Common use of Process of Substitution of Power Producer Clause in Contracts

Process of Substitution of Power Producer. 17.5.1 The Lenders‟ Representative may, on delivery of a Substitution Notice notify Procurer and the Power Producer on behalf of all the Lenders about the Lenders‟ decision to invite and negotiate, at the cost of the Lenders, offers from third parties to act as Selectee, either through private negotiations or public auction and / or a tender process, for the residual period of the PPA. Subject to and upon approval of, such Selectee shall be entitled to receive all the rights of the Power Producer and shall undertake all the obligations of the Power Producer under the PPA and other Project Documents executed between the Power Producer and Procurer, in accordance with these terms of substitution. 17.5.2 The Lenders and the Power Producer shall ensure that, upon Procurer approving the Selectee, the Power Producer shall transfer absolutely and irrevocably, the ownership of the Project to such Selectee simultaneously with the amendment or novation of the PPA and other Project Documents executed between the Power Producer and Procurer in favour of the Selectee as mentioned in Article17.1.2.

Process of Substitution of Power Producer. 17.5.1 The Lenders‟ Lenders’ Representative may, on delivery of a Substitution Notice notify Procurer and the Power Producer on behalf of all the Lenders about the Lenders‟ Lenders’ decision to invite and negotiate, at the cost of the Lenders, offers from third parties to act as Selectee, either through private negotiations or public auction and / or a tender process, for the residual period of the PPA. Subject to and upon approval of, such Selectee shall be entitled to receive all the rights of the Power Producer and shall undertake all the obligations of the Power Producer under the PPA and other Project Documents executed between the Power Producer and ProcurerXxxxxxxx, in accordance with these terms of substitution. 17.5.2 The Lenders and the Power Producer shall ensure that, upon Procurer Xxxxxxxx approving the Selectee, the Power Producer shall transfer absolutely and irrevocably, the ownership of the Project to such Selectee simultaneously with the amendment or novation of the PPA and other Project Documents executed between the Power Producer and Procurer Xxxxxxxx in favour of the Selectee as mentioned in Article17.1.2Article 17.1.2.

Process of Substitution of Power Producer. 17.5.1 The Lenders‟ Lenders’ Representative may, on delivery of a Substitution Notice notify Procurer and the Power Producer on behalf of all the Lenders about the Lenders‟ Lenders’ decision to invite and negotiate, at the cost of the Lenders, offers from third parties to act as Selectee, either through private negotiations or public auction and / or a tender process, for the residual period of the PPA. Subject to and upon approval of, such Selectee shall be entitled to receive all the rights of the Power Producer and shall undertake all the obligations of the Power Producer under the PPA and other Project Documents executed between the Power Producer and ProcurerXxxxxxxx, in accordance with these terms of substitution. 17.5.2 The Lenders and the Power Producer shall ensure that, upon Procurer Xxxxxxxx approving the Selectee, the Power Producer shall transfer absolutely and irrevocably, the ownership of the Project to such Selectee simultaneously with the amendment or novation of the PPA and other Project Documents executed between the Power Producer and Procurer Xxxxxxxx in favour of the Selectee as mentioned in Article17.1.2.

Process of Substitution of Power Producer. 17.5.1 16.5.1 The Lenders‟ Lenders’ Representative may, on delivery of a Substitution Notice notify Procurer and the Power Producer on behalf of all the Lenders about the Lenders‟ Lenders’ decision to invite and negotiate, at the cost of the Lenders, offers from third parties to act as Selectee, either through private negotiations or public auction and / or a tender process, for the residual period of the PPA. Subject to and upon approval of, such Selectee shall be entitled to receive all the rights of the Power Producer and shall undertake all the obligations of the Power Producer under the PPA and other Project Documents executed between the Power Producer and Procurer, in accordance with these terms of substitution. 17.5.2 16.5.2 The Lenders and the Power Producer shall ensure that, upon Procurer approving the Selectee, the Power Producer shall transfer absolutely and irrevocably, the ownership of the Project to such Selectee simultaneously with the amendment or novation of the PPA and other Project Documents executed between the Power Producer and Procurer in favour of the Selectee as mentioned in Article17.1.2Article 16.1.2.