Common use of Compensation Payable Clause in Contracts

Compensation Payable. (i) on early termination of this Agreement as a result of occurrence of Mandi Board or Developer Event of Default, or Force Majeure, as the case may be, the aggregate of the compensation payable in respect of each asset under Clause 10.8.1 shall be hereafter defined to be the "First Estimate of Compensation". (ii) the First Estimate of Compensation shall stand reduced by the amount of any insurance proceeds received and/or any compensation received from any body and/or any amount paid by the Central/State Government, to the Developer and shall be corrected in respect of any adjustments that may be deemed necessary by the Appraising Team. Any outstanding insurance or insurance claim shall be assigned to the Mandi Board in a form and manner satisfactory to the Mandi Board, at no additional cost to the Mandi Board. (iii) Notwithstanding anything contained herein, in the event of a Force Majeure Event occurring after a Termination Notice on account of Developer Event of Default has been issued, Developer shall not be entitled to any compensation and the transfer of the Facilities, Immovable Facility Assets and the Essential Movable Facility Assets shall be transferred as in case of Normal Transfer. (iv) The final amount so arrived at after the aforesaid adjustments would be the "Final Compensation Payable".

Compensation Payable. (i) on early termination of this Agreement as a result of occurrence of Mandi Board or Developer Event of Default, or Force Majeure, as the case may be, the aggregate of the compensation payable in respect of each asset under Clause 10.8.1 shall be hereafter defined to be the "First Estimate of Compensation". (ii) the First Estimate of Compensation shall stand reduced by the amount of any insurance proceeds received and/or any compensation received from any body and/or any amount paid by the Central/State Government, to the Developer and shall be corrected in respect of any adjustments that may be deemed necessary by the Appraising Team. Any outstanding insurance or insurance claim shall be assigned to the Mandi Board **** in a form and manner satisfactory to the Mandi Board, *** at no additional cost to the Mandi Board.the****** (iii) Notwithstanding anything contained herein, in the event of a Force Majeure Event occurring after a Termination Notice on account of Developer Event of Default has been issued, Developer shall not be entitled to any compensation and the transfer of the Facilities, Immovable Facility Assets and the Essential Movable Facility Assets shall be transferred as in case of Normal Transfer. (iv) The final amount so arrived at after the aforesaid adjustments would be the "Final Compensation Payable".