Common use of Termination Payment for Concessionaire Event of Default Clause in Contracts

Termination Payment for Concessionaire Event of Default. (a.) Upon Termination of this Agreement on account of Concessionaire Event of Default before COD, no Termination Payment shall be made to the Concessionaire and the Authority shall be entitled to forfeit the Performance Security of the Concessionaire; (b.) Upon Termination of this Agreement on account of Concessionaire Event of Default after COD, the Authority shall be entitled to forfeit the Performance Security of the Concessionaire and pay Termination Payment to the Concessionaire as specified below: An amount equal to 90% of Debt Due less Insurance cover; provided that if any insurance claims forming part of the Insurance cover are not admitted and paid, then 80% of s u ch unpaid claims shall be included in the computation of Debt Due.

Termination Payment for Concessionaire Event of Default. (a.) Upon Termination of this Agreement on account of Concessionaire Event of Default before COD, no Termination Payment shall be made to the Concessionaire and the Authority shall be entitled to forfeit the Performance Security of the Concessionaire; (b.) Upon Termination of this Agreement on account of Concessionaire Event of Default after COD, the Authority shall be entitled to forfeit the Performance Security of the Concessionaire and pay Termination Payment to the Concessionaire as specified below: An amount equal to 90% of Debt Due less Insurance cover; provided that if any insurance claims forming part of the Insurance cover are not admitted and paid, then 80% of s u ch c h unpaid claims shall be included in the computation of Debt Due.

Termination Payment for Concessionaire Event of Default. (a.) Upon Termination of this Agreement on account of Concessionaire Event of Default before COD, no Termination Payment shall be made to the Concessionaire and the Authority shall be entitled to forfeit the Performance Security of the Concessionaire; (b.) Upon Termination of this Agreement on account of Concessionaire Event of Default after COD, the Authority shall be entitled to forfeit the Performance Security of the Concessionaire and pay Termination Payment to the Concessionaire as specified below: An amount equal to 90% of Debt Due less Insurance cover; provided that if any insurance claims forming part of the Insurance cover are not admitted and paid, then 80% of o f s u ch c h unpaid claims shall be included in the computation of Debt Due.