Reduction in costs. If as a result of Change in Law, the Concessionaire benefits from a reduction in costs or increase in net after-tax return or other financial gains, the aggregate financial effect of which exceeds the higher of Rs. 1 crore (Rupees one crore) in any Accounting Year, the Authority may so notify the Concessionaire and propose amendments to this Agreement so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no such Change in Law resulting in the decreased costs, increase in return or other financial gains as aforesaid. Upon notice by the Authority, the Parties shall meet, as soon as reasonably practicable but no later than 30 (thirty) days from the date of notice, and either agree on such amendments to this Agreement or on any other mutually agreed arrangement: Provided that if no agreement is reached within 90 (ninety) days of the aforesaid notice, the Authority may by notice require the Concessionaire to pay an amount that would place the Concessionaire in the same financial position that it would have enjoyed had there been no such Change in Law, and within 15 (fifteen) days of receipt of such notice, along with particulars thereof, the Concessionaire shall pay the amount specified therein to the Authority; provided that if the Concessionaire shall dispute such claim of the Authority, the same shall be settled in accordance with the Dispute Resolution Procedure. For the avoidance of doubt, it is agreed that this Clause 37.2 shall be restricted to changes in law directly affecting the Concessionaire's costs of performing its obligations under this Agreement.
Reduction in costs. 23.2.1. If as a result of Change in Law, the Concessionaire enjoys a reduction in costs or increase in net after tax return or other financial benefit, the aggregate financial effect of which exceeds the higher of Rs 25 lakh ( Rs twenty five lakh) and 0.5% ( zero point five percent) of the annual Fixed Storage Charge in any Financial Year, during the Operation Period the Authority may so notify the Concessionaire and propose amendments to this Agreement so as to put the Concessionaire in the same financial position as it would have occupied had there been so such Change in Law resulting in such decreased cost, increase in return or other financial benefit as aforesaid. Upon notification by the Authority as aforesaid, the Parties shall meet as soon as reasonably practicable but no later than 45 (forty five) days and either agree on such amendments to this Agreement or on alternative arrangements to implement the foregoing.
Reduction in costs. If as a result of Change in Law, the SPD benefits from a reduction in costs or increase in net after-tax return or other financial gains, the aggregate financial effect of which exceeds the higher of Rs. 1 crore (Rupees one crore) and 0.5% (zero point five per cent) of the Tariff [] in any Accounting Year, Railways may so notify the SPD and propose amendments to this Agreement so as to place the SPD in the same financial position as it would have enjoyed had there been no such Change in Law resulting in the decreased costs, increase in return or other financial gains as aforesaid. Upon notice by Railways, the Parties shall meet, as soon as reasonably practicable, but no later than 30 (thirty) days from the date of notice, and either agree on such amendments to this Agreement or on any other mutually agreed arrangement: Provided that if no agreement is reached within 90 (ninety) days of the aforesaid notice, Railways may by notice require the SPD to pay an amount that would place the SPD in the same financial position that it would have enjoyed had there been no such Change in Law, and within 15 (fifteen) days of receipt of such notice, along with particulars thereof, the SPD shall pay the amount specified therein to Railways; provided that if the SPD shall dispute such claim of Railways, the same shall be settled in accordance with the Dispute Resolution Procedure. For the avoidance of doubt, it is agreed that this Clause 30.2 shall be restricted to changes in law directly affecting the SPD‟s costs of performing its obligations under this Agreement. *****This amount may, in the discretion of the Railway, be suitably increased, but in no case exceeding a ratio of [Rs. 1 cr. for every Rs. 500 cr.] of Total Project Cost.
Reduction in costs. If as a result of Change in Law, the Developer benefits from a reduction in costs or increase in net after-tax return or other financial gains, the aggregate financial effect of which exceeds Rs. in any Accounting Year, the Client may so notify the Developer and propose amendments to this Agreement so as to place the Developer in the same financial position as it would have enjoyed had there been no such Change in Law resulting in the decreased costs, increase in return or other financial gains as aforesaid. Upon notice by the Client, the Parties shall meet, as soon as reasonably practicable but no later than 30 (thirty) days from the date of notice, and either agree on such amendments to this Agreement or on any other mutually agreed arrangement: Provided that if no agreement is reached within 90 (ninety) days of the aforesaid notice, the Client may by notice require the Developer to pay an amount that would place the Developer in the same financial position that it would have enjoyed had there been no such Change in Law, and within 15 (fifteen) days of receipt of such notice, along with particulars thereof, the Developer shall pay the amount specified therein to the Client; provided that if the Developer shall dispute such claim of the Client, the same shall be settled in accordance with the Dispute Resolution Procedure. For the avoidance of doubt, it is agreed that this Article shall be restricted to changes in law directly affecting the Developer’s costs of performing its obligations under this Agreement during the Construction Period.
Reduction in costs. If as a result of Change in Law, the Concessionaire benefits from a reduction in costs or increase in net after-tax return or other financial gains, the aggregate financial effect of which exceeds the higher of Rs. [•], the Authority may so notify the Concessionaire and propose amendments to this Agreement so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no such Change in Law resulting in the decreased costs, increase in return or other financial gains as aforesaid. Upon notice by the Authority, the Parties shall meet, as soon as reasonably practicable but no later than 30 (thirty) days from the date of notice, and either agree on such amendments to this Agreement or on any other mutually agreed arrangement: Provided that if no agreement is reached within 90 (ninety) days of the aforesaid notice, the same shall be settled in accordance with the Dispute Resolution Procedure. For the avoidance of doubt, it is agreed that this Clause 36.2 shall be restricted to changes in law directly affecting the Concessionaire‟s costs of performing its obligations under this Agreement.
