Common use of Substitution of the Authority Clause in Contracts

Substitution of the Authority. The Parties hereby expressly agree and acknowledge that the Authority may, in pursuance of any re-organisation and / or restructuring undertaken in pursuance of Applicable Laws, substitute itself by any other public entity, Government Instrumentality and / or statutory authority (the “Substituted Entity”) having the capacity to undertake and discharge the duties and obligations of the Authority with a similar or greater creditworthiness, and upon such substitution, all the functions, rights, benefits, duties, responsibilities and obligations of the Authority under this Agreement shall be deemed to be transferred to the Substituted Entity in accordance with and subject to 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 and / or arrangements as may be necessary for performance of their respective duties, responsibilities and / or obligations hereunder, including the rights and obligations arising out of the provisions of Article 15.