Common use of Remedial Process Clause in Contracts

Remedial Process. (If applicable) (a) the change of management or control/ownership of the Operator; (b) the replacement of the Operator by a new operator (“Selectee”) proposed by the Senior Lenders (in terms of the Substitution Agreement), and the specific terms and conditions of such replacement which shall include : (i) the criteria for selection of the Selectee; (ii) the transfer of rights and obligations of the Operator surviving under this Agreement to the Selectee; (iii) handing over/ transfer of the Project Site, the Port’s Assets and the Project Facilities and Services to the Selectee; (iv) acceptance by the Selectee of the outstanding obligations of the Operator under the Financing Documents and preserving Senior Lenders’ charge on the Operator’s assets; (v) acceptance by the Selectee of any amounts due to the Authority from the Operator under this Agreement; and (vi) payment of consideration for the Operator’s assets comprised in the Project Facilities and Services and the manner of appropriation thereof.

Remedial Process. (If applicable) (a) the change of management or control/ownership of the OperatorConcessionaire; (b) the replacement of the Operator Concessionaire by a new operator (“Selectee”) proposed by the Senior Lenders (in terms of the Substitution Agreement), and the specific terms and conditions of such replacement which shall include : (i) the criteria for selection of the Selectee; (ii) the transfer of rights and obligations of the Operator Concessionaire surviving under this Agreement to the Selectee; (iii) handing over/ transfer of the Project Site, the Port’s Assets and the Project Facilities and Services to the Selectee; (iv) acceptance by the Selectee of the outstanding obligations of the Operator Concessionaire under the Financing Documents and preserving Senior Lenders’ charge on the OperatorConcessionaire’s assets; (v) acceptance by the Selectee of any amounts due to the Concessioning Authority from the Operator Concessionaire under this Agreement; and (vi) payment of consideration for the OperatorConcessionaire’s assets comprised in the Project Facilities and Services and the manner of appropriation thereof.