Common use of Financial Close Clause in Contracts

Financial Close. 25.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 (one hundred and eighty) days from the Execution Date and in the event of delay, it shall be entitled to a further period not exceeding 200 (two hundred) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Security; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 (one hundred and eighty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.2. 25.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 21.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 120 (one hundred and eightytwenty) days from the Execution Date and in date of this Agreement. In the event of delaydelay in achieving the Financial Close, it the Concessionaire shall be entitled to a further period not exceeding 200 90 (two hundredninety) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.10.05% (zero point one zero five per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Security; delay, provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 120 (one hundred and eightytwenty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.3. 25.1.2 21.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 22.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close Close, for and in respect of debt equal to at least 35% (thirty five per cent) of the Total Project Cost, within a period 180 (one hundred and eighty) days from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 90 (two hundredninety) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.10.05% (zero point one zero five per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Security; delay, provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 (one hundred and eighty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.3. 25.1.2 22.1.2 The Concessionaire shall, shall upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (threeClose ,3(three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three3(three ) soft copies of the Financial Model in MS Excel version or any substitute thereof, thereof ,which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 19.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve the Financial Close within 180 90 (one hundred and eightyninety) days from the Execution Effective Date and in the event of delay, it shall be entitled to a further period not exceeding 200 30 (two hundredthirty) days, subject to payment of Damages damages to the Authority in a sum calculated at the rate of an amount of INR 10,500/- ( Rupees Ten Thousand Five Hundred Only) i.e 0.1% (zero point one per centpercent) of the amount of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Securitydelay; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 90 (one hundred and eightyninety) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 Article 4 or due to Force Majeure. For avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.2. 25.1.2 19.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package Package(the “Financial Package”) and the Financial Model, duly attested by a Director or authorized representative of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 24.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 365 (one three hundred and eightysixty five) days from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 60 (two hundredsixty) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the Construction Period Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Security; delay, provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 (one hundred and eighty) days shall be granted only to the extent of Damages so paid; advance, provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition additions to the Damages, if any, due and payable under the provisions of Clause 4.2.24.3. 25.1.2 24.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 2 (threetwo) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 1 (threeone) soft copies copy of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 22.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close Close, for and in respect of debt equal to at least 56% (fifty six per cent) of the Project Cost, within a period 180 (one hundred and eighty) days from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 90 (two hundredninety) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.10.05% (zero point one zero five per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Security; delay, provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 (one hundred and eighty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.3. 25.1.2 22.1.2 The Concessionaire shall, shall upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three3(three ) soft copies of the Financial Model in MS Excel version or any substitute thereof, thereof ,which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 23.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 120 (one One hundred and eightytwenty) days from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 30 (two hundredthirty) days, subject to payment of Damages to the Authority ULB in a sum calculated at the rate of 0.10.2% (zero point one two per cent) of the Construction Performance Security for each day of delay delay, or for a further period not exceeding 100 (one hundred) days, subject to a maximum payment of 20% (Twenty Percent) of the amount of the Performance SecurityDamages specified in Clause 4.5; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 120 (one One hundred and eightytwenty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority ULB in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 4.2.1 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.5. 25.1.2 23.1.2 The Concessionaire shallConcessionaire, upon occurrence of Financial Close, notify the Authority forthwith, and Close shall have provided provide to the AuthorityULB, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 22.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 8 (one hundred and eightyeight) days months from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 30 (two hundredthirty) days, subject to payment of Damages to the Authority Lead ULB in a sum calculated at the rate of 0.10.2% (zero point one two per cent) of the Construction Performance Security for each day of delay delay, or for a further period not exceeding 100 (one hundred) days, subject to a maximum payment of 20% (Twenty Percent) of the amount of the Performance SecurityDamages specified in Clause 4.2; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 8 (one hundred and eightyeight) days months shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority Participating ULBs in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.2. 25.1.2 22.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and Close shall have provided to the AuthorityLead ULB, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 24.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 (one hundred and eighty) days from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 185 (two hundredone hundred and eighty five) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.10.05% (zero point one zero five per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Securitydelay; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 (one hundred and eighty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.3. 25.1.2 24.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 22.