Common use of Payment of Compensation to Lenders Clause in Contracts

Payment of Compensation to Lenders. The Concessionaire hereby irrevocably authorises the Concessioning Authority to pay to the Lenders or at their instruction to any designated bank account in India the compensation payable to the Concessionaire. The Concessionaire confirms that upon such payment being made, the Concessioning Authority shall stand duly discharged of its obligations regarding payment of compensation under this Agreement and the charge created by the Concessionaire in favour of the Lenders on any of its assets taken over by the Concessioning Authority shall stand satisfied and all such assets shall on and from the Transfer Date be free from such charge. The Concessionaire further confirms that payment of compensation by Concessioning Authority in accordance with this Article 17.4 shall be a valid discharge to the Concessioning Authority in respect of Concessioning Authority’s obligation regarding payment of compensation to the Concessionaire under this Agreement. Provided notwithstanding anything inconsistent contained in this Agreement, the Concessionaire/the Lenders as the case may be shall be entitled to remove at its/ their cost all such moveables which are not taken over by the Concessioning Authority and to deal with the same in accordance with their respective rights under law. Provided further, if there are no amounts outstanding under the Financing Documents and a certificate to that effect issued by the Lenders is furnished by the Concessionaire to the Concessioning Authority, the compensation shall be paid by the Concessioning Authority to the Concessionaire directly.

Payment of Compensation to Lenders. The Concessionaire hereby irrevocably authorises authorizes the Concessioning Authority to pay to the Lenders or at their instruction to any designated bank account in India the compensation payable to the ConcessionaireConcessionaire as per Clause 16.2. The Concessionaire confirms that upon such payment being made, the Concessioning Authority shall stand duly discharged of its obligations regarding payment of compensation compens ation under this Concession Agreement and the charge created by the Concessionaire in favour of the Lenders on any of its assets taken over by the Concessioning Authority shall stand satisfied and all such assets shall on and from the Transfer Date Dat e be free from such charge. The Concessionaire shall procure a certificate from the Lenders releasing the charge on its assets and shall file appropriate modification of charge with the Registrar of Companies. The Concessionaire further confirms that payment of compensation by Concessioning the Authority in accordance with this Article 17.4 Clause 16.6 shall be a valid discharge to the Concessioning Authority in respect of Concessioning the Authority’s obligation regarding payment of compensation to the Concessionaire under this Agreement. Concession Agreement Provided that notwithstanding anything inconsistent contained in this Concession Agreement, the Concessionaire/the Lenders Concessionaire /the Lenders, as the case may be be, shall be entitled to remove at its/ their cost all such moveables movables which are not taken over by the Concessioning Authority and to deal with the same in accordance with their respective rights under law. Provided furtherProvided, further that, if there are no amounts outstanding under the Financing Documents and a certificate to that effect issued by the Lenders is furnished by the Concessionaire to the Concessioning Authority, the compensation shall be paid by the Concessioning Authority to the Concessionaire directly.

Payment of Compensation to Lenders. The Concessionaire hereby irrevocably authorises authorizes the Concessioning Authority to pay to the Lenders or at their instruction to any designated bank account in India the compensation payable to the ConcessionaireConcessionaire as per Clause 16.2. The Concessionaire confirms that upon such payment being made, the Concessioning Authority shall stand duly discharged of its obligations regarding payment of compensation under this Concession Agreement and the charge created by the Concessionaire in favour of the Lenders on any of its assets taken over by the Concessioning Authority shall stand satisfied and all such assets shall on and from the Transfer Date be free from such charge. The Concessionaire shall procure a certificate from the Lenders releasing the charge on its assets and shall file appropriate modification of charge with the Registrar of Companies. The Concessionaire further confirms that payment of compensation by Concessioning the Authority in accordance with this Article 17.4 Clause 16.6 shall be a valid discharge to the Concessioning Authority in respect of Concessioning the Authority’s obligation regarding payment of compensation to the Concessionaire under this Agreement. Concession Agreement Provided that notwithstanding anything inconsistent contained in this Concession Agreement, the Concessionaire/the Lenders Concessionaire /the Lenders, as the case may be be, shall be entitled to remove at its/ their cost all such moveables movables which are not taken over by the Concessioning Authority and to deal with the same in accordance with their respective rights under law. Provided furtherProvided, further that, if there are no amounts outstanding under the Financing Documents and a certificate to that effect issued by the Lenders is furnished by the Concessionaire to the Concessioning Authority, the compensation shall be paid by the Concessioning Authority to the Concessionaire directly.