Common use of Vesting Certificate Clause in Contracts

Vesting Certificate. (a) On the Transfer Date the Authority/Expert shall verify, in the presence of the Concessionaire or of a representative of the Concessionaire’s, compliance by the Concessionaire with the requirements of Section 16.5 above. In the event the Authority/Expert notifies the Concessionaire of shortcomings, if any, in the Concessionaire’s compliance with such requirements, the Concessionaire shall forthwith cure the same. (b) The divestment of all rights and interest in the Project and Project Assets shall be deemed to be complete on the Transfer Date but no later than 30 (thirty) days thereafter, by when all the requirements of Section 16.5 above shall be fulfilled. The Expert shall on such date issue a certificate substantially, with a copy thereof endorsed to the Authority, which shall have the effect of constituting evidence of divestment by the Concessionaire of all of its rights and interest in the Project and the vesting thereof in the Authority or its nominee, as the case may be, pursuant hereto.

Vesting Certificate. (a) On the Transfer Date the Authority/Expert shall verify, in the presence of the Concessionaire or of a representative of the Concessionaire’s, compliance by the Concessionaire with the requirements of Section 16.5 above. In the event the Authority/Expert notifies the Concessionaire of shortcomings, if any, in the Concessionaire’s compliance with such requirements, the Concessionaire shall forthwith cure the same. (b) The divestment of all rights and interest in the Project and Project Assets shall be deemed to be complete on the Transfer Date but no later than 30 (thirtyThirty) days Days thereafter, by when all the requirements of Section 16.5 16.4 above shall be fulfilled. The Expert shall on such date issue a certificate substantiallysubstantially (the “Vesting Certificate”), with a copy thereof endorsed to the Authority, which shall have the effect of constituting evidence of divestment by the Concessionaire of all of its rights and interest in the Project and the vesting thereof in the Authority or its nominee, as the case may be, pursuant hereto.

Vesting Certificate. (a) On the Transfer Date the Authority/Expert shall verify, in the presence of the Concessionaire or of a representative of the Concessionaire’s, compliance by the Concessionaire with the requirements of Section 16.5 16.4 above. In the event the Authority/Expert notifies the Concessionaire of shortcomings, if any, in the Concessionaire’s compliance with such requirements, the Concessionaire shall forthwith cure the same. (b) The divestment of all rights and interest in the Project and Project Assets shall be deemed to be complete on the Transfer Date but no later than 30 (thirtyThirty) days Days thereafter, by when all the requirements of Section 16.5 above shall be fulfilled. The Expert shall on such date issue a certificate substantiallysubstantially (the “Vesting Certificate”), with a copy thereof endorsed to the Authority, which shall have the effect of constituting evidence of divestment by the Concessionaire of all of its rights and interest in the Project and the vesting thereof in the Authority or its nominee, as the case may be, pursuant hereto.

Vesting Certificate. (a) On the Transfer Date the Authority/Expert shall verify, in the presence of the Concessionaire or of a representative of the Concessionaire’s, compliance by the Concessionaire with the requirements of Section 16.5 above. In the event the Authority/Expert notifies the Concessionaire of shortcomings, if any, in the Concessionaire’s compliance with such requirements, the Concessionaire shall forthwith cure the same. (b) The divestment of all rights and interest in the Project and Project Assets shall be deemed to be complete on the Transfer Date but no later than 30 (thirty) days thereafter, by when all the requirements of Section 16.5 above shall be fulfilled. The Expert shall on such date issue a certificate substantiallysubstantially in the form set forth in Appendix 11 (the “Vesting Certificate”), with a copy thereof endorsed to the Authority, which shall have the effect of constituting evidence of divestment by the Concessionaire of all of its rights and interest in the Project and the vesting thereof in the Authority or its nominee, as the case may be, pursuant hereto.