Article 26-2. A direct agreement with the creditors of the concessionaire of the Law On Concessions is excluded by the Law of the Republic of Kazakhstan

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Article 26-2. A direct agreement with the creditors of the concessionaire of the Law On Concessions is excluded by the Law of the Republic of Kazakhstan | Kyrgyz Republic Zanymen alynyp tastaldy.

1. For the implementation of concession projects of particular importance, the concessionaire, the concessionaire and the concessionaire's creditors have the right to conclude a direct agreement defining the terms of interaction between the parties during the term of the concession project.

2. A direct agreement provides for the following conditions:

1) the concessionaire's obligation to inform the concessionaire's creditors of cases of significant violations of obligations under the concession agreement that may lead to termination of the concession agreement;

2) the transfer of their rights under the concession agreement as collateral and (or) the assignment of a claim or transfer of a concessionaire's debt with the concedent's consent;

3) the right of the concessionaire's creditors to demand replacement of the concessionaire in the event of a material breach of his obligations under the concession agreement, which may lead to its termination under the terms of the concession agreement, and (or) in the event of a material breach by the concessionaire of his obligations under contracts with creditors, which may lead to a claim for early performance by the concessionaire of obligations under such agreements, as well as to propose the candidacy of a new concessionaire;

4) the procedure for replacing the concessionaire in the cases provided for in subparagraph 3) of this paragraph;

5) the right of creditors to appoint a concessionaire in the cases provided for in subparagraph 3) of this paragraph, the interim manager, as well as determine the appointment procedure, scope and term of office of the interim manager;

6) other conditions that do not contradict the legislation of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated July 7, 2006 No. 167.

This Law defines the legal conditions of the concession, the types of state support for the concessionaire, and regulates public relations arising in the process of concluding, executing, and terminating concession agreements.

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Republic of Kazakhstan

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