Common use of Divestment Certificate Clause in Contracts

Divestment Certificate. (a.) On the Termination Date or the date of expiry of the Concession, the Authority shall verify, in the presence of the Concessionaire or of a representative of the Concessionaire, compliance by the Concessionaire with the requirements of this Agreement, as the case may be. In the event the Authority notifies the Concessionaire of shortcomings, if any, in the Concessionaire’s compliance with such requirements, the Concessionaire shall forthwith cure the same. (b.) Upon Termination (due to Force Majeure Event or Event of Default) or expiry of the Term by efflux of time, the divestment by the Concessionaire of all rights, title and interest in the Project and the Project Assets and the Project Facilities shall be deemed to be complete on the Termination Date or the date of expiry of the Concession, as the case may be, but no later than 30 (thirty) days thereafter, by when all the requirements of this Agreement shall be fulfilled. The Authority shall upon fulfilment of the requirements of this Agreement issue a certificate (the “Divestment Certificate”), with a copy thereof endorsed to the other PLBs, which shall have the effect of constituting evidence of divestment by the Concessionaire of all of its rights, title and interest in the Project and the Project Assets and the Project Facilities and the vesting thereof in the PLBs pursuant hereto.

Divestment Certificate. (a.) On the Termination Date or the date of expiry of the Concession, the Authority shall verify, in the presence of the Concessionaire or of a representative of the Concessionaire, compliance by the Concessionaire with the requirements of this Agreement, as the case may be. In the event the Authority notifies the Concessionaire of shortcomings, if any, in the Concessionaire’s Concessionaire‟s compliance with such requirements, the Concessionaire shall forthwith cure the same. (b.) Upon Termination (due to Force Majeure Event or Event of Default) or expiry of the Term by efflux of time, the divestment by the Concessionaire of all rights, title and interest in the Project and the Project Assets and the Project Facilities shall be deemed to be complete on the Termination Date or the date of expiry of the Concession, as the case may be, but no later than 30 (thirty) days thereafter, by when all the requirements of this Agreement shall be fulfilled. The Authority shall upon fulfilment of the requirements of this Agreement issue a certificate (the “Divestment Certificate”), with a copy thereof endorsed to the other PLBs, which shall have the effect of constituting evidence of divestment by the Concessionaire of all of its rights, title and interest in the Project and the Project Assets and the Project Facilities and the vesting thereof in the PLBs pursuant hereto.

Divestment Certificate. (a.) On the Termination Date or the date of expiry of the Concession, the Authority shall verify, in the presence of the Concessionaire or of a representative of the Concessionaire, compliance by the Concessionaire t he C on cessi onai re with the requirements of this Agreement, as the case may be. In the event the Authority notifies the Concessionaire of shortcomings, if any, in the Concessionaire’s Concessionaire‟s compliance with such requirements, the Concessionaire shall forthwith cure the same. (b.) Upon Termination (due to Force Majeure Event or Event of Default) or expiry of the Term by efflux of time, the divestment by the Concessionaire of all rights, title and interest in the Project and the Project Assets and the Project Facilities shall be deemed to be complete on the Termination Date or the date of expiry of the Concession, as the case may be, but no later than 30 (thirty) days thereafter, by when all the requirements of this Agreement shall be fulfilled. The Authority shall upon fulfilment of the requirements of this Agreement issue a certificate (the “Divestment Certificate”), with a copy thereof endorsed to the other PLBs, which shall have the effect of constituting evidence of divestment by the Concessionaire of all of its rights, title and interest in the Project and the Project Assets and the Project Facilities and the vesting thereof in the PLBs pursuant hereto.

Divestment Certificate. (a.a) On the Termination Date or the date of expiry of the Concession, the Authority AMC shall verify, in the presence of the Concessionaire or of a representative of the Concessionaire, compliance by the Concessionaire with the requirements of this Agreement, as the case may be. In the event the Authority AMC notifies the Concessionaire of shortcomings, if any, in the Concessionaire’s compliance with such requirements, the Concessionaire shall forthwith cure the same. (b.b) Upon Termination (due to Force Majeure Event or Event of Default) Default or expiry of the Term by efflux of time), the divestment by the Concessionaire of all rights, title and interest in the Project and the Project Assets and the Project Facilities shall be deemed to be complete on the Termination Date or the date of expiry of the Concession, as the case may be, but no later than 30 (thirty) days thereafter, by when all the requirements of this Agreement shall be fulfilled. The Authority AMC shall upon fulfilment of the requirements of this Agreement issue a certificate (the “Divestment Certificate”), with a copy thereof endorsed to the other PLBsAMCs, which shall have the effect of constituting evidence of divestment by the Concessionaire of all of its rights, title and interest in the Project and the Project Assets and the Project Facilities and the vesting thereof in the PLBs AMCs pursuant hereto.