Common use of Shareholding Clause in Contracts

Shareholding. The Concessionaire shall ensure that the Applicant/ members of the Consortium maintain Management Control at least until expiry of the Exclusivity Period30 as also maintain their equity holding in the Concessionaire such that31: (a) The Applicant/members of the Consortium legally and beneficially hold not less than 51% (fifty one percent) of its paid up equity capital until 3 (three) years after Date of Commercial Operations and not less than 26% (twenty six percent) of its paid up equity capital during the balance Concession Period; and (b) M/s [●] (“Lead Member”) legally and beneficially holds at any time not less than 50% (fifty percent) of the Consortium’s holding in the paid up equity capital of the Concessionaire. Notwithstanding the aforesaid, any Transfer of shareholding in the Concessionaire and/or direct or indirect change in the Management Control of the Concessionaire, including by way of a restructuring or amalgamation, shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which consent shall not be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable Law or the conditions of bidding (including restrictions to avoid anti-competitive and monopolistic practice) and/or public policy be disqualified from undertaking the Project.] Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire in favour of Xxxxxxx as security for the Financial Assistance subject to the enforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.

Shareholding. The Concessionaire shall ensure that the Applicant/ members of the Consortium maintain Management Control at least until expiry of the Exclusivity Period30 one (1) year after COD as also maintain their equity holding in the Concessionaire such that31that27: (a) The ApplicantSelected Bidder/members of the Consortium legally and beneficially Members together with its/their Associates hold not less than 51% (fifty one percent) of its issued and paid up equity capital until 3 (three) years after Date and that no member of Commercial Operations Consortium whose technical and not financial capacity was evaluated for the purposes of Pre-qualifications in response to Request for Qualification shall hold less than 26% of such equity until expiry of one (twenty six percent1) year after COD. At any time, after expiry of the aforesaid share holding period, lead member can approach Concession Authority for approval proposing a new entity/ consortium. Concession Authority may at its paid up equity capital during sole discretion consider and approve it subject to the balance Concession Periodentity/consortium meeting the eligibility criteria as prescribed in Bid Document for the Project; and (b) M/s [●] (“Lead Member”) of the Consortium (original or new as the case may be) legally and beneficially holds at any time not less than 50% (fifty percent) of the Consortium’s holding in the paid paid-up equity capital of the Concessionaire. Notwithstanding the aforesaid, any Any Transfer of shareholding in the Concessionaire and/or direct or indirect change in the Management Control of the Concessionaire, including by way of a restructuring or amalgamation, shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which consent shall not be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable Law or the conditions of bidding (including restrictions to avoid anti-competitive and monopolistic practice) and/or public policy be disqualified from undertaking the Project.] 27 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire in favour favor of Xxxxxxx Senior Lenders as security for the Financial Assistance subject to the enforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.

Shareholding. The Concessionaire shall ensure that the Applicant/ members of the Consortium maintain Management Control at least until expiry of the Exclusivity Period30 two (2) years after COD as also maintain their equity holding in the Concessionaire such that31that: (a) The ApplicantSelected Bidder/members of the Consortium legally and beneficially Members together with its/their Associates hold not less than 51% (fifty one percentFifty One Percent) of its issued and paid up equity capital until 3 (three) years after Date and that no member of Commercial Operations Consortium whose technical and not financial capacity was evaluated for the purposes of Pre-qualifications in response to Request for Qualification shall hold less than 26% (twenty six percentTwenty Six Percent) of such equity until expiry of two (2) years after COD. At any time, after expiry of the aforesaid share holding period, lead member can approach Authority for approval proposing a new entity/ consortium. Authority may at its paid up equity capital during sole discretion consider and approve it subject to the balance Concession Periodentity/consortium meeting the eligibility criteria as prescribed in Bid Document for the Project; and (b) M/s [●[ ] (“Lead Member”) of the Consortium (original or new as the case may be) legally and beneficially holds at any time not less than 5051% (fifty one percent) of the Consortium’s holding in the paid up equity capital of the Concessionaire. Notwithstanding the aforesaid, any Any Transfer of shareholding in the Concessionaire and/or direct or indirect change in the Management Control of the Concessionaire, including by way of a restructuring or amalgamation, shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which consent shall not be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable Law or the conditions of bidding (including restrictions to avoid anti-competitive and monopolistic practice) and/or public policy be disqualified from undertaking the Project.] Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire in favour of Xxxxxxx Senior Lenders as security for the Financial Assistance subject to the enforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.

