Common use of Termination due to Concessionaire Event of Default Clause in Contracts

Termination due to Concessionaire Event of Default. i. If the termination is after the COD, due to a Concessionaire Event of Default, the Termination Payment payable by the Concessioning Authority to the Concessionaire shal be an amount equal to: a. 90% of the Debt Due less Insurance Cover; and b. 70% of the amount representing the Additional Termination Payment: Provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid,then 80% of such unpaid claims shall be included in the computation of Debt Due. For the avoidance of doubt, the Concessionaire hereby acknowledges that no Termination Payments shall be due or payable on account of a Concessionaire Default occurring prior to COD, save and except as provided in Clause 17.1 (b) (ii). ii. Upon termination on account of Concessionaire Default during the Construction Period, no Termination Payment shall be due and payable for and in respect of expenditure comprising the first 30% of the Total Project Cost and in the event of expenditure exceeding such 30% and forming part of Debt Due, the provisions of Clause 17 (b) (i) shall, to the extent applicableto Debt Due, apply in respect of the expenditure exceeding such 30%. For the avoidance of doubt and by way of illustration, the Partiesagreethat if thetotalexpenditureincurredprior totermination is 90% of the Total Project Cost, the expenditure eligible for computation of Termination Payment hereunder shall be 60% of the Total Project Cost and the Termination Payment due and payable in such event shall not exceed 54% of the Total Project Cost or 90% of the Debt Due. Provided, no Termination Paymentshall be payable to the Concessionaire if the Concessionairefails to maintain Insurance Cover as contemplated under Article 12 of this Agreement.

Termination due to Concessionaire Event of Default. i. If the termination is after the COD, due to a Concessionaire Event of Default, the Termination Payment payable by the Concessioning Authority to the Concessionaire shal shall be an amount equal to: a. 90% of the Debt Due less Insurance Cover; and b. 70% of the amount representing the Additional Termination Payment: Provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid,, then 80% of such unpaid claims shall be included in the computation of Debt Due. For the avoidance of doubt, the Concessionaire hereby acknowledges that no Termination Payments Payment shall be due or payable on account of a Concessionaire Default occurring prior to COD, save and except as provided in Clause 17.1 (b) (ii). ii. Upon termination on account of Concessionaire Default during the Construction Period, no Termination Payment shall be due and payable for and in respect of expenditure comprising the first 30% of the Total Project Cost and in the event of expenditure exceeding such 30% and forming part of Debt Due, the provisions of Clause 17 (b) (i) 42.3.1 shall, to the extent applicableto applicable to Debt Due, apply in respect of the expenditure exceeding such 30%. For the avoidance of doubt and by way of illustration, the Partiesagreethat Parties agree that if thetotalexpenditureincurredprior totermination the total expenditure incurred prior to termination is 90% of the Total Project Cost, the expenditure eligible for computation of Termination Payment hereunder shall be 60% of the Total Project Cost and the Termination Payment due and payable in such event shall not exceed 54% of the Total Project Cost or 90% of the Debt Due. Provided, no Termination Paymentshall Payment shall be payable to the Concessionaire if the Concessionairefails Concessionaire fails to maintain Insurance Cover as contemplated under Article 12 of this Agreement.

Termination due to Concessionaire Event of Default. i. a. If the termination is after the COD10th Anniversary from the Date of Award of Concession, due to a Concessionaire Event of Default, the Termination Payment payable by the Concessioning Authority to the Concessionaire shal shall be an amount equal to: a. : I. 90% of the Debt Due less Insurance Cover; and b. II. 70% of the amount representing the Additional Termination Payment: Provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid,, then 80% of such unpaid claims shall be included in the computation of Debt Due. For the avoidance of doubt, the Concessionaire hereby acknowledges that no Termination Payments Payment shall be due or payable on account of a Concessionaire Default occurring prior to COD10th Anniversary from the Date of Award of Concession, save and except as provided in Clause 17.1 18.1 (ii) (b) (ii). ii. b. Upon termination on account of Concessionaire Default during the Construction Period, no Termination Payment shall be due and payable for and in respect of expenditure comprising the first 30% of the Total Project Cost and in the event of expenditure exceeding such 30% and forming part of Debt Due, the provisions of Clause 17 (b) (i) shall, to the extent applicableto applicable to Debt Due, apply in respect of the expenditure exceeding such 30%. For the avoidance of doubt and by way of illustration, the Partiesagreethat Parties agree that if thetotalexpenditureincurredprior totermination the total expenditure incurred prior to termination is 90% of the Total Project Cost, the expenditure eligible for computation of Termination Payment hereunder shall be 60% of the Total Project Cost and the Termination Payment due and payable in such event shall not exceed 54% of the Total Project Cost or 90% of the Debt Due. Provided, no Termination Paymentshall Payment shall be payable to the Concessionaire if the Concessionairefails Concessionaire fails to maintain Insurance Cover as contemplated under Article 12 13 of this Agreement.

Termination due to Concessionaire Event of Default. i. (i) If the termination is after the COD, due to a Concessionaire Event of Default, the Termination Payment payable by the Concessioning Authority to the Concessionaire shal shall be an amount equal to: a. 90% of the Debt Due less Insurance Cover; and b. 70% of the amount representing the Additional Termination Payment: Provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid,, then 80% of such unpaid claims shall be included in the computation of Debt Due. For the avoidance of doubt, the Concessionaire hereby acknowledges that no Termination Payments Payment shall be due or payable on account of a Concessionaire Default occurring prior to COD, save and except as provided in Clause 17.1 (b) (ii). (ii. ) Upon termination on account of Concessionaire Default during the Construction Period, no Termination Payment shall be due and payable for and in respect of expenditure comprising the first 30% of the Total Project Cost and in the event of expenditure exceeding such 30% and forming part of Debt Due, the provisions of Clause 17 (b) (i) 42.3.1 shall, to the extent applicableto applicable to Debt Due, apply in respect of the expenditure exceeding such 30%. For the avoidance of doubt and by way of illustration, the Partiesagreethat Parties agree that if thetotalexpenditureincurredprior totermination the total expenditure incurred prior to termination is 90% of 90%of the Total Project Cost, the expenditure eligible for computation of Termination Payment hereunder shall be 60% of the Total Project Cost and the Termination Payment due and payable in such event shall not exceed 54% of the Total Project Cost or 90% of the Debt Due. Provided, no Termination Paymentshall Payment shall be payable to the Concessionaire if the Concessionairefails Concessionaire fails to maintain Insurance Cover as contemplated under Article 12 of this Agreement.