Common use of Criteria for selection of the Selectee Clause in Contracts

Criteria for selection of the Selectee. The Lenders and/or the Lenders’ Representative shall in addition to any other criteria that they may deem fit and necessary, apply the following criteria in the selection of the Selectee: a) if the Corporation is proposed to be substituted during the Construction Period, the Selectee shall possess the technical and financial capability in accordance to the qualifying criteria of the First Party and Lenders, to perform and discharge all the residual duties, obligations and liabilities of the Corporation under this Agreement. b) the Selectee shall have the capability and shall unconditionally consent to assume the liability for the payment and discharge of dues, if any, of the Corporation to the First Party under and in accordance with this Agreement and also payment of the Total Debt Amount to the Lenders upon terms and conditions as agreed to between the Selectee and the Lenders; c) the Selectee shall have not been in breach of any agreement between the Selectee and any Bank or any Lender or between the Selectee and any of the First Party, involving sums greater than one million US Dollars at any time in the last two (2) years as on the date of the substitution of the Corporation. d) any other appropriate criteria, whereby continuity in the performance of the Selectee’s obligations under this Agreement is maintained and the security in favour of the Lenders under the Financing Agreements is preserved.

Criteria for selection of the Selectee. The Lenders and/or the Lenders’ ' Representative shall in addition to any other criteria that they may deem fit and necessary, apply the following criteria in the selection of the Selectee: a) if the Corporation Seller is proposed to be substituted during the Construction Period, the Selectee shall possess the technical and financial capability in accordance to the qualifying criteria of the First Party Procurer and Lenders, to perform and discharge all the residual duties, obligations and liabilities of the Corporation Seller under this Agreement. b) the Selectee shall have the capability and shall unconditionally consent to assume the liability for the payment and discharge of dues, if any, of the Corporation Seller to the First Party Procurer under and in accordance with this Agreement and also payment of the Total Debt Amount to the Lenders upon terms and conditions as agreed to between the Selectee and the Lenders; c) the Selectee shall have not been in breach of any agreement between the Selectee and any Bank or any Lender or between the Selectee and any of the First PartyProcurer, involving sums greater than one million US Dollars at any time in the last two (2) years as on the date of the substitution of the CorporationSeller. d) any other appropriate criteria, whereby continuity in the performance of the Selectee’s 's obligations under this Agreement is maintained and the security in favour of the Lenders under the Financing Agreements is preserved.