[Note: To be considered on a project specific basis whether obsolescence obligations should only apply to larger assets.]
(a) (Obsolescence): If a part of a Project Asset becomes, or will become, Obsolete during the Term or is likely to become Obsolete within [## years] after the Final Expiry Date, Project Co must either:
(i) (replacement): replace that part of the Project Asset with a replacement part which:
A. is not Obsolete;
B. meets all relevant requirements of this Deed and does not prevent any other part of the Project Assets from meeting the relevant requirements of this Deed;
C. is at least of the same standard, functionality and reliability and has the same residual life as that part of the Project Asset it is replacing; and
D. has the same or a better standard, functionality and reliability relative to the market at the time of replacement, as that part of the Project Asset it is replacing had at the time that it was incorporated into the Project Asset; or
(ii) (deferral): submit a plan to the State for review in accordance with the Review Procedures, which sets out the measures that will be undertaken to ensure that:
A. Project Co will be able to continue to meet its obligations under this Deed without replacing the Obsolete part of the Project Asset;
B. the Obsolete part of the Project Asset will be supported:
1) if the Obsolete part of the Project Asset is due to be replaced prior to the Final Expiry Date in accordance with the then current Asset Management Plan, until it is replaced in accordance with the then current Asset Management Plan; or
2) if the Obsolete part of the Project Asset is not due to be replaced prior to the Final Expiry Date in accordance with the then current Asset Management Plan, until [## years] after the Final Expiry Date; and
C. the State is not adversely affected by the relevant Obsolescence, including that the State does not incur any additional cost or expense or material inconvenience as a result of the Obsolescence for the period that the Obsolete part of the Project Asset is required to be supported in accordance with clause 28.5(a)(ii)B,
(b) (Update Obsolescence Plan): Project Co must update the Obsolescence Plan where it is necessary for Project Co to change the Obsolescence Plan to meet the requirements set out in clause 28.5(a)(ii) and, otherwise annually, and submit the updated Obsolescence Plan to the State for review in accordance with the Review Procedures.
(c) (Project Co must continue to comply with obligations): If at any time Project Co is no longer able to comply with an Obsolescence Plan or the State rejects an Obsolescence Plan in accordance with the Review Procedures on the basis that Project Co cannot continue to meet its obligations under this Deed without replacing the Obsolete part of the Project Asset, Project Co must replace the Obsolete part of the Project Asset in accordance with clause 28.5(a)(i).