Examples of Bidder/Operator in a sentence
The Bidder/Operator irrevocably agrees and waives any right to challenge the actions of the Lenders' Representative or the Senior Lenders or the CWC taken pursuant to this Agreement including the transfer/assignment of the project in favour of the Nominated Company.
Subsequent to such substitution, the Bidder/Operator shall ensure compliance as per the Agreement and terms of the RFP.
The Bidder/Operator will indemnify, defend and hold the CWC and the Lenders’ Representative harmless against any and all proceedings, actions and third party claims for any loss, damage, cost and expense of whatever kind and nature arising out of any breach by the Bidder/Operator of any of its obligations under this substitution Agreement or on account of failure of the Bidder/Operator to comply with Applicable Laws and Applicable Permits.
Parties therefore agree to following:- 3.6.1 Provisions pertaining to substitution of the Bidder/Operator by the Lenders Representative are contained in clause 12.7/09 of RFP and also in Article-13 of Agreement read with the Substitution Agreement set forth in EXHIBIT-18 (RFP) and Article 3.1.1 of the Substitution Agreement in particular Article 3.2 and Article 3.3 of the Substitution Agreement provide for substitution in the event of Financial Default and Bidder/Operator Default respectively.
The Bidder/Operator shall make a written representation to the Lender's Representative with a copy to the CWC requesting the Lender's Representative to seek approval of the CWC for Substitution.
SUBSTITUTION OF THE BIDDER/OPERATOR3.1 Rights of substitution 3.1.1 Pursuant to the rights, title and interest assigned under Clause 2.1, the Lenders' Representative/Bank shall be entitled to substitute the Bidder/Operator by a Nominated Company under and in accordance with the provisions of this Agreement and the Agreement (i.e. between CWC & Bidder/operator) and the Operator/bidder.
It is hereby acknowledged by the Parties that the rights of the Lenders' Representative are irrevocable and shall not be contested in any proceedings before any court or CWC and the Bidder/Operator shall have no right or remedy to prevent, obstruct or restrain the CWC or the Lenders' Representative from effecting or causing the transfer by substitution and endorsement of the project as requested by the Lenders' Representative.
The Bidder/Operator shall ensure and procure that each project Agreement contains provisions that entitle the Nominated Company to step into such Project Agreement, in its discretion, in place and substitution of the Bidder/Operator in the event of such Nominated Company's assumption of the liabilities and obligations of the Bidder/Operator under the Agreement.
The Bidder/Operator agrees and confirms that it shall not have any right to seek revaluation of assets of the Project or the Bidder/Operator shares.
Provided that no penalty shall be levied on the Bidder/Operator for non- fulfilment of its obligations where the responsibility for delay in execution or completion for the project is on account of non-fulfilment or delay in fulfillment of the obligations of the CWC, namely, land acquisition, handing over the site, other statutory/regulatory approvals/ clearances, as the case may be.