Shareholding. The Concessionaire shall ensure that the Applicant/ members of the Consortium maintain Management Control at least until expiry of the Exclusivity Period30 one (1) year after COD as also maintain their equity holding equityholding in the Concessionaire such that31that: (a) The ApplicantSelected Bidder/members of the Consortium legally and beneficially Members together with its/their Associates hold not less than 51% (fifty one percent) of its issued and paid up equity capital until 3 (three) years after Date and that no member of Commercial Operations Consortium whose technical and not financialcapacity was evaluated for the purposes of Pre-qualifications in response to Request for Qualification shall hold less than 26% of suchequityuntilexpiry of one (twenty six percent1) yearafter COD. At anytime, after expiry of the aforesaid share holding period, lead member can approach Concession Authority for approval proposing a new entity/ consortium. Concession Authority may at its paid up equity capital during solediscretionconsiderandapprove it subject to the balance Concession Periodentity/consortiummeetingtheeligibilitycriteria asprescribed in Bid Document for the Project; and (b) M/s [●] (“Lead Member”) of the Consortium (original or new as the case may be) legally and beneficially holds at any time not less than 50% (fifty percent) of the Consortium’s holding in the paid paid-up equity capital of the Concessionaire. Notwithstanding the aforesaid, any Any Transfer of shareholding in the Concessionaire and/or direct or indirect change in the Management Control of Controlof the Concessionaire, including by way of a restructuring arestructuring or amalgamation, ,shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which consent shall not shallnot be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable theApplicable Law or the conditions of bidding (including restrictions to avoid anti-competitive and monopolistic andmonopolistic practice) and/or public policy be disqualified from undertaking the Project.] Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire theConcessionaire in favour favor of Xxxxxxx Senior Lenders as security for the forthe Financial Assistance subject to the enforcement theenforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.

Shareholding. The Concessionaire shall ensure that the Applicant/ members of the Consortium maintain Selected Bidder maintains Management Control at least until expiry of the Exclusivity Period30 two (2) years after COD as also maintain their equity holding in the Concessionaire such that31that: (a) The ApplicantSelected Bidder together with its/members of the Consortium legally and beneficially their Associates hold not less than 51% (fifty one percentFifty One Percent) of its issued and paid up equity capital until 3 (three) years after Date and that no member of Commercial Operations Consortium whose technical and not financial capacity was evaluated for the purposes of qualifications in response to Request for Proposal shall hold less than 26% (twenty six percentTwenty Six Percent) of such equity until expiry of two (2) years after COD. At any time, after expiry of the aforesaid share holding period, Lead Member can approach Authority for approval proposing a new entity/ consortium. Authority may at its paid up equity capital during sole discretion consider and approve it subject to the balance Concession PeriodBidder meeting the eligibility criteria as prescribed in Bid Document for the Project; and (b) M/s [●] (“Lead Member”) of the Consortium (original or new as the case may be) legally and beneficially holds at any time not less than 50% (fifty percent) of the Consortium’s holding in the paid up equity capital of the Concessionaire. Notwithstanding the aforesaid, any Any Transfer of shareholding in the Concessionaire and/or direct or indirect change in the Management Control of the Concessionaire, including by way of a restructuring or amalgamation, shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which consent shall not be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable Law or the conditions of bidding (including restrictions to avoid anti-competitive and monopolistic practice) and/or public policy be disqualified from undertaking the Project.] . Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire in favour of Xxxxxxx Senior Lenders as security for the Financial Assistance subject to the enforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.

Shareholding. The Concessionaire shall ensure that the Applicant/ members of the Consortium maintain Management Control at least until expiry of the Exclusivity Period30 one (1) year after COD as also maintain their equity holding in the Concessionaire such that31that27: (a) The ApplicantSelected Bidder/members of the Consortium legally and beneficially Members together with its/their Associates hold not less than 51% (fifty one percent) of its issued and paid up equity capital until 3 (three) years after Date and that no member of Commercial Operations Consortium whose technical and not financial capacity was evaluated for the purposes of Pre-qualifications in response to Request for Qualification shall hold less than 26% of such equity until expiry of one (twenty six percent1) year after COD. At any time, after expiry of the aforesaid share holding period, lead member can approach Concession Authority for approval proposing a new entity/ consortium. Concession Authority may at its paid up equity capital during sole discretion consider and approve it subject to the balance Concession Periodentity/consortium meeting the eligibility criteria as prescribed in Bid Document for the Project; and (b) M/s [●] (“Lead Member”) of the Consortium (original or new as the case may be) legally and beneficially holds at any time not less than 50% (fifty percent) of the Consortium’s holding in the paid paid-up equity capital of the Concessionaire. Notwithstanding the aforesaid, any Any Transfer of shareholding in the Concessionaire and/or direct or indirect change in the Management Control of the Concessionaire, including by way of a restructuring or amalgamation, shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which consent shall not be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable Law or the conditions of bidding (including restrictions to avoid anti-anti- competitive and monopolistic practice) and/or public policy be disqualified from undertaking the Project.] 27 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire in favour favor of Xxxxxxx Senior Lenders as security for the Financial Assistance subject to the enforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.