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close Close, for and in respect of debt equal to at least 35% (thirty five per cent) of the Total Project Cost, within 180 (one a period 180(one hundred and eighty) days from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 90 (two hundredninety) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.10.05% (zero point one zero five per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Security; delay, provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 (one hundred and eighty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.3. 25.1.2 22.1.2 The Concessionaire shall, shall upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (threeClose ,3(three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three3(three ) soft copies of the Financial Model in MS Excel version or any substitute thereof, thereof ,which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 120 (one hundred and eightytwenty) days days21 from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 90 (two hundredninety) days, subject to payment of Damages to the Authority [in a sum calculated at the rate of 0.10.05% (zero point one zero five per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Securitydelay]; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 120 (one hundred and eightytwenty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.2.1. 25.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 23.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 90 (one hundred and eightyninety) days from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 of 60 (two hundredsixty) days, subject to payment of Damages to the Concessioning Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the Performance Security for each day of delay subject with a limit of maximum up to a maximum of 2010% (Twenty Percent) of the amount of the Performance Security; , provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 90 (one hundred and eightyninety) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority Government in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.24.3. 25.1.2 23.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Concessioning Authority forthwith, and shall have provided to the Concessioning Authority, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 ‌ 22.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 6 (one hundred and eightysix) days months from the Execution Date date of this Agreement and in the event of delay, it shall be entitled to a further period not exceeding 200 30 (two hundredthirty) days, subject to payment of Damages to the Authority Lead ULB in a sum calculated at the rate of 0.10.2% (zero point one two per cent) of the Construction Performance Security for each day of delay delay, or for a further period not exceeding 100 (one hundred) days, subject to a maximum payment of 20% (Twenty Percent) of the amount of the Performance SecurityDamages specified in Clause 4.2; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 6 (one hundred and eightysix) days months shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority Participating ULBs in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.2.4.2.‌ 25.1.2 22.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and Close shall have provided to the AuthorityLead ULB, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 (one hundred and eighty) days from the Execution Date and in the event of delay, it shall be entitled to a further period not exceeding 200 185 (two hundredone hundred eighty five) days, subject to payment of Damages damages to the Authority in a sum calculated at the rate of 0.10.05% (zero point one zero five per cent) of the Performance Security for each day of delay subject to a maximum of 2010 (Ten) % (Twenty Percent) of the amount of the Performance Security; provided that the Damages damages specified herein shall be payable every week in advance and the period beyond the said 180 185 (one hundred and eightyeighty five) days shall be granted only to the extent of Damages damages so paid; provided further that no Damages damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For avoidance of doubt, the Damages damages payable hereunder by the Concessionaire shall be in addition to the Damagesdamages, if any, due and payable under the provisions of Clause 4.2.2. 25.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 (three) true copies of the Financial Package and the Financial Model, duly attested by a Director director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 24.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 365 (one three hundred and eightysixty five) days from the Execution Date date of this Agreement or within 06 (six) months from date of Stage-2 Clearance whichever is later and in the event of delay, it shall be entitled to a further period not exceeding 200 60 (two hundredsixty) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Security; delay, provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 (one hundred and eighty) days shall be granted only to the extent of Damages so paid; advance, provided further that no Damages shall be payable if such delay in Financial Close has occurred solely as a result of any default or delay by the Authority in procuring satisfaction of the Conditions Precedent specified in Clause 4.1.2 or due to Force Majeure. For the avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition additions to the Damages, if any, due and payable under the provisions of Clause 4.2.24.3. 25.1.2 24.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority forthwith, and shall have provided to the Authority, at least 2 (two) days prior to the Financial Close, 3 2 (threetwo) true copies of the Financial Package and the Financial Model, duly attested by a Director of the Concessionaire, along with 3 1 (threeone) soft copies copy of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior Lenders.

Financial Close. 25.1.1 24.1.1 The Concessionaire hereby agrees and undertakes that it shall achieve Financial Close within 180 60 (one hundred and eightysixty) days from the Execution Date date of this Agreement and in the event of delay, it shall shall, be entitled to a further period not exceeding 200 30 (two hundredthirty) days, subject to payment of Damages to the Authority MSRDC in a sum calculated at the rate of 0.1% (zero Zero point one per cent) of the Performance Security for each day of delay subject to a maximum of 20% (Twenty Percent) of the amount of the Performance Securitydelay; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 180 60 (one hundred and eightysixty) days shall be granted only to the extent of Damages so paid; provided further that no Damages shall be payable if such delay in Financial financial Close has occurred solely as a result of any default or delay by the Authority MSRDC in procuring satisfaction of the Conditions Condition Precedent specified in Clause 4.1.2 or due to Force Majeure. For avoidance of doubt, the Damages payable hereunder by the Concessionaire shall be in addition to the Damages, if any, due and payable under the provisions of Clause 4.2.2. 25.1.2 24.1.2 The Concessionaire shall, upon occurrence of Financial Close, notify the Authority MSRDC forthwith, and shall have provided to the AuthorityMSRDC, at least 2 (two) days prior to the Financial CloseAppointed Date, 3 (three) true copies of the Financial Package package and the Financial Model, duly attested by a Director director of the Concessionaire, along with 3 (three) soft copies of the Financial Model in MS Excel version or any substitute thereof, which is acceptable to the Senior LendersLeaders.