Common use of Delayed Transfer of Assets Clause in Contracts

Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the Concessionairefails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 read with Article 18, there shall be no suspension of the operation and maintenance of the Project Facilitiesand Services and the Concessionaire shall, as a trustee of the Concessioning Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Concessioning Authority until completion of the relative transfer formalities and (b) account for andpay to the Concessioning Authority the Tariff collected and other revenues derived from the Projectminus operating costs and statutory dues, from such operations. In the event of failure to do so, theConcessionaire shall be liable to pay to the Concessioning Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date, or from COD till Transfer date in case the Project is terminated less than three years from COD. Parties confirm that this is a true and correct estimate ofdamages and not in the nature of a penalty. Provided nothing contained in this Article 17.6 shall bedeemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Concessionaire to the Concessioning Authority in accordance with the requirementsthereof under this Agreement. In case the transfer of assets by the Concessionaire to the Concessioning Authority is delayed forreasons attributable to the Concessioning Authority, the Concessionaire shall nonetheless continueto operate the Project Facilities and Services but as agent of the Concessioning Authority. Provided however, the Concessionaire shall be liable to pay Royalty in accordance with Article 9.2.

Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the Concessionairefails Concessionaire fails to transfer assets, rights and contracts on the Transfer Date in accordance inaccordance with Article 16.5 read with Article 18, there shall be no suspension of the operation and maintenance of the Project Facilitiesand Facilities and Services and the Concessionaire shall, as a trustee of the Concessioning Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Concessioning Authority until completion of the relative transfer formalities and (b) account for andpay and pay to the Concessioning Authority the Tariff collected and other revenues derived from the Projectminus Gross Revenue minus operating costs and statutory dues, from such operations. In the event of failure to do so, theConcessionaire the Concessionaire shall be liable to pay to the Concessioning Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date, or from COD till Transfer date in case the Project is terminated less than three years from COD. Parties confirm that this is a true and correct estimate ofdamages of damages and not in the nature of a penalty. Provided nothing contained in this Article 17.6 shall bedeemed be deemed or construed to authorise authorize delay in completion incompletion of formalities of transfer of assets, rights and contracts by the Concessionaire to the Concessioning Authority in accordance with the requirementsthereof requirements thereof under this Agreement. In case the transfer of assets by the Concessionaire to the Concessioning Authority is delayed forreasons for reasons attributable to the Concessioning Authority, the Concessionaire shall nonetheless continueto continue to operate the Project Facilities and Services but as agent of the Concessioning Authority. Provided however, the Concessionaire shall be liable to pay Royalty percentage share in accordance with Article 9.2the Gross Revenue inaccordancewithArticle9.2.

Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the Concessionairefails Concessionaire fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 read with Article 1834, there shall be no suspension of the operation and maintenance of the Project Facilitiesand Services Facilities and services and the Concessionaire shall, as a trustee of the Concessioning Authority, (a) continue to operate and maintain the Project Facilities and Services services or such of them, as directed by Concessioning Authority until completion of the relative transfer formalities as stipulated in Clause 34.3 and (b) account for andpay and pay to the Concessioning Authority the Tariff Fee collected and other revenues derived from the Projectminus Project minus operating costs and statutory dues, from such operations. In the event of failure to do so, theConcessionaire the Concessionaire shall be liable to pay to the Concessioning Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date, or from COD of Phase I till Transfer date in case the Project is terminated less than three years from COD. COD of Phase I. Parties confirm that this is a true and correct estimate ofdamages of damages and not in the nature of a penalty. Provided nothing contained in this Article 17.6 Clause shall bedeemed be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Concessionaire to the Concessioning Authority in accordance with the requirementsthereof requirements thereof under this Agreement. In case the transfer of assets by the Concessionaire to the Concessioning Authority is delayed forreasons for reasons solely attributable to the Concessioning Authority, the Concessionaire shall nonetheless continueto continue to operate the Project Facilities and Services but as agent of the Concessioning Authority. Provided however, the Concessionaire shall be liable to pay Royalty Annual Lease Rent, Gross Revenue Share, License Fee in accordance with Article 9.226.

Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the Concessionairefails Concessionaire fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 read with Article 18, there shall be no suspension of the operation and maintenance of the Project Facilitiesand Facilities and Services and the Concessionaire shall, as a trustee of the Concessioning Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Concessioning Authority until completion of the relative transfer formalities and (b) account for andpay and pay to the Concessioning Authority the Tariff collected and other revenues derived from the Projectminus Gross Revenue minus operating costs and statutory dues, from such operations. In the event of failure to do so, theConcessionaire the Concessionaire shall be liable to pay to the Concessioning Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date, or from COD till Transfer date in case the Project is terminated less than three years from COD. Parties confirm that this is a true and correct estimate ofdamages of damages and not in the nature of a penalty. Provided nothing contained in this Article 17.6 shall bedeemed be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Concessionaire to the Concessioning Authority in accordance with the requirementsthereof requirements thereof under this Agreement. In case the transfer of assets by the Concessionaire to the Concessioning Authority is delayed forreasons for reasons attributable to the Concessioning Authority, the Concessionaire shall nonetheless continueto continue to operate the Project Facilities and Services but as agent of the Concessioning Authority. Provided however, the Concessionaire shall be liable to pay Royalty Rental Share in accordance with Article 9.29.3.

Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the Concessionairefails Concessionaire fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 15.5 read with Article 18, there shall be no suspension of the operation and maintenance of the Project Facilitiesand Facilities and Services and the Concessionaire shall, as a trustee of the Concessioning Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Concessioning Authority until completion of the relative transfer formalities and (b) account for andpay and pay to the Concessioning Authority the Tariff collected and other revenues derived from the Projectminus Gross Revenue minus operating costs and statutory dues, from such operations. In the event of failure to do so, theConcessionaire the Concessionaire shall be liable to pay to the Concessioning Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date, or from COD till Transfer date in case the Project is terminated less than three years from COD. Parties confirm that this is a true and correct estimate ofdamages of damages and not in the nature of a penalty. Provided nothing contained in this Article 17.6 clause shall bedeemed be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Concessionaire to the Concessioning Authority in accordance with the requirementsthereof requirements thereof under this Agreement. In case the transfer of assets by the Concessionaire to the Concessioning Authority is delayed forreasons for reasons attributable to the Concessioning Authority, the Concessionaire shall nonetheless continueto continue to operate the Project Facilities and Services but as agent of the Concessioning Authority. Provided however, the Concessionaire shall be liable to pay Royalty Fees and Charges in accordance with Article 9.27.

Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the Concessionairefails Concessionaire fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 read with Article 18, there shall be no suspension of the operation and maintenance of the Project Facilitiesand Facilities and Services and the Concessionaire shall, as a trustee of the Concessioning Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Concessioning Authority until completion of the relative transfer formalities and (b) account for andpay and pay to the Concessioning Authority the Tariff collected and other revenues derived from the Projectminus Gross Revenue minus operating costs and statutory dues, from such operations. In the event of failure to do so, theConcessionaire the Concessionaire shall be liable to pay to the Concessioning Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date, or from COD till Transfer date in case the Project is terminated less than three years from COD. Parties confirm that this is a true and correct estimate ofdamages of damages and not in the nature of a penalty. Provided nothing contained in this Article 17.6 shall bedeemed be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Concessionaire to the Concessioning Authority in accordance with the requirementsthereof requirements thereof under this Agreement. In case the transfer of assets by the Concessionaire to the Concessioning Authority is delayed forreasons for reasons attributable to the Concessioning Authority, the Concessionaire shall nonetheless continueto continue to operate the Project Facilities and Services but as agent of the Concessioning Authority. Provided however, the Concessionaire shall be liable to pay Royalty and Charges in accordance with Article 9.2.

Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the Concessionairefails Concessionaire fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 read with Article 18, there shall be no suspension of the operation and maintenance of the Project Facilitiesand Facilities and Services and the Concessionaire shall, as a trustee of the Concessioning Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Concessioning Authority until completion of the relative transfer formalities and (b) account for andpay and pay to the Concessioning Authority the Tariff collected and other revenues derived from the Projectminus Project Revenue minus operating costs and statutory dues, from such operations. In the event of failure to do so, theConcessionaire the Concessionaire shall be liable to pay to the Concessioning Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date, or from COD till Transfer date in case the Project is terminated less than three years from COD. Parties confirm that this is a true and correct estimate ofdamages of damages and not in the nature of a penalty. Provided nothing contained in this Article 17.6 shall bedeemed be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Concessionaire to the Concessioning Authority in accordance with the requirementsthereof requirements thereof under this Agreement. In case the transfer of assets by the Concessionaire to the Concessioning Authority is delayed forreasons for reasons attributable to the Concessioning Authority, the Concessionaire shall nonetheless continueto continue to operate the Project Facilities and Services but as agent of the Concessioning Authority. Provided however, the Concessionaire shall be liable to pay Royalty in accordance with Article 9.2.

Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the Concessionairefails Concessionaire fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 read with Article 18, there shall be no suspension of the operation and maintenance of the Project Facilitiesand Facilities and Services and the Concessionaire shall, as a trustee of the Concessioning Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Concessioning Authority until completion of the relative transfer formalities and (b) account for andpay and pay to the Concessioning Authority the Tariff collected and other revenues derived from the Projectminus Project minus operating costs and statutory dues, from such operations. In the event of failure to do so, theConcessionaire the Concessionaire shall be liable to pay to the Concessioning Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date, or from COD till Transfer date in case the Project is terminated less than three years from COD. Parties confirm that this is a true and correct estimate ofdamages of damages and not in the nature of a penalty. Provided nothing contained in this Article 17.6 shall bedeemed be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Concessionaire to the Concessioning Authority in accordance with the requirementsthereof requirements thereof under this Agreement. In case the transfer of assets by the Concessionaire to the Concessioning Authority is delayed forreasons for reasons attributable to the Concessioning Authority, the Concessionaire shall nonetheless continueto continue to operate the Project Facilities and Services but as agent of the Concessioning Authority. Provided however, the Concessionaire shall be liable to pay Royalty in accordance with Article 9.2.