TNAG-1515-FCO40-2076-Bridges-and-tunnels-in-Hong-Kong-1986 — Page 80

(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

-