Common use of Substitution of the Authority Clause in Contracts

Substitution of the Authority. The Parties expressly agree that the Authority may, in pursuance of any re- organisation or restructuring undertaken in pursuance of the Applicable Laws, substitute itself by any other entity having the capacity to undertake and discharge the duties and obligations of the Authority with a similar or greater credit worthiness, and upon such substitution, all the functions, rights and obligations of the Authority under this Agreement shall be deemed to be transferred to the substituted entity in accordance with and subject to the Applicable Laws; provided, however, that prior to any such substitution, the Parties shall, on a best endeavour basis, make such arrangements and enter into such further agreements as may be necessary for performance of their respective obligations hereunder.

Substitution of the Authority. The Parties expressly agree that the Authority may, in pursuance of any re- re-organisation or restructuring undertaken in pursuance of the Applicable Laws, substitute itself by any other public entity having the capacity to undertake and discharge the duties and obligations of the Authority with a similar or greater credit worthinesscreditworthiness, and upon such substitution, all the functions, rights and obligations of the Authority under this Agreement shall be deemed to be transferred to the substituted entity in accordance with and subject to the Applicable Laws; provided, however, that prior to any such substitution, the Parties shall, on a best endeavour basis, make such arrangements and enter into such further agreements as may be necessary for performance of their respective obligations hereunder, including the rights and obligations arising out of the provisions of Article 28.

Substitution of the Authority. The Parties expressly agree that the Authority may, in pursuance of any re- re-organisation or restructuring undertaken in pursuance of the Applicable Laws, substitute itself by any other public entity having the capacity to undertake and discharge the duties and obligations of the Authority with a similar or greater credit worthinesscreditworthiness, and upon such substitution, all the functions, rights and obligations of the Authority under this Agreement shall be deemed to be transferred to the substituted entity in accordance with and subject to the Applicable Laws; provided, however, that prior to any such substitution, the Parties shall, on a best endeavour basis, make such arrangements and enter into such further agreements as may be necessary for performance of their respective obligations hereunder., including the rights and obligations arising out of the provisions of Article 29. For official use only