Common use of Termination Payment for Force Majeure Events Clause in Contracts

Termination Payment for Force Majeure Events. Upon Termination of this Agreement pursuant to Article 15.7 hereinabove, Termination Payment to the Concessionaire shall be made in accordance with the following: (a) If the Termination is on account of a Non Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to 90% of the Debt Due less pending insurance claims, if any. Provided that in the event such insurance claims or any part thereof are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC further sum equal to 90% of amount of such claims not admitted. (b) If the Termination is on account of an Indirect Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to: (i) the total Debt Due, less pending Insurance claims, if any. Provided, however, that if any of such insurance claims are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC further sum equal to 80%(eighty percent) of such claims not admitted, plus (ii) 110% (one hundred ten percent) of the Equity subscribed in cash and actually spent on the Project if such Termination occurs at any time during three years commencing from the Commencement Date and for each successive year thereafter, such amount shall be adjusted every year to fully reflect the changes in WPI during such year, and the adjusted amount so arrived shall be reduced every year by 7.5%(seven and half percent) per annum. (c) If the Termination of this Agreement is on account of a Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to:

Termination Payment for Force Majeure Events. Upon Termination of this Agreement pursuant to Article 15.7 hereinabove, Termination Payment to the Concessionaire shall be made in accordance with the following: (a) If the Termination is on account of a Non Political Event, the Concessionaire shall be entitled to receive from NGS / SMC BRBN by way of Termination Payment an amount equal to 90% of the Debt Due less pending insurance claims,less Grants or Incentives received, if any. Provided that in the event such insurance claims or any part thereof are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC BRBN further sum equal to 90% of amount of such claims not admitted. (b) If the Termination is on account of an Indirect Political Event, the Concessionaire shall be entitled to receive from NGS / SMC BRBN by way of Termination Payment an amount equal to: (i) the total Debt Due, less pending Insurance claims, less Grants or Incentives received, if any. Provided, however, that if any of such insurance claims are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC BRBN further sum equal to 80%(eighty percent) of such claims not admitted, plus (ii) 110% (one hundred ten percent) of the Equity subscribed in cash and actually spent on the Project if such Termination occurs at any time during three years commencing from the Commencement Date and for each successive year thereafter, such amount shall be adjusted every year to fully reflect the changes in WPI during such year, and the adjusted amount so arrived shall be reduced every year by 7.5%(seven and half percent) per annum. (c) If the Termination of this Agreement is on account of a Political Event, the Concessionaire shall be entitled to receive from NGS / SMC BRBN by way of Termination Payment an amount equal to: (i) the total Debt Due, plus (ii) 150% (one hundred fifty percent) of the Equity subscribed in cash and actually spent on the Project if such Termination occurs at any time during three years commencing from the Commencement Date and for each successive year thereafter, such amount shall be adjusted every year to fully reflect the changes in WPI during such year, and the adjusted amount so arrived at shall be reduced by 7.5% (seven and half percent) per annum.

Termination Payment for Force Majeure Events. 15.9.1. Upon Termination of this Agreement pursuant to Article 15.7 hereinabove, Termination Clause 15.8.2,Termination Payment to of the Concessionaire DCO shall be made in accordance with the followingfollowing in addition to returning the RFP Security and /or Performance Security provided by the DCO if the same has not been returned by KIIDC: (a) If the Termination is on account of a Non Non-Political EventEvent other than Water Force Majeure, KIIDC shall pay to the Concessionaire shall be entitled to receive from NGS / SMC by way DCO 90 (ninety) percent of Termination Payment an amount equal to 90% of the Debt Due less pending insurance claims, if any. Provided that in the event such insurance claims or any part thereof are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC further sum equal to 90% of amount of such claims not admitted.Insurance Cover; (b) If the Termination is on account of Water Force Majeure, KIIDC shall pay to the DCO 50 (fifty) percent of Debt Due less insurance cover less realised value of the Project Asset; (c) If the Termination is on account of an Indirect Political Event, the Concessionaire KIIDC shall be entitled to receive from NGS / SMC by way 100 (one hundred) percent of Termination Payment an amount equal to: (i) the total Debt Due, less pending Insurance claims, if any. Provided, however, that if any of such insurance claims are not admitted Due and paid, the Concessionaire shall be entitled to receive from NGS / SMC further sum equal to 80%(eighty percent) of such claims not admitted, plus (ii) 110% 110 (one hundred ten percentand ten) percent of the Adjusted Equity subscribed in cash and actually spent on the Project if such Termination occurs at any time during three years commencing from the Commencement Date and for each successive year thereafter, such amount shall be adjusted every year to fully reflect the changes in WPI during such year, and the adjusted amount so arrived shall be reduced every year by 7.5%(seven and half percent) per annum.less Insurance Cover; (cd) If the Termination of this Agreement is on account of a Political Event, KIIDC shall make a Termination Payment to the Concessionaire DCO in an amount equal that would be payable under the Clause 17.3.2 as if it were an KIIDC Default. 15.9.2. Provided KIIDC shall be entitled to receive deduct from NGS / SMC the Termination Payment any amount due and recoverable by way XXXXX from the DCO as on the Termination Date. 15.9.3. Subject to Clause 15.10, the DCO hereby expressly agrees that the Termination Payment under this Clause15.9 shall constitute full and final settlement of all claims of the DCO on account of Termination Payment an amount equal to:of this Agreement due to Force Majeure events and that the DCO or any shareholder thereof shall not have any further right or claim under any law, treaty, convention, contract or otherwise. 15.9.4. On payment of Termination Payment, the ownership of all the assets of the DCO relating to the PDW Plant shall be transferred to KIIDC with immediate effect. The DCO shall execute all such documents as required for the purpose.

Termination Payment for Force Majeure Events. Upon Termination of this Agreement pursuant to Article 15.7 hereinabove, Termination Payment to the Concessionaire shall be made in accordance with the following: (a) If the Termination is on account of a Non Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to 90% of the Debt Due less pending insurance claims, if any. Provided that in the event such insurance claims or any part thereof are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC further sum equal to 90% of amount of such claims not admitted. (b) If the Termination is on account of an Indirect Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to: (i) the total Debt Due, less pending Insurance claims, if any. Provided, however, that if any of such insurance claims are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC further sum equal to 80%(eighty percent) of such claims not admitted, plus (ii) 110% (one hundred ten percent) of the Equity subscribed in cash and actually spent on the Project if such Termination occurs at any time during three years commencing from the Commencement Date and for each successive year thereafter, such amount shall be adjusted every year to fully reflect the changes in WPI during such year, and the adjusted amount so arrived shall be reduced every year by 7.5%(seven and half percent) per annum. (c) If the Termination of this Agreement is on account of a Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to: (i) the total Debt Due, plus (ii) 150% (one hundred fifty percent) of the Equity subscribed in cash and actually spent on the Project if such Termination occurs at any time during three years commencing from the Commencement Date and for each successive year thereafter, such amount shall be adjusted every year to fully reflect the changes in WPI during such year, and the adjusted amount so arrived at shall be reduced by 7.5% (seven and half percent) per annum.