Common use of Financing Arrangement Clause in Contracts

Financing Arrangement. 5.2.1 The Developer shall at its own cost, expenses and risk make such financing arrangement as would be necessary to implement the Project and to meet all of its obligations under this Agreement, in a timely manner. The Developer shall within 60 (sixty) days from the date of handover of Project Site submit to the Authority a detailed project implementation plan (“Project Implementation Plan”) and make a presentation on the same to the Authority. The Project Implementation Plan should set out in reasonable detail the information required as detailed in Schedule 2. The activities allowed would be tourism & tourism related activities in accordance with the Tourism Policy of the State of Jharkhand as amended from time to time. The Authority shall review the Project Implementation Plan for compliance with applicable provisions and information requirements as specified in Schedule 2 of the Agreement and either approve or convey its comments/observations, if any within 30 (thirty) days from the date of receipt of the Project Implementation Plan by the Developer. On receipt of such comments/observation from the Authority, the Developer shall within 15 (fifteen) days submit a revised Project Implementation Plan to the Authority for its approval. The Project Implementation Plan will be considered deemed approved by Authority if any comments / observations are not shared with the Developer within 60 (sixty) days of receipt of the Project Implementation Plan from the Authority. After approval by the Authority, the Project Implementation Plan (“Approved Project Implementation Plan”) shall be signed by the Parties and appended to this Agreement as Schedule 9. If the Developer fails to submit the Project Implementation Plan within the period of 60 (sixty) days from the date of handover of the Project Site, it should in writing convey the reasons for non- submission of the same within the said period of 60 (sixty) days. Upon such request, the Authority may for valid reasons and for reasons beyond the control of Parties, waive the delay to submit the Project Implementation Plan and extend the date for submission of Project Implementation Plan but not later than for a further period of 30 (thirty) days, subject to payment of penalty amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day's delay until the submission of the same to the Authority. In case the Project Implementation Plan is not submitted within the extended period of 30 (thirty) days, the Authority shall, subject to the provisions of Clause 9.2, be entitled to terminate this Agreement. The said penalty amount should be submitted by the Developer to the Authority in the form of demand draft from any scheduled bank in favour of Jharkhand Tourism Development Corporation Limited, payable in Ranchi. Notwithstanding any review or failure to review or the comments/observations of the Authority, the Developer shall be solely responsible for the adequacy of the Approved Project Implementation Plan and shall not be relieved or absolved in any manner whatsoever of any of its obligations set forth in this Agreement. The Developer shall complete the renovation and operationalize all the Project Facilities and obtain the Project Completion Certificate according to the schedule approved in the Project Implementation Plan by the Authority (“Scheduled Commercial Operation Date”). Except for reasons of a Force Majeure Event and reasons attributable to the Authority, the Developer shall not be entitled to any extension of time in the above period. The Developer shall complete the renovation of the Project Facilities as per the Approved Project Implementation Plan, other Applicable Laws and as per Good Industry Practices. In case the development of the Project Facilities is not carried out as per the Approved Project Implementation Plan, the Authority shall, subject to the provisions of Clause 9.2, be entitled to terminate this Agreement. If the Developer fails to complete the renovation and operationalize all the Project Facilities within the Scheduled Commercial Operation Date, unless such failure has occurred due to Force Majeure or for reasons solely attributable to the Authority, the Developer should in writing convey the reasons for such non-compliance within the Scheduled Commercial Operation Date. Upon such request, the Authority may waive the delay and extend the date for operationalization of the Project but not later than for a further period of 60 (sixty) days, subject to payment of penalty amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day's delay until the operation of the Project. In case the Project is non-operationalized within the extended period of 60 (sixty) days from the Scheduled Commercial Operation Date, the Authority shall, subject to the provisions of Clause 9.2, be entitled to terminate this Agreement. The said penalty amount should be submitted by the Developer to the Authority in the form of demand draft from any scheduled bank in favour of Jharkhand Tourism Development Corporation Limited, payable in Ranchi. Upon completion of the renovation work, the Developer shall clear all development equipment, surplus materials, debris and temporary installations from the Project Site. The Project Site and Project Facilities should be kept tidy and an aesthetically pleasing appearance to the satisfaction of the Authority. Upon completion of development/renovation of each of the Project Facilities as per the Approved Project Implementation Plan, the Developer shall request the Authority to issue the Completion Certificate. The Authority shall upon determination of safety of the said Project Facility for the commercial usage, issue a certificate with respect to such Project Facilities (“Completion Certificate”). Each of the Project Facilities shall commence operation only upon issuance of Completion Certificate in respect thereof. Upon completion of development/renovation of all the Project Facilities as per the Approved Project Implementation Plan and procuring completion certificate with respect to each of the Project Facilities in accordance with Clause 5.4.5, the Authority shall issue Project Completion Certificate (“Project Completion Certificate”). The date of issuance of Project Completion Certificate shall be the commercial operation date (“Commercial Operation Date/COD”).

