Common use of Implementation of Novation Clause in Contracts

Implementation of Novation. If the Material Project Contractor consents or is deemed to have consented to a novation pursuant to a Proposed Novation Notice, then on the Proposed Novation Date: (a) the Proposed Substitute will become a party to the Material Contract in place of Project Co and, thereafter, will be treated as if it was and had always been named as a party to the Material Contract in place of Project Co; and (b) the Material Project Contractor, Project Co and the Proposed Substitute will enter into a novation agreement (the "Novation Agreement") and any other requisite agreements, in form and substance satisfactory to the Material Project Contractor, acting reasonably, pursuant to which: (1) the Proposed Substitute will be granted all of the rights of Project Co under the Material Contract; and (2) the Proposed Substitute will assume all of the obligations and liabilities of Project Co under the Material Contract.