Reduction in costs. If as a result of Change in Law, the Concessionaire benefits from a reduction in costs or increase in net after-tax return or other financial gains, , the aggregate financial effects of which exceeds the higher of Rs 1 Crore (Rupees one crore) and 0.5% (zero point five per cent) of the Realisable Fee in any Financial Year, the Authority may so notify the Concessionaire and propose amendments to this Agreement so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no such Change in Law resulting in the decreased costs, increase in return or other financial gains as aforesaid. Upon notice by the Authority, the Parties shall meet, as soon as reasonably practicable but no later than 30 (thirty) days from the date of notice, and either agree on such amendments to this Agreement or on any other mutually agreed arrangement: Provided that if no agreement is reached within 90 (ninety) days of the aforesaid notice, the same shall be settled in accordance with the Dispute Resolution Procedure. For the avoidance of doubt, it is agreed that this Clause 36.2 shall be restricted to changes in law directly affecting the Concessionaire‟s costs of performing its obligations under this Agreement.
Reduction in costs. If as a result of Change in Law, the Strategic Partner benefits from a reduction in costs or increase in net after-tax return or other financial gains, the aggregate financial effect of which exceeds the amount equivalent to 10% (ten percent) of the Fee i.e. the value of this Agreement, the Authority may so notify the Strategic Partner and propose amendments to this Agreement so as to place the Strategic Partner in the same financial position as it would have enjoyed had there been no such Change in Law resulting in the decreased costs, increase in return or other financial gains as aforesaid. Upon notice by the Authority, the Parties shall meet, as soon as reasonably practicable, but no later than 30 (thirty) days from the date of notice, and either agree on such amendments to this Agreement or on any other mutually agreed arrangement. Provided that if no agreement is reached within 90 (ninety) days of the aforesaid notice, the same shall be settled in accordance with the Dispute Resolution Procedure. For the avoidance of doubt, it is agreed that this Clause 17.2 shall be restricted to changes in law directly affecting the Strategic Partner’s costs of performing its obligations under this Agreement.
Reduction in costs. If as a result of Change in Law, the Operator benefits from a reduction in costs or increase in net after-tax return or other financial gains, the aggregate financial effect of which exceeds the higher of Rs. 50 lakh (Rupees fifty lakh) and 0.5% (zero point five percent) of the Revenue in any Contract Year, the SPV may so notify the Operator and propose amendments to this Agreement so as to place the Operator in the same financial position as it would have enjoyed had there been no such Change in Law resulting in the decreased costs, increase in return or other financial gains as aforesaid. Upon notice by the SPV, the Parties shall meet as soon as reasonably practicable, but no later than 30 (thirty) days from the date of notice, and either agree on such amendments to this Agreement or on any other mutually agreed arrangement: Provided that if no agreement is reached within 90 (ninety) days of the aforesaid notice, the SPV may by notice require the Operator to pay an amount that would place the Operator in the same financial position that it would have enjoyed had there been no such Change in Law, and within 15 (fifteen) days of receipt of such notice, along with particulars thereof, the Operator shall pay the amount specified therein to the SPV; provided that if the Operator shall dispute such claim of the SPV, the same shall be settled in accordance with the Dispute Resolution Procedure. For the avoidance of doubt, it is agreed that this Clause 29.2 shall be restricted to changes in law directly affecting the Operator's costs of performing its obligations under this Agreement.
Reduction in costs. If the Board of Directors resolves that the total actual costs to be incurred by the Authority, including the costs of the Public Improvements and the costs related to the issuance and repayment of the Bonds, including refunding Bonds, and Administrative Expenses are less than the total amount of the Special Assessments, then the Board of Directors shall reduce the Special Assessments such that the sum of Special Assessments equals the total costs incurred or to be incurred. The Special Assessments shall be reduced for every Parcel of Assessed Property in the Mosaic District in the following manner. First, if the Public Improvements were not completed using bond proceeds and, in the judgment of the Board of Directors, any Parcels were not fully benefitted by the Public Improvements, the Special Assessments shall be reduced on these Parcels to represent what the Board of Directors, in the reasonable exercise of its discretion, determines to be the peculiar benefit to these Parcels of such Public Improvements compared to the peculiar benefit of such Public Improvements to the other Parcels. The Board of Directors may provide for the reduction in the Special Assessments by equal percentage for each Parcel or some other means if the Board of Directors determines this would be the most fair or practical method of reducing the Special Assessments. Second, if additional reductions are to be made in the Special Assessments, the Special Assessments shall be reduced by an equal percentage such that the sum of the resulting Special Assessments for every Parcel equals the actual costs to be incurred by the Authority. The Special Assessments as reduced according to the provisions of this section shall not be reduced to an amount that is less than the outstanding amount of the related Bonds, debt service on the outstanding related Bonds, and estimated Administrative Expenses. The reduction in Special Assessments is to be applied to the Special Assessment Part A and Special Assessment Part B according to which Bonds are called or reduced, pursuant to the Bond Indenture for each series of Bonds. The Principal Portion of Special Assessments shall be reduced in the same manner as the reduction in the Special Assessments such that the total of the Principal Portion of the Assessments is equal to the total principal of the outstanding related Bonds and any to be issued (including refunding Bonds).
Reduction in costs. Consequent upon merger, the Amalgamated Company would be able to optimize the resources required for overall general and administrative purpose. The Amalgamating Companies would be able to use its existing resources as well as the resources of the Amalgamated Company and this would reduce the cost of maintaining and using separate resources.
