Common use of CHANGE IN CONSTITUTION Clause in Contracts

CHANGE IN CONSTITUTION. In the event there is any change in constitution of the Purchaser company due to amalgamation, merger, de-merger, takeover, court order or change in ownership/shareholding pattern etc., in this regard, the Purchaser shall give a written notice to the Seller, along with a copy of recommendation/approval of the Utility, within seven (7) days of such change taking effect along with an affidavit (in the format prescribed in SCHEDULE XI) confirming that such change in constitution is in compliance with in the Office Memorandum of the MOC dated April 7, 2015 and/or any other directive/guideline as may be issued by the MOC in this regard and an indemnity bond (in the format prescribed in SCHEDULE XII) underlying such affidavit. The person submitting the affidavit (in the format prescribed in SCHEDULE XI) must be duly authorised by the board of directors of the Purchaser. Subject to the Seller’s satisfaction in this regard, a novation agreement or deed of assignment shall be entered into between the Seller, the Purchaser and the resultant company, as applicable. In the event the affidavit cum indemnity bond is not submitted to the satisfaction of the Seller within the timeline prescribed herein above, or if the amendment agreement is not executed, the Seller shall have a right to suspend supply of Coal as per Clause 15 of this Agreement and other provisions set out in Clause 15.5 and Clause 18.2 shall accordingly also apply.‌

CHANGE IN CONSTITUTION. In the event there is any change in constitution of the Purchaser company due to amalgamation, merger, de-merger, takeover, court order or change in ownership/shareholding pattern etc., in this regard, the Purchaser shall give a written notice to the Seller, along with a copy of recommendation/approval of the Utility, within seven (7) days of such change taking effect along with an affidavit (in the format prescribed in SCHEDULE XI) confirming that such change in constitution is in compliance with in the Office Memorandum of the MOC dated April 7, 2015 and/or any other directive/guideline as may be issued by the MOC in this regard and an indemnity bond (in the format prescribed in SCHEDULE XII) underlying such affidavit. The person submitting the affidavit (in the format prescribed in SCHEDULE XI) must be duly authorised by the board of directors of the Purchaser. Subject to the Seller’s satisfaction in this regard, a novation agreement or deed of assignment shall be entered into between the Seller, the Purchaser and the resultant company, as applicable. In the event the affidavit cum indemnity bond is not submitted to the satisfaction of the Seller within the timeline prescribed herein above, or if the amendment agreement is not executed, the Seller shall have a right to suspend supply of Coal as per Clause 15 of this Agreement and other provisions set out in Clause 15.5 and Clause 18.2 shall accordingly also apply.‌apply.

CHANGE IN CONSTITUTION. In the event there is any change in constitution of the Purchaser company due to amalgamation, merger, de-merger, takeover, court order or change in ownership/shareholding pattern etc., in this regard, the Purchaser shall give a written notice to the Seller, along with a copy of recommendation/approval of the Utility, within seven (7) days of such change taking effect along with an affidavit (in the format prescribed in SCHEDULE XI) confirming that such change in constitution is in compliance with in the Office Memorandum of the MOC dated April 7, 2015 and/or any other directive/guideline as may be issued by the MOC in this regard and an indemnity bond (in the format prescribed in SCHEDULE XII) underlying such affidavit. The person submitting the affidavit (in the format prescribed in SCHEDULE XI) must be duly authorised by the board of directors of the Purchaser. Subject to the Seller’s satisfaction in this regard, a novation agreement or deed of 3XUFKDVHU 6XEMHFW WR WKH 6HOOHU¶V VDWLVIDFW assignment shall be entered into between the Seller, the Purchaser and the resultant company, as applicable. In the event the affidavit cum indemnity bond is not submitted to the satisfaction of the Seller within the timeline prescribed herein above, or if the amendment agreement is not executed, the Seller shall have a right to suspend supply of Coal as per Clause 15 of this Agreement and other provisions set out in Clause 15.5 and Clause 18.2 shall accordingly also apply.‌apply.