Common use of Subsequent Owner Clause in Contracts

Subsequent Owner. (a) The Contracting Party agrees that, if Ormat notifies the Contracting Party in writing that, pursuant to and in accordance with the terms and conditions of the Credit Agreement and the Security Agreement, it has assigned, foreclosed or sold the Assigned Interests, then (i) Ormat or its successor, assignee and/or designee, or any purchaser of the Assigned Interests (a “Subsequent Owner”) shall be substituted for the Company under the Assigned Agreement[s] and (ii) the Contracting Party shall (A) recognize Ormat or the Subsequent Owner, as the case may be, as its counterparty under the Assigned Agreement[s] and (B) continue to perform its obligations under the Assigned Agreement[s] in favor of Ormat or the Subsequent Owner, as the case may be; provided that Ormat or such Subsequent Owner, as the case may be, has assumed in writing all of the Company’s rights and obligations (including, without limitation, the obligation to cure any then existing payment and performance defaults, but excluding any obligation to cure any then existing performance defaults which by their nature are incapable of being cured) under the Assigned Agreement[s]. (b) Without limiting anything herein, any warranties provided by the Contracting Party under the Assigned Agreement[s] shall continue in full force and effect (until the expiration of the applicable warranty periods set forth in the Assigned Agreement[s]) in the event that Ormat or a Subsequent Owner succeeds to the Company’s right, title and interest in the Assigned Agreement[s].

Subsequent Owner. (a) The Contracting Party agrees that, if Ormat Administrative Agent notifies the Contracting Party in writing that, pursuant to and in accordance with the terms and conditions of the Credit Agreement and the Security Agreement, it has assigned, foreclosed or sold the Assigned InterestsInterest, then (i) Ormat Administrative Agent or its successor, assignee and/or designee, or any purchaser of the Assigned Interests (a “"Subsequent Owner”") shall be substituted for the Company Project Owner under the Assigned Agreement[s] Agreement and (ii) the Contracting Party shall (A) recognize Ormat Administrative Agent or the Subsequent Owner, as the case may be, as its counterparty under the Assigned Agreement[s] Agreement and (B) continue to perform its obligations under the Assigned Agreement[s] Agreement in favor of Ormat Administrative Agent or the Subsequent Owner, as the case may be; provided that Ormat Administrative Agent or such Subsequent Owner, as the case may be, has assumed in writing all of the Company’s Project Owner's rights and obligations (including, without limitation, the obligation to cure any then existing payment and performance defaults, but excluding any obligation to cure any then existing performance defaults which by their nature are incapable of being cured) under the Assigned Agreement[s]Agreement. (b) [INSERT THE FOLLOWING ONLY IF WARRANTIES ARE PROVIDED BY CONTRACTING PARTY UNDER THE RELEVANT ASSIGNED AGREEMENT: Without limiting anything herein, any the warranties provided by the Contracting Party under the Assigned Agreement[s] Agreement shall continue in full force and effect (until the expiration of the applicable warranty periods set forth in the (1) Bracketed language to be included only in the Consents related to Project Documents to which an Affiliate of Project Company is a Contracting Party. Assigned Agreement[s]Agreement) in the event that Ormat Administrative Agent or a Subsequent Owner succeeds to the Company’s Project Owner's right, title and interest in the Assigned Agreement[sAgreement.].