Common use of Payment Based on Sale of Contractual Rights Clause in Contracts

Payment Based on Sale of Contractual Rights. If upon an Operating Period Termination the Province elects a Termination Payment under this Section 18.5, then the following provisions shall apply: (a) the Province shall within six months after the Operating Period Termination obtain at least two bona fide, fully committed bids, each from a suitable bidder (having regard to the same criteria as set out in Section 18.4), for acquiring all rights and obligations (both present and future) of the Contractor under this Agreement as if this Agreement had not been terminated; (b) the Province shall conduct the bidding process so as to obtain the maximum cash purchase price (but otherwise, to the extent practicable, generally in accordance with its usual procurement processes), and shall select the winning bidder accordingly; (c) the Province shall, as soon as practicable (having regard to clause (a)), implement and complete the bidding process and enter into an agreement with, and collect the purchase price from, the winning bidder; (d) upon receiving the purchase price from the winning bidder, the Province shall pay to the Contractor a Termination Payment consisting of: (i) the purchase price received by the Province from the winning bidder; less (ii) the Province’s reasonable costs reasonably incurred in establishing and conducting the bidding process and entering into the new agreement; (e) if the Province fails to: (i) within six months after the Operating Period Termination, obtain two bids in accordance with clause (a); or (ii) within 12 months after the Operating Period Termination, enter into an agreement with, and collect the purchase price from, the winning bidder; then the Province shall be deemed to have elected to make a Termination Payment under Section 18.6 rather than under this Section 18.5; (f) subject to clause (g), no bid shall be capable of acceptance by the Province unless it would result in an amount greater than zero payable to the Contractor under Section 18.5, having regard to any advance payments made by the Province pursuant to Section 18.4; and (g) if acceptance of the winning bid would not result in an amount greater than the amount described in clause (f), the Province may accept or not accept the bid, but in either event the Province shall be deemed to have re-elected to pay a Termination Payment under Section 18.6 in lieu of a Termination Payment under Section 18.5.

Payment Based on Sale of Contractual Rights. ‌ If upon an Operating M&R Period Termination the Province elects a Termination Payment under this Section 18.5, then the following provisions shall apply: (a) the Province shall within six months after the Operating M&R Period Termination obtain at least two bona fide, fully committed bids, each from a suitable bidder (having regard to the same criteria as set out in Section 18.4), for acquiring all rights and obligations (both present and future) of the Contractor under this Agreement as if this Agreement had not been terminated; (b) the Province shall conduct the bidding process so as to obtain the maximum cash purchase price (but otherwise, to the extent practicable, generally in accordance with its usual procurement processes), and shall select the winning bidder accordingly; (c) the Province shall, as soon as practicable (having regard to clause (a)), implement and complete the bidding process and enter into an agreement with, and collect the purchase price from, the winning bidder; (d) upon receiving the purchase price from the winning bidder, the Province shall pay to the Contractor a Termination Payment consisting of: (i) the purchase price received by the Province from the winning bidder; less (ii) the Province’s reasonable costs reasonably incurred in establishing and conducting the bidding process and entering into the new agreement; (e) if the Province fails to: (i) within six months after the Operating M&R Period Termination, obtain two bids in accordance with clause (a); or (ii) within 12 months after the Operating M&R Period Termination, enter into an agreement with, and collect the purchase price from, the winning bidder; then the Province shall be deemed to have elected to make a Termination Payment under Section 18.6 rather than under this Section 18.5; (f) subject to clause (g), no bid shall be capable of acceptance by the Province unless it would result in an amount greater than zero payable to the Contractor under Section 18.5, having regard to any advance payments made by the Province pursuant to Section 18.4; and (g) if acceptance of the winning bid would not result in an amount greater than the amount described in clause (f), the Province may accept or not accept the bid, but in either event the Province shall be deemed to have re-elected to pay a Termination Payment under Section 18.6 in lieu of a Termination Payment under Section 18.5.

