Common use of Divestment costs etc Clause in Contracts

Divestment costs etc. 15.3.1. The Operator shall bear and pay all costs incidental to divestment of all of the rights and interest of the Operator in the Project Facilities in favour of the Authority upon Termination, save and except that all stamp duties payable on any deeds or Documents executed by the Operator in connection with such divestment shall be borne by the Authority. 15.3.2. In the event of any dispute relating to matters covered by and under this Article 15, the Dispute Resolution Procedure shall apply. 15.3.3. In the event that any of the Divestment Requirements set forth in Clause 15.1 are not fulfilled by the Operator within 15 (fifteen) days from the end of the Agreement Period, the Operator shall be required to pay to the DTTDC, a penalty equivalent to the multiple of the “Penal Interest Rate” applicable on the date of Termination for each day of delay in the fulfilment of the Divestment Requirements beyond the 15 (fifteen) days specified herein. For the purpose of this Agreement, Penal Interest Rate shall mean the rate of interest that is two times the rate of interest on the 10-year Government of India Security as on the date of Termination.

Divestment costs etc. 15.3.116.3.1. The Operator shall bear and pay all costs incidental to divestment of all of the rights and interest of the Operator in the Project Facilities in favour of the Authority upon Termination, save and except that all stamp duties payable on any deeds or Documents executed by the Operator in connection with such divestment shall be borne by the Authority. 15.3.216.3.2. In the event of any dispute relating to matters covered by and under this Article 1516, the Dispute Resolution Procedure shall apply. 15.3.316.3.3. In the event that any of the Divestment Requirements set forth in Clause 15.1 16.1 are not fulfilled by the Operator within 15 (fifteen) days from the end of the Agreement Period, the Operator shall be required to pay to the DTTDCAuthority, a penalty equivalent to the multiple of the “Penal Interest Rate” applicable on the date of Termination for each day of delay in the fulfilment of the Divestment Requirements beyond the 15 (fifteen) days specified herein. For the purpose of this Agreement, Penal Interest Rate shall mean the rate of interest that is two times the rate of interest on the 10-year Government of India Security as on the date of Termination.

Divestment costs etc. 15.3.116.3.1. The Operator shall bear and pay all costs incidental to divestment of all of the rights and interest of the Operator in the Project Facilities in favour of the Authority upon Termination, save and except that all stamp duties payable on any deeds or Documents executed by the Operator in connection with such divestment shall be borne by the Authority. 15.3.216.3.2. In the event of any dispute relating to matters covered by and under this Article 1516, the Dispute Resolution Procedure shall apply. 15.3.3. In the event that any of the Divestment Requirements set forth in Clause 15.1 16.1 are not fulfilled by the Operator within 15 (fifteen) days from the end of the Agreement Period, the Operator shall be required to pay to the DTTDC, a penalty equivalent to the multiple of the “Penal Interest Rate” applicable on the date of Termination for each day of delay in the fulfilment of the Divestment Requirements beyond the 15 (fifteen) days specified herein. For the purpose of this Agreement, Penal Interest Rate shall mean the rate of interest that is two times the rate of interest on the 10-year Government of India Security as on the date of Termination.

Divestment costs etc. 15.3.116.3.1. The Operator shall bear and pay all costs incidental to divestment of all of the rights and interest of the Operator in the Project Facilities in favour of the Authority upon Termination, save and except that all stamp duties payable on any deeds or Documents executed by the Operator in connection with such divestment shall be borne by the Authority. 15.3.216.3.2. In the event of any dispute relating to matters covered by and under this Article 1516, the Dispute Resolution Procedure shall apply. 15.3.316.3.3. In the event that any of the Divestment Requirements set forth in Clause 15.1 16.1 are not fulfilled by the Operator within 15 (fifteen) days from the end of the Agreement Period, the Operator shall be required to pay to the DTTDC, a penalty equivalent to the multiple of the “Penal Interest Rate” applicable on the date of Termination for each day of delay in the fulfilment of the Divestment Requirements beyond the 15 (fifteen) days specified herein. For the purpose of this Agreement, Penal Interest Rate shall mean the rate of interest that is two times the rate of interest on the 10-year Government of India Security as on the date of Termination.