Payment of Compensation to Senior Lenders Sample Clauses

Payment of Compensation to Senior Lenders. The Concessionaire hereby irrevocably authorises the Concessioning Authority to pay to the Senior 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 Senior 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 Senior 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 Senior Lenders is furnished by the Concessionaire to the Concessioning Authority, the compensation shall be paid by the Concessioning Authority to the Concessionaire directly.
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Payment of Compensation to Senior Lenders. (a) The Concessionaire hereby irrevocably authorises the Authority to pay to the Senior Lenders or at their instruction to any designated bank account in India the Termination Payment payable to the Concessionaire. The Concessionaire confirms that upon such payment being made, the Authority shall stand duly discharged of its obligations regarding payment of Termination Payment under this Agreement and the charge created by the Concessionaire in favour of the Senior Lenders on any of its assets taken over by the 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 Termination Payment by Authority in accordance with this Clause 33.5(A) shall be a valid discharge to the Authority in respect of Authority’s obligation regarding payment of Termination Payment to the Concessionaire under this Agreement.
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Payment of Compensation to Senior Lenders. The Operator hereby irrevocably authorises the Authority to pay to the Senior Lenders or at their instruction to any designated bank account in India the compensation payable to the Operator. The Operator confirms that upon such payment being made, the Authority shall stand duly discharged of its obligations regarding payment of compensation under this Agreement and the charge created by the Operator in favour of the Senior Lenders on any of its assets taken over by the Authority shall stand satisfied and all such assets shall on and from the Transfer Date be free from such charge. The Operator further confirms that payment of compensation by Authority in accordance with this Article 16.4 shall be a valid discharge to the Authority in respect of Authority’s obligation regarding payment of compensation to the Operator under this Agreement. Provided notwithstanding anything inconsistent contained in this Agreement, the Operator/the Senior 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 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 Senior Lenders is furnished by the Operator to the Authority, the compensation shall be paid by the Authority to the Operator directly.
Sample 1

Related to Payment of Compensation to Senior Lenders

  • Payment of Compensation Consultant shall submit to City a monthly itemized statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. City shall, within 30 days of receiving such statement, review the statement and pay all approved charges thereon.

  • Payment of Salary Executive acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Executive.

  • Supplementation of Compensation Award ‌ If an employee is prevented from performing the employee's regular work with the City on account of an occupational accident that is recognized by the Workers' Compensation Board as compensable within the meaning of the Workers' Compensation Act, the City will supplement the award made by the Workers' Compensation Board for loss of wages to the employee by such an amount that the award of the Workers' Compensation Board for loss of wages (excluding non- economic loss payment), together with the supplementation by the City, will equal 100% of the employee's regular net wage (gross pay less statutory deductions, union dues and required benefit plan contributions). The said supplementation shall not be payable to any employee entitled to compensation after pension age if such an employee is entitled to an unreduced pension as provided under the Local Authorities Pension Plan or after the full age of 65 years if such an employee is not entitled to a pension. Subject to the foregoing limitation, the procedure to be followed in operating this policy shall be as follows:

  • A-E Compensation and Extra Work 1.5.1. For the PROJECTS/SERVICES authorized under this CONTRACT, A-E shall be compensated in accordance with the following:

  • Payment of Salaries Short-term relievers

  • Form of Compensation Compensation for overtime shall be paid except where, upon request of the Employee, and with the approval of the Employer, or its representative, overtime may be granted in the form of time off in lieu of overtime hours worked.

  • Reciprocal Compensation Arrangements Pursuant to Section 251(b (5) of the Act

  • Special Compensation The Company shall pay to the Executive a lump sum equal to three times the sum of (a) the highest per annum base rate of salary in effect with respect to the Executive during the three-year period immediately prior to the termination of employment plus (b) the Highest Bonus Amount. Such lump sum shall be paid by the Company to the Executive within ten business days after the Executive's termination of employment, unless the provisions of Section 3(e) below apply. The amount of the aggregate lump sum provided by this Section 3(c), whether paid immediately or deferred, shall not be counted as compensation for purposes of any other benefit plan or program applicable to the Executive.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Application of this Revenue Sharing Agreement to Notes The terms of this Revenue Sharing Agreement shall apply to each Note as if the terms of this Revenue Sharing Agreement were fully set forth in each Note.

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