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 185 (one hundred eighty five) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.05% (zero point zero five per cent) of the Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 (one hundred eighty five) 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.

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 185 30 (one hundred eighty fivethirty) days, subject to payment of Damages damages to the Authority in a sum calculated at the rate of 0.05an amount of INR 10,500/- ( Rupees Ten Thousand Five Hundred Only) i.e 0.1% (zero point zero five per centone percent) of the amount of the Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 90 (one hundred eighty fiveninety) 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.

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 185 60 (one hundred eighty fivesixty) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.050.1% (zero point zero five one per cent) of the Construction Period Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 (one hundred eighty five) 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.

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 185 60 (one hundred eighty fivesixty) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.050.1% (zero point zero five one per cent) of the Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 (one hundred eighty five) 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.

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 185 90 (one hundred eighty fiveninety) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.05% (zero point zero five per cent) of the Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 180 (one hundred eighty fiveand 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.

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 185 30 (one hundred eighty fivethirty) days, subject to payment of Damages damages to the Authority in a sum calculated at the rate of 0.05an amount of Rs 15,000/- ( Rupees Fifteen Thousand Only) i.e 0.1% (zero point zero five per centone percent) of the amount of the Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 90 (one hundred eighty fiveninety) 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.

Financial Close. 25.1.1 29.1.1. 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 185 120 (one hundred eighty fiveand twenty ) days, subject to the submission of a written request describing the reasons for seeking such extension at least 15 (fifteen) days in advance and payment of Damages to the Authority in a sum calculated at the rate of 0.05% (zero point zero five per cent) of the Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 180 ((one hundred eighty fiveand 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.

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 185 30 (one hundred eighty fivethirty) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.050.1% (zero point zero five one per cent) of the Performance Security for each day of delay delay, or for a further period not exceeding 30 (thirty) days, subject to a maximum payment of 10 (Ten) % of the amount of the Performance SecurityDamages specified in Clause 4.3; provided that the Damages specified herein shall be payable every week in advance and the period beyond the said 185 180 (one hundred eighty fiveand 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.

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 185 (one hundred eighty five) days, subject to payment of Damages damages to the Authority in a sum calculated at the rate of 0.05% (zero point zero five per cent) of the Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 (one hundred eighty 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.

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 185 90 (one hundred eighty fiveninety) days, subject to payment of Damages to the Authority in a sum calculated at the rate of 0.05% (zero point zero five per cent) of the Performance Security for each day of delay subject to a maximum of 10 (Ten) % 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 185 180 (one hundred eighty fiveand 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.

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 185 30 (one hundred eighty fivethirty) days, subject to payment of Damages to the Authority ULB in a sum calculated at the rate of 0.050.2% (zero point zero five 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 10 (Ten) % 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 185 120 (one One hundred eighty fiveand twenty) 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.