Common use of Modality for Substitution Clause in Contracts

Modality for Substitution. Criteria for selection of the Selectee: 1.81.1 The Lenders and / or the 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: i. if the SPD is proposed to be substituted during the Construction Period, the Selectee shall possess the financial capability used to pre-qualify bidders in the RFQ stage (including the methodology prescribed therein) to perform and discharge all the residual duties, obligations and liabilities of the under the PPA. If the SPD is proposed to be substituted during the Operation Period, these criteria shall not be applicable. ii. 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 SPD to Procurer under and in accordance with the PPA and also payment of the Total Debt Amount to the Lenders upon terms and conditions as agreed to between the Selectee and the Lenders; iii. the Selectee shall have not been in breach of any PPA between the Selectee and any Bank or any Lender or between the Selectee and Procurer, involving sums greater than Rupees fifty (50) lakhs at any time in the last two (2) Operational Years as on the date of the substitution of the SPD. iv. any other appropriate criteria, whereby continuity in the performance of the obligations under the PPA is maintained and the security in favour of the Lenders under the Financing agreements is preserved.

Modality for Substitution. Criteria for selection of the Selectee: 1.81.1 16.6.1 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: i. a) if the SPD Power Producer is proposed to be substituted during the Construction Period, the Selectee shall possess the financial capability used to pre-qualify bidders in the RFQ stage (including the methodology prescribed therein) to perform and discharge all the residual duties, obligations and liabilities of the under the PPA. If the SPD Power Producer is proposed to be substituted during the Operation Period, these this criteria shall not be applicable. ii. 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 SPD Power Producer to Procurer under and in accordance with the PPA and also payment of the Total Debt Amount to the Lenders upon terms and conditions as agreed to between the Selectee and the Lenders; iii. c) the Selectee shall have not been in breach of any PPA between the Selectee and any Bank or any Lender or between the Selectee and Procurer, involving sums greater than Rupees fifty (50) lakhs at any time in the last two (2) Operational Years as on the date of the substitution of the SPDPower Producer. iv. d) any other appropriate criteria, whereby continuity in the performance of the Selectee’s obligations under the PPA is maintained and the security in favour of the Lenders under the Financing agreements PPAs is preserved.