Annuity Payments during Operation Period Clause Samples

Annuity Payments during Operation Period. 23.6.1 An amount equal to the product of the Project Cost and the Price Index Multiple applicable as on COD shall be deemed to be the cost of the Project as on COD (the “Completion Cost”).The Parties agree that 50%(fifty per cent) of the Completion Cost shall be deemed to have been paid during the Construction Period and the balance remaining shall be due and payable during the Operation Period in accordance with the provisions of Clause 23.6.2. 23.6.2 The Completion Cost remaining to be paid in pursuance of the provisions of Clause 23.6.1 shall be due and payable in biannual instalments over a period of 10 (ten) years commencing from COD, along with interest thereon (the “Annuity Payments”). The 1st (first) instalment of Annuity Payments shall be due and payable within 15 (fifteen) days of the 180th (one hundred and eightieth) day of COD and the remaining instalments shall be due and payable within 15 (fifteen) days of completion of each of the successive six months. 23.6.3 Each of the Annuity Payments due and payable during (a) the 1st (first), 2nd (second) and 3rd (third) years following the COD shall be equal to 1.5% (one point five per cent) of the Completion Cost;(b) the 4th (fourth),5th (fifth),6th (sixth) and 7th (seventh) years following the COD shall be equal to 2.5% (two point five per cent) of the Completion Cost; and (c) the 8th (eighth), 9th (ninth) and 10th (tenth) years following the COD shall be equal to 3.5% (three point five per cent) of the Completion Cost .Each of the biannual instalments payable hereunder shall be paid along with interest as specified in Clause 23.6.4. 23.6.4 Interest shall be due and payable on the reducing balance of Completion Cost at an interest rate equal to the applicable Bank Rate plus 2% (two per cent) .Such interest shall be due and payable biannually along with each instalment specified in Clause

Annuity Payments during Operation Period. 23.6.1 The Parties acknowledge and agree that the Authority has paid a portion of the Bid Project Cost as payments during Construction Period pursuant to Clause 23.4 of this Agreement. The balance Bid Project Cost shall be due and payable during the Operations Period in accordance with the provisions of Clause 23.6.2. 23.6.2 The Bid Project Cost remaining to be paid in pursuance of the provisions of Clause 23.6.1 shall be due and payable in quarterly instalments over a period of 8 (eight) years commencing from COD, (the "Annuity Payments"). The 1st ( first) instalment of Annuity Payments shall be due and payable within 15 (fifteen) days of the 91st (ninety first) day of COD and the remaining instalments shall be due and payable within 15 (fifteen) days of completion of each of the successive three months ("the Annuity Payment Date"). For the avoidance of doubt, the last Annuity Payment Date would be adjusted to in such a way that it falls at the end of the Operations Period. 23.6.3 Each of the Annuity Payments due and payable during the years following the COD shall be in equal instalments, commensurate with the payments due during the Operations Period. Each of the quarterly instalments payable hereunder shall be paid along with interest as specified in Clause 23.6.4. 23.6.4 Interest shall be due and payable on the reducing balance of Bid Project Cost (adjusted for Goods and Service Tax); at an interest rate equal to 1 (one) year SBI MCLR plus 2.25% (two point two five percent) per annum. Such interest shall be due and payable along with each instalment as specified in Clause 23.6.

Annuity Payments during Operation Period. 5 Independent Engineer, during finalization of design, shall upfront decide weightages of all the items in due consultation with the Authority responsible for making payments and recommended percentage physical progress achievements based on the above decided weightages for the entire construction 23.6.1 The (the “Completion Cost” shall be the summation of A, B, C, D, E, F, G, H, I, J and K below: A. 5% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 5% Physical Progress.

Annuity Payments during Operation Period. 21.4.1. The Bid Project Cost remaining to be paid shall be due and payable in equal quarterly installments over a period of 9 (nine) years and 6 (six) months commencing from COD, (the “Annuity Payments”). Each of the quarterly installments payable hereunder shall be paid along with interest as specified in Clause 21.4.

Annuity Payments during Operation Period. 23.6.1 The (the “Completion Cost” shall be the summation of A, B, C, D, E, and F below: 12 Independent Engineer, during finalization of design, shall upfront decide weightages of all the items in due consultation with the Authority responsible for making payments and recommended percentage physical progress achievements based on the above decided weightages for the entire construction A. 20% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 20% Physical Progress. B. Another 20% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 40% Physical Progress. C. Another 20% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 60% Physical Progress. D. Another 15% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 75% Physical Progress. E. Another 15% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of report confirming 90% Physical Progress. F. Another 10% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the COD. The Parties acknowledge and agree that the Authority has paid a portion of the Completion Cost as payments during Construction Period pursuant to Clause 23.4 of this Agreement. The balance Completion Cost remaining shall be due and payable during the Operation Period in accordance with the provisions of Clause 23.6.2. 23.6.2 The Completion Cost remaining to be paid in pursuance of the provisions of Clause 23.6.1 shall be due and payable in biannual installments over a period of [ 10 (ten)] years commencing from COD, (the “Annuity Payments”). The 1st (first) installment of Annuity Payments shall be due and payable within 15 (fifteen) days of the 180th(one hundred and eightieth) day of COD and the remaining installments shall be due and payable within 15 (fifteen) days of completion of each of the successive six months (“the Annuity Payment Date”). 23.6.3 Each of the Annuity Payments due and payable during the years following the COD shall be as under13: Annuity following the COD Percentage of Completion Cost remaining to be paid on COD 1st Annuity 3.00% 2nd...

Annuity Payments during Operation Period. 23.6.1 The (the “Completion Cost” shall be the summation of A, B, C, D, E, F, G, H, I, J and K below: A. 5% of the Bid Project Cost adjusted for the Price Index Multiple as applicable on the 5 Independent Engineer, during finalization of design, shall upfront decide weightages of all the items in due consultation with the Authority responsible for making payments and recommended percentage physical progress achievements based on the above decided weightages for the entire construction period. The weightages shall be fixed as per format in Annexure – I of Schedule G of this Agreement. Reference Index Date preceding the date of report confirming 5% Physical Progress.