Common use of Rights of substitution Clause in Contracts

Rights of substitution. 3.1.1 Pursuant to the rights, title and interest assigned under Article 2.1, the Lenders’ Representative shall be entitled to substitute the Developer by a NSL under and in accordance with the provisions of this Agreement and the Concession Agreement. 3.1.2 The ****** hereby agrees to substitute the Developer by assignment and novation of the Concession Agreement in favour of the NSL selected by the Lenders’ Representative in accordance with this Agreement. For the avoidance of doubt, the Lenders or the Lenders’ Representative shall not be entitled to operate as the Developer either individually or collectively.

Rights of substitution. 3.1.1 Pursuant to the rights, title and interest assigned under Article 2.1, the Lenders’ Representative shall be entitled to substitute the Developer by a NSL under and in accordance with the provisions of this Agreement and the Concession Agreement. 3.1.2 The ****** Mandi Board hereby agrees to substitute the Developer by assignment and novation of the Concession Agreement in favour of the NSL selected by the Lenders’ Representative in accordance with this Agreement. For the avoidance of doubt, the Lenders or the Lenders’ Representative shall not be entitled to operate as the Developer either individually or collectively.