Lead Procurer Sample Clauses

Lead Procurer. 2.5.1 The Procurers hereby appoint and authorise “Procurer No. 01” Bangalore Electricity Supply Company Ltd. [hereinafter referred to as the “Lead Procurer”] to represent all the Procurers for discharging the rights and obligations of the Procurers, which are required to be undertaken by the Procurers jointly as mentioned in Schedule 12 of this Agreement. Accordingly, all the Procurers shall follow and be bound by the decisions of the Lead Procurer on all such matters. Each Procurer agrees that any decision, communication, notice, action or inaction of the Lead Procurer on such matters shall be deemed to have been on its/his behalf and shall be binding on each of the Procurers. The Seller shall be entitled to rely upon any such action, decision or communication from the Lead Procurer. It is clarified that this Article 2.5 is not intended to and shall not render the Lead Procurer liable to discharge individual Tariff payments of the other Procurers. The Procurers hereby also appoint and authorise “Procurer No. 04” Chamundeshwari Electricity Supply Corporation Ltd. (hereinafter referred to as the “Alternate Lead Procurer”), to act as Lead Procurer as per the provisions of this Article 2.5.1, on the occurrence of any Event of Default specified in Article 14.2 by the Lead Procurer. In such an event, the Seller may, at its option, within a period of fifteen (15) days from the date of issue of the Preliminary Default Notice referred to in Article 14.4.2 and if the said default by the Lead Procurer subsists, specify in writing to all the Procurers that the Alternate Lead Procurer shall thereafter act as the Lead Procurer. In such a case, if the Seller so notifies, the Alternate Lead Procurer shall, thereafter, act as Lead Procurer for the purposes of this Agreement, and the Lead Procurer earlier appointed under this Article 2.5.1 shall automatically cease to be the Lead Procurer. It is clarified that all decisions taken by the Bangalore Electricity Supply Company Ltd in its capacity as Lead Procurer before such change, shall continue to be valid, in accordance with this Agreement. In the event of Chamundeshwari Electricity Supply Corporation Ltd becoming the Lead Procurer as per this Article, all the Procurers shall also appoint any of Procurers, other than Bangalore Electricity Supply Company Ltd , as an Alternate Lead Procurer and thereafter the provisions of this Article 2.5.1 shall be applicable.
Sample 1
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