Common use of ASSIGNMENT BY THE STATE Clause in Contracts

ASSIGNMENT BY THE STATE. 30.3.1 The State reserves the right to assign or transfer any of its rights or obligations hereunder to the CTA or any other duly designated authority appointed by the State or governmental entity, provided that: (i) any such assignment or transfer shall become effective only after the CTA and the assignee or transferee, as the case may be, have furnished written notice to the Concessionaire of the said assignment or transfer; (ii) any such assignment or transfer shall not adversely affect the rights or obligations of the Concessionaire; and (iii) the State shall remain the guarantor of all its obligations pursuant to Section 15A of this Agreement. 30.3.2 In the event of the CTA being dissolved or ceasing to have the power or authority to perform its obligations under this Agreement or for another reason the CTA is unable to fulfill its undertakings hereunder, the rights and obligations of the CTA under this Agreement shall, unless the provisions of Section 30.3.1 have been invoked, automatically be assigned and transferred to the State. Written notice of such assignment shall be delivered by the State to the Concessionaire.