Financing Arrangement. 5.2.1 The Developer shall at its own cost, expenses and risk make such financing arrangement as would be necessary to implement the Project and to meet all of its obligations under this Agreement, in a timely manner. The Developer shall within 60 (sixty) days from the date of handover of Project Site submit to the Authority a detailed project implementation plan (“Project Implementation Plan”) and make a presentation on the same to the Authority. The Project Implementation Plan should set out in reasonable detail the information required as detailed in Schedule 2. The activities allowed would be tourism & tourism related activities in accordance with the Tourism Policy of the State of Jharkhand as amended from time to time. The Authority shall review the Project Implementation Plan for compliance with applicable provisions and information requirements as specified in Schedule 2 of the Agreement and either approve or convey its comments/observations, if any within 30 (thirty) days from the date of receipt of the Project Implementation Plan by the Developer. On receipt of such comments/observation from the Authority, the Developer shall within 15 (fifteen) days submit a revised Project Implementation Plan to the Authority for its approval. The Project Implementation Plan will be considered deemed approved by Authority if any comments / observations are not shared with the Developer within 60 (sixty) days of receipt of the Project Implementation Plan from the Authority. After approval by the Authority, the Project Implementation Plan (“Approved Project Implementation Plan”) shall be signed by the Parties and appended to this Agreement as Schedule 9. If the Developer fails to submit the Project Implementation Plan within the period of 60 (sixty) days from the date of handover of the Project Site, it should in writing convey the reasons for non- submission of the same within the said period of 60 (sixty) days. Upon such request, the Authority may for valid reasons and for reasons beyond the control of Parties, waive the delay to submit the Project Implementation Plan and extend the date for submission of Project Implementation Plan but not later than for a further period of 30 (thirty) days, subject to payment of penalty amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day's delay until the submission of the same to the Authority. In case the Project Implementation Plan is not submitted within the extended period of 30 (thirty) days, the Authority shall, subject to the provisions of Clause 9.2, be entitled to terminate this Agreement. The said penalty amount should be submitted by the Developer to the Authority in the form of demand draft from any scheduled bank in favour of Jharkhand Tourism Development Corporation Limited, payable in Ranchi. Notwithstanding any review or failure to review or the comments/observations of the Authority, the Developer shall be solely responsible for the adequacy of the Approved Project Implementation Plan and shall not be relieved or absolved in any manner whatsoever of any of its obligations set forth in this Agreement. The Developer shall complete the renovation and operationalize all the Project Facilities and obtain the Project Completion Certificate according to the schedule approved in the Project Implementation Plan by the Authority (“Scheduled Commercial Operation Date”). Except for reasons of a Force Majeure Event and reasons attributable to the Authority, the Developer shall not be entitled to any extension of time in the above period. The Developer shall complete the renovation of the Project Facilities as per the Approved Project Implementation Plan, other Applicable Laws and as per Good Industry Practices. In case the development of the Project Facilities is not carried out as per the Approved Project Implementation Plan, the Authority shall, subject to the provisions of Clause 9.2, be entitled to terminate this Agreement. If the Developer fails to complete the renovation and operationalize all the Project Facilities within the Scheduled Commercial Operation Date, unless such failure has occurred due to Force Majeure or for reasons solely attributable to the Authority, the Developer should in writing convey the reasons for such non-compliance within the Scheduled Commercial Operation Date. Upon such request, the Authority may waive the delay and extend the date for operationalization of the Project but not later than for a further period of 60 (sixty) days, subject to payment of penalty amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day's delay until the operation of the Project. In case the Project is non-operationalized within the extended period of 60 (sixty) days from the Scheduled Commercial Operation Date, the Authority shall, subject to the provisions of Clause 9.2, be entitled to terminate this Agreement. The said penalty amount should be submitted by the Developer to the Authority in the form of demand draft from any scheduled bank in favour of Jharkhand Tourism Development Corporation Limited, payable in Ranchi. Upon completion of the renovation work, the Developer shall clear all development equipment, surplus materials, debris and temporary installations from the Project Site. The Project Site and Project Facilities should be kept tidy and an aesthetically pleasing appearance to the satisfaction of the Authority. Upon completion of development/renovation of each of the Project Facilities as per the Approved Project Implementation Plan, the Developer shall request the Authority to issue the Completion Certificate. The Authority shall upon determination of safety of the said Project Facility for the commercial usage, issue a certificate with respect to such Project Facilities (“Completion Certificate”). Each of the Project Facilities shall commence operation only upon issuance of Completion Certificate in respect thereof. Upon completion of development/renovation of all the Project Facilities as per the Approved Project Implementation Plan and procuring completion certificate with respect to each of the Project Facilities in accordance with Clause 5.4.5, the Authority shall issue Project Completion Certificate (“Project Completion Certificate”). The date of issuance of Project Completion Certificate shall be the commercial operation date (“Commercial Operation Date/COD”).