Shareholding. The Concessionaire shall ensure that the Applicant/ members of the Consortium maintain Management Control at least until expiry of the Exclusivity Period30 one (1) year after COD as also maintain their equity holding equityholding in the Concessionaire such that31that: (a) The ApplicantSelected Bidder/members of the Consortium legally and beneficially Members together with its/their Associates hold not less than 51% (fifty one percent) of its issued and paid up equity capital until 3 (three) years after Date and that no member of Commercial Operations Consortium whose technical and not financialcapacity was evaluated for the purposes of Pre-qualifications in response to Request for Qualification shall hold less than 26% (twenty six percentof suchequityuntilexpiry of one(1) yearafter COD. At anytime, after expiry of the aforesaid share holding period, lead member can approach Concession Authority for approval proposing a new entity/ consortium. Concession Authority may at its paid up equity capital during solediscretionconsiderandapprove it subject to the balance Concession Periodentity/consortiummeetingtheeligibilitycriteria asprescribed in Bid Document for the Project; and (b) M/s [●] (“Lead Member”) of the Consortium (original or new as the case may be) legally and beneficially holds at any time not less than 50% (fifty percent) of the Consortium’s holding in the paid paid-up equity capital of the Concessionaire. Notwithstanding the aforesaid, any Any Transfer of shareholding in the Concessionaire and/or direct or indirect change in the Management Control of Controlof the Concessionaire, including by way of a restructuring arestructuring or amalgamation, ,shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which consent shall not shallnot be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable theApplicable Law or the conditions of bidding (including restrictions to avoid anti-competitive and monopolistic andmonopolistic practice) and/or public policy be disqualified from undertaking the Project.] Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire theConcessionaire in favour favor of Xxxxxxx Senior Lenders as security for the forthe Financial Assistance subject to the enforcement theenforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.

Shareholding. The Concessionaire shall ensure that the Applicant/ members of the Consortium maintain Management Control at least until expiry of the Exclusivity Period30 as also maintain their equity holding in the Concessionaire such that31: (a) The Applicant/members of the Consortium legally and beneficially hold not less than 51% (fifty one percent) of its paid up equity capital until 3 (three) years after Date of Commercial Operations and not less than 26% (twenty six percent) of its paid up equity capital during the balance Concession Period; and (b) M/s [●] (“Lead Member”) legally and beneficially holds at any time not less than 50% (fifty percent) of the Consortium’s holding in the paid up equity capital of the Concessionaire. Notwithstanding the aforesaid, any Transfer of shareholding in the Concessionaire and/or direct or indirect change in the Management Control of the Concessionaire, including by way of a restructuring or amalgamation, shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which consent shall not be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable Law or the conditions of bidding (including restrictions to avoid anti-competitive and monopolistic practice) and/or public policy be disqualified from undertaking the Project.] Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire in favour of Xxxxxxx Lenders as security for the Financial Assistance subject to the enforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.

Shareholding. The Concessionaire Operator shall ensure that the Applicant/ members of the Consortium JV maintain Management Control at least until expiry of the Exclusivity Period30 two (2) years after COD as also maintain their equity holding in the Concessionaire Operator such that31that: (a) The ApplicantSelected Bidder/members of the Consortium legally and beneficially Members together with its/their Associates hold not less than 51% (fifty one percentFifty One Percent) of its issued and paid up equity capital until 3 (three) years after Date and that no member of Commercial Operations Consortium whose technical and not financial capacity was evaluated for the purposes of Pre-qualifications in response to Request for Qualification shall hold less than 26% (twenty six percentTwenty Six Percent) of such equity until expiry of two (2) years after COD. At any time, after expiry of the aforesaid share holding period, lead member can approach Authority for approval proposing a new entity/ consortium. Authority may at its paid up equity capital during sole discretion consider and approve it subject to the balance Concession Periodentity/consortium meeting the eligibility criteria as prescribed in Bid Document for the Project; and (b) M/s [●] (“Lead Member”) of the Consortium (original or new as the case may be) legally and beneficially holds at any time until the expiry of two (2) years after COD not less than 5051% (fifty percent) of the Consortium’s holding in the paid up equity capital of the ConcessionaireJoint Venture . Notwithstanding the aforesaid, any Any Transfer of shareholding in the Concessionaire Operator and/or direct or indirect change in the Management Control of the ConcessionaireOperator, including by way of a restructuring or amalgamation, shall only be with the prior 30 Where there is no Exclusivity Period prescribed, this would be expiry of 3 years from the Date of Commercial Operations. 31 This provision would be edited depending on whether the bidder is a single applicant or a Consortium. Sub Article (b) will be omitted in case the bidder is a single Applicant. written approval of the Concessioning Authority which Authority. Which consent shall not be withheld except (i) for reasons of national security; or (ii) [if the Person proposed for assuming such Management Control would by virtue of the restrictions imposed under the Applicable Law or the conditions of bidding (including restrictions to avoid anti-competitive and monopolistic practice) and/or public policy be disqualified from undertaking the Project.] Provided, nothing contained in this Article shall preclude or prevent pledge of shares in the Concessionaire in favour of Xxxxxxx as security for the Financial Assistance subject to the enforcement and consequent Transfer thereof only with the prior written consent of the Concessioning Authority as stated hereinbefore and in accordance with the Financing Documents.]