(a)
the Road Company shall be deemed to be in default
if -
(i) it has failed or there is a substantial
likelihood of its failing to complete the
construction works within the period allowed by
section 17;
(ii) there has been a substantial failure by
it to discharge its obligations under the project
agreement;
(iii) it has failed or there is a substantial
likelihood of its failing to operate the road
tunnel in accordance with this Ordinance; or
(iv) the guarantors, having been called upon
under the guarantee agreement
-