Common use of O&M Payments Clause in Contracts

O&M Payments. 23.7.1 The Parties acknowledge and agree that all O&M Expenses shall be borne by the Concessionaire and in lieu thereof, a lump sum financial support in the form of biannual payments shall be due and payable by the Authority in accordance with the provisions of this Clause 23.7 (the “O&M Payments”). The Parties further acknowledge and agree that any O&M Expenses in excess of the O&M Payments shall be borne solely by the Concessionaire, save and except as expressly provided in this Agreement. 23.7.2 Subject to the Provisions of Clause 23.7.3, the O&M Payments due and payable to the Concessionaire shall be determined by computing an amount equivalent to: (a) 2% (two per cent) of the Project Cost for each of the 1st(first),2nd (second) and 3rd(third) years of the Operation Period; (b) 3% (three per cent) of the Project Cost for each of the 4th (fourth), 5th (fifth) and 6th (sixth) years, of the Operation Period; and (c) 4% (four per cent) of the Project Cost for each of the remaining years, which shall be paid in 2(two) equal biannual instalments and disbursed by the Authority together with the corresponding instalments of Annuity Payments.

O&M Payments. 23.7.1 The Parties acknowledge and agree that all O&M Expenses shall be borne by the Concessionaire and in lieu thereof, a lump sum financial support in the form of biannual payments shall be due and payable by the Authority in accordance with the provisions of this Clause 23.7 (the “O&M Payments”). The Parties further acknowledge and agree that any O&M Expenses in excess of the O&M Payments shall be borne solely by the Concessionaire, save and except as expressly provided in this Agreement. 23.7.2 Subject to the Provisions of Clause 23.7.3, the O&M Payments due and payable to the Concessionaire shall be determined by computing an amount equivalent to: (a) 21% (two one per cent) of the Project Cost for each of the 1st(first),2nd 1st(first), 2nd (second) and 3rd(third3rd (third) years of the Operation Period; (b) 32% (three two per cent) of the Project Cost for each of the 4th (fourth), 5th (fifth) and 6th (sixth) years, of the Operation Period; and (c) 43% (four three per cent) of the Project Cost for each of the remaining years, which shall be paid in 2(two2 (two) equal biannual instalments and disbursed by the Authority together with the corresponding instalments of Annuity Payments. 23.7.3 Each instalment of O&M Payment shall be the product of the amount determined in accordance with Clause 23.7.2 and the Price Index Multiple on the Reference Index Date preceding the due date of payment thereof. For the avoidance of doubt and by way of illustration, if (i) the Project Cost is Rs.100 Cr.(Rupees one hundred crore);

O&M Payments. 23.7.1 The Parties acknowledge and agree that all O&M Expenses shall be borne by the Concessionaire and in lieu thereof, a lump sum financial support in the form of biannual payments shall be due and payable by the Authority in accordance with the provisions of this Clause 23.7 (the “O&M Payments”). The Parties further acknowledge and agree that any O&M Expenses in excess of the O&M Payments shall be borne solely by the Concessionaire, save and except as expressly provided in this Agreement. 23.7.2 Subject to the Provisions of Clause 23.7.3, the O&M Payments due and payable to the Concessionaire shall be determined by computing an amount equivalent to: (a) 2% (two per cent) of the Project Cost for each of the 1st(first),2nd (second) and 3rd(third) years of the Operation Period; (b) 3% (three per cent) of the Project Cost for each of the 4th (fourth), 5th (fifth) and 6th (sixth) years, of the Operation Period; and (c) 4% (four per cent) of the Project Cost for each of the remaining years, which shall be paid in 2(two) equal biannual instalments and disbursed by the Authority together with the corresponding instalments of Annuity Payments. 23.7.3 Each instalment of O&M Payment shall be the product of the amount determined in accordance with Clause 23.7.2 and the Price Index Multiple on the Reference Index Date preceding the due date of payment thereof. For the avoidance of doubt and by way of illustration, if (i) the Project Cost is Rs.100 Cr.(Rupees one hundred crore);