Default for the aforesaid period of [180 (one hundred and eighty)] days by a period not exceeding [90 (ninety)] ) days, and the Developer shall continue to discharge its obligations thereunder for such period.

Substitution upon occurrence of Financial Default. 3.2.1 a. Upon occurrence of a Financial Default, the Lenders' ’ Representative may issue a notice to the Concessionaire Contractor (the “Notice of Financial Default"”) along with particulars thereof, and send a copy to the Authority for its information and record, . A Notice of Financial Default under this Clause 3 shall be conclusive evidence of such Financial Default and it shall be final and binding upon the Concessionaire Contractor for the purposes of this Agreement. 3.2.2 b. 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 Agreements, substitute the Concessionaire Contractor by a Nominated Company Contractor in accordance with the provisions of this Agreement. 3.2.3 c. At any time after the Lenders' ’ Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire Contractor and undertake the operation and maintenance of the Project as mentioned elsewhere in accordance with the provisions of Article 25 of the Concession this Contract Agreement, and upon receipt of such notice, the Authority of NMC shall undertake Suspension under and in accordance with the provisions of the Concession Contract Agreement. The aforesaid Suspension shall be revoked upon substitution of the Concessionaire Contractor by a Nominated CompanyContractor, and in the event such substitution is not completed within [180 30 (one hundred and eighty)] thirty) days from the date of such Suspension, the Authority of NMC may terminate the Concession Contract Agreement forthwith by issuing a Termination Notice in accordance with the provisions of the Concession AgreementContract Agreemen t; provided that upon written request from the Lenders' ’ Representative and the ConcessionaireContractor, the Authority of NMC may extend the aforesaid period of [180 30 (one hundred and eighty)] thirty) days by a period not exceeding [90 30 (ninety)] thirty) days. For the avoidance of doubt, the Authority expressly agrees and undertakes to terminate the Contract Agreement forthwith, upon receipt of a written request from the Lenders’ Representative at any time after 240 (two hundred and forty) days from the date of Suspension hereunder.

Substitution upon occurrence of Financial Default. 3.2.1 (a) 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 Authority for its information and record, . A Notice of Financial Default under this 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 (b) Upon issue issuance 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 Agreements, substitute the Concessionaire by a Nominated Company in accordance with the provisions of this Agreement. 3.2.3 (c) At any time after the Lenders' Representative has issued a Notice of Financial Default, it may by notice require the Authority to suspend all the rights of the Concessionaire and undertake the operation and maintenance of the Project in accordance with the provisions of Article 25 of the Concession Agreement, and upon receipt of such notice, the Authority 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 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 Lenders' Representative and the Concessionaire, the Authority may extend the aforesaid period of [180 (one hundred and eighty)] ) days by a period not exceeding [90 (ninety)] ) days.