Payment Based on Sale of Contractual Rights. If upon an Operating Period Termination the Province elects a Termination Payment under this Section 18.5, then the following provisions shall apply: (a) the Province shall within six months after the Operating Period Termination obtain at least two bona fide, fully committed bids, each from a suitable bidder (having regard to the same criteria as set out in Section 18.4), for acquiring all rights and obligations (both present and future) of the Contractor under this Agreement as if this Agreement had not been terminated; (b) the Province shall conduct the bidding process so as to obtain the maximum cash purchase price (but otherwise, to the extent practicable, generally in accordance with its usual procurement processes), and shall select the winning bidder accordingly; (c) the Province shall, as soon as practicable (having regard to clause (a)), implement and complete the bidding process and enter into an agreement with, and collect the purchase price from, the winning bidder; (d) upon receiving the purchase price from the winning bidder, the Province shall pay to the Contractor a Termination Payment consisting of: (i) the purchase price received by the Province from the winning bidder; less (ii) the Province’s reasonable costs reasonably incurred in establishing and conducting the bidding process and entering into the new agreement;; and (e) if the Province fails to: (i) within six months after the Operating Period Termination, obtain two bids in accordance with clause (a); or (ii) within 12 months after the Operating Period Termination, enter into an agreement with, and collect the purchase price from, the winning bidder; then the Province shall be deemed to have elected to make a Termination Payment under Section 18.6 rather than under this Section 18.5; (f) subject to clause (g), no bid shall be capable of acceptance by the Province unless it would result in an amount greater than zero payable to the Contractor under Section 18.5, having regard to any advance payments made by the Province pursuant to Section 18.4; and (g) if acceptance of the winning bid would not result in an amount greater than the amount described in clause (f), the Province may accept or not accept the bid, but in either event the Province shall be deemed to have re-elected to pay a Termination Payment under Section 18.6 in lieu of a Termination Payment under Section 18.5.

Payment Based on Sale of Contractual Rights. If upon an Operating M&R Period Termination the Province elects a Termination Payment under this Section 18.5, then the following provisions shall apply: (a) the Province shall within six months after the Operating M&R Period Termination obtain at least two bona fide, fully committed bids, each from a suitable bidder (having regard to the same criteria as set out in Section 18.4), for acquiring all rights and obligations (both present and future) of the Contractor under this Agreement as if this Agreement had not been terminated; (b) the Province shall conduct the bidding process so as to obtain the maximum cash purchase price (but otherwise, to the extent practicable, generally in accordance with its usual procurement processes), and shall select the winning bidder accordingly; (c) the Province shall, as soon as practicable (having regard to clause (a)), implement and complete the bidding process and enter into an agreement with, and collect the purchase price from, the winning bidder; (d) upon receiving the purchase price from the winning bidder, the Province shall pay to the Contractor a Termination Payment consisting of: (i) the purchase price received by the Province from the winning bidder; less (ii) the Province’s reasonable costs reasonably incurred in establishing and conducting the bidding process and entering into the new agreement; (e) if the Province fails to: (i) within six months after the Operating M&R Period Termination, obtain two bids in accordance with clause (a); or (ii) within 12 months after the Operating M&R Period Termination, enter into an agreement with, and collect the purchase price from, the winning bidder; then the Province shall be deemed to have elected to make a Termination Payment under Section 18.6 rather than under this Section 18.5; (f) subject to clause (g), no bid shall be capable of acceptance by the Province unless it would result in an amount greater than zero payable to the Contractor under Section 18.5, having regard to any advance payments made by the Province pursuant to Section 18.4; and (g) if acceptance of the winning bid would not result in an amount greater than the amount described in clause (f), the Province may accept or not accept the bid, but in either event the Province shall be deemed to have re-elected to pay a Termination Payment under Section 18.6 in lieu of a Termination Payment under Section 18.5.