Failure to Invest. Failure to fulfill the investment obligations, in full or in part, shall give the right to the Agency to claim penalties in the amount of 120% (hundred and twenty percent) of the amount that the Buyer has failed to invest, in accordance with the provisions on the Investment Obligation. The penalties shall be payable at the end of every year of the Investment period during which the Buyer has failed to fulfill its investment obligations. Payment of penalties related to the invest failure within the agreed time period (as per Business Plan) shall be effected within two months after setting the date for payment. Payment of penalties shall release the Buyer only from the obligation to invest that refers to that particular penalty. The penalty amount can be deducted from the Performance Bond Guarantee Amount.
Appears in 3 contracts
Samples: Share Purchase Agreement, Share Purchase Agreement, Share Purchase Agreement
Failure to Invest. Failure to fulfill the investment obligations, in full or in part, shall give the right to the Agency to claim penalties in the amount of 120% (hundred and twenty percent) of the amount that the Buyer has failed to invest, in accordance with the provisions on the Investment Obligation. The penalties shall be payable at the end of every year of the Investment period during which the Buyer has failed to fulfill its investment obligations. Payment of penalties related to the invest failure within the agreed time period (as per Business Plan) shall be effected within two months after setting the date for payment. Payment of penalties shall release the Buyer only from the obligation to invest that refers to that particular penalty. The penalty amount can be deducted from the Performance Bond Guarantee Amount.
Appears in 2 contracts
