Asset Allocations. If, at any time after the Closing Date, either RSG or Buyer determines in good faith that any Contract (whether or not an Assumed Contract, and including any Contract right related to a Xxxxxxxx Disposal Account) relates both to the Xxxxxxxx Company Assets and to assets, facilities or customers that are not included in the Xxxxxxxx Company Assets, the parties will use their good faith efforts to enter into arrangements, including subcontracting arrangements, bifurcation arrangements, operating agreements and/or modifications of the applicable Contract, to allocate reasonably and fairly the benefits and burdens thereof based on the relationship of such Contract to the Xxxxxxxx Company Assets and such assets, facilities or customers. If, at any time prior to or after the Closing Date, either RSG or Buyer identifies any tangible personal property (whether or not listed on the schedules hereto), Contract right or other asset owned by the Company that RSG or Buyer, as the case may be, reasonably concludes in good faith (i) was not used or held in connection with the ownership or operation of the Xxxxxxxx Company Assets during the Hold Separate Period and (ii) was inadvertently retained by the Company in error at the time the Shares were conveyed by Seller to Buyers, the parties will use good faith efforts to cause such tangible personal property, Contract right or other asset to be conveyed to Seller or an Affiliate of Seller or, if such conveyance is not reasonably practicable, to enter into other arrangements affording Seller or such Affiliate the benefit of such tangible personal property or Contract right. If, at any time after the Closing Date, RSG or Buyer identifies any tangible personal property, Contract right (whether or not listed on the schedules hereto) or other asset not owned by the Company that that RSG or Buyer, as the case may be, reasonably concludes in good faith (i) was used or held in connection with the ownership or operation of the Xxxxxxxx Company Assets during the Hold Separate Period, and (ii) was inadvertently not transferred to the Company in error prior to the time the Shares were conveyed by Seller to Buyers, the parties will use good faith efforts to cause such tangible personal property, Contract right or other asset to be conveyed to a Buyer or an Affiliate of Buyer or, if such conveyance is not reasonably practicable, to enter into other arrangements affording Buyer or such Affiliate the benefit of such tangible personal prope...
Asset Allocations. The Deqing Government has injected high-quality assets into the Group since its establishment in 2017. For example, in July 2019, Zhejiang Deqing County Transportation Investment Group Co., Ltd. (浙江省德清縣交通投資集團公司) had transferred 100.0 per cent. of its equity interest in Deqing Water Affairs Co., Ltd. (德清縣水務有限公司) to the Group with no consideration. • Fiscal Subsidies from the PRC Government. For the year ended 31 December 2020, the amount of government grants received by the Group in support of its land development and water supply and water treatment businesses were approximately RMB337.7 million. The Group believes that its experience and strong support from the Deqing Government will provide it with additional opportunities to participate in the development of the region. In addition, since the ultimate controlling shareholder of the Group, Xxxxxx XXXXX is under the direct leadership of the Deqing Government, Deqing Government closely participates in and affects the decision-making of key investments and appointment of directors, supervisors and senior management of the Group. The Group and the Deqing Government normally conduct detailed discussions and follow requisite appraisal procedures to ensure that informed and viable investment decisions are made. Major transactions require approval from the Deqing Government. As the Group believes that the Deqing Government will continue to be the ultimate controller of the Group in the foreseeable future, the role of the Deqing Government and its participation in the Group’s operations distinguish the Group from its competitors in the industries where it operates and that the Deqing Government will provide effective support in implementing the Group’s plans and achieving its goals. The Group has a strong project pipeline with abundant land reserves warranting sustainable revenue and operating cash inflow from land development in the future. The Group believes that its abundant land reserves are critical for the Group to achieve sustainable operating revenue and operating cash inflow from land development in the future. As at 31 December 2020, the Group held the land use rights of approximately 3,124.6 Mu of developed land for future transfer, which the Group believes if to be transferred in the next three years will generate sufficient income for project construction, continuing investment in land development business and daily operations. The Group believes that this strong project pipeline will provide increas...
