Common use of Consequences of Substitution Clause in Contracts

Consequences of Substitution. (i) Maha-Metro shall grant, to the Nominated Company, the right to develop, design, finance, construct, operate and maintain the Project (including entering into Sub- Contracts) together with all other rights of the Concessionaire under this Agreement, subject to fulfilment of all the Concessionaire’s obligation under this Agreement by such Nominated Company, for the remaining Concession Period. Such rights shall be granted by Maha-Metro through the Novation of the Agreement, if applicable, in favour of the Nominated Company. Maha-Metro shall also execute a new Substitution Agreement with the Nominated Company and the Lenders, if there be any.