Delayed Transfer of Assets Sample Clauses

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.
Sample 1Sample 2See All (11)
AutoNDA by SimpleDocs
Delayed Transfer of Assets. If for any reasons other than those attributable to the Concessioning Authority the 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 Facilities and Services and the Concessionaire shall, as a trustee of the Concessioning Authority,
Sample 1Sample 2
Delayed Transfer of Assets. (a) If following the Closing, Seller receives or become aware that they hold any asset, property or right which constitutes a Purchased Asset, then Seller shall transfer such asset, property or right to the Purchaser as promptly as practicable for no additional consideration.
Sample 1Sample 2
Delayed Transfer of Assets. If for any reasons other than those attributable to the Authority the Operator fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 read with Article 17, there shall be no suspension of the operation and maintenance of the Project Facilities and Services and the Operator shall, as a trustee of the Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Authority until completion of the relative transfer formalities and (b) account for and pay to the Authority the Project Revenue minus operating costs and statutory dues, from such operations. In the event of failure to do so, the Operator shall be liable to pay to the 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. Parties confirm that this is a true and correct estimate of damages and not in the nature of a penalty. Provided nothing contained in this Article 16.6 shall be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Operator to the Authority in accordance with the requirements thereof under this Agreement. In case the transfer of assets by the Operator to the Authority is delayed for reasons attributable to the Authority, the Operator shall nonetheless continue to operate the Project Facilities and Services but as agent of the Authority.
Sample 1
Delayed Transfer of Assets. If for any reasons other than those attributable to the Licensor, the Licensee fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 11.5 read with Article 13, there shall be no suspension of the operation and maintenance of the Project Facilities and Services and the Licensee shall, as agent of the Licensor (a) continue to operate and maintain the Project Facilities and Services until completion of the transfer formalities and (b) account for and pay to the Licensor the revenue net of operating costs and statutory dues, from such operations. In addition the Licensee shall also be liable to pay to the Licensor, for each day of delay, liquidated damages computed at the rate of the average daily after tax profits earned during the three years immediately preceding the Transfer Date. Provided nothing contained in this Article
Sample 1

Related to Delayed Transfer of Assets

  • Transfer of Assets Sell, transfer, lease, or otherwise dispose of any of its assets, except in the ordinary course of business.

  • No Transfer of Assets Neither Seller nor its Related Persons will make any transfer of pension or other employee benefit plan assets to Buyer.

  • Merger or Transfer of Assets The Trading Manager, Trading Company or the Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties.

  • Sale and Transfer of Assets Subject to the terms and conditions set forth in this Agreement, Seller agrees to sell, convey, transfer, assign and deliver to Buyer (or a wholly-owned subsidiary of Buyer), and Buyer agrees to purchase from Seller, all the assets, properties, and business of Seller used in the Business of every kind, character, and description, whether tangible, intangible, real, personal, or mixed, and wherever located, all of which are collectively referred to herein as the “Purchased Assets", including but not limited to, the following:

  • Transfer of Assets and Liabilities On the Effective Date, the rights, privileges, powers and franchises, both of a public as well as of a private nature, of each of the Constituent Corporations shall be vested in and possessed by the Surviving Corporation, subject to all of the disabilities, duties and restrictions of or upon each of the Constituent Corporations; and all and singular rights, privileges, powers and franchises of each of the Constituent Corporations, and all property, real, personal and mixed, of each of the Constituent Corporations, and all debts due to each of the Constituent Corporations on whatever account, and all things in action or belonging to each of the Constituent Corporations shall be transferred to and vested in the Surviving Corporation; and all property, rights, privileges, powers and franchises, and all and every other interest, shall be thereafter the property of the Surviving Corporation as they were of the Constituent Corporations, and the title to any real estate vested by deed or otherwise in either of the Constituent Corporations shall not revert or be in any way impaired by reason of the Merger; provided, however, that the liabilities of the Constituent Corporations and of their shareholders, directors and officers shall not be affected and all rights of creditors and all liens upon any property of either of the Constituent Corporations shall be preserved unimpaired, and any claim existing or action or proceeding pending by or against either of the Constituent Corporations may be prosecuted to judgment as if the Merger had not taken place except as they may be modified with the consent of such creditors and all debts, liabilities and duties of or upon each of the Constituent Corporations shall attach to the Surviving Corporation, and may be enforced against it to the same extent as if such debts, liabilities and duties had been incurred or contracted by it.

  • Sale and Transfer of Assets Closing 2.1 Assets to be Sold Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, Seller shall sell, convey, assign, transfer and deliver to Buyer, and Buyer shall purchase and acquire from Seller, free and clear of any Encumbrances other than Permitted Encumbrances, all of Seller’s right, title and interest in and to all of Seller’s property and assets, real, personal or mixed, tangible and intangible, of every kind and description, wherever located, including but not limited to the following (but excluding the Excluded Assets):

  • MERGER, CONSOLIDATION, TRANSFER OF ASSETS Merge into or consolidate with any other entity; make any substantial change in the nature of Borrower's business as conducted as of the date hereof; acquire all or substantially all of the assets of any other entity; nor sell, lease, transfer or otherwise dispose of all or a substantial or material portion of Borrower's assets except in the ordinary course of its business.

Time is Money Join Law Insider Premium to draft better contracts faster.