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Example clauses

Notes and References

Compensation on termination

Alternative 1

If this Agreement is terminated pursuant to Clause [Force Majeure], then the Authority shall pay compensation to Concessionaire in accordance with Schedule [Compensation on Termination].

If this Agreement is terminated pursuant to Clause [Concessionaire Events of Default] other than pursuant to Clause [ref], then the Authority shall pay compensation to Concessionaire in accordance with Schedule [Compensation on Termination, relevant section].

If this Agreement is terminated pursuant to Clause [Authority Events of Default], then the Authority shall pay compensation to Concessionaire in accordance with Schedule [Compensation on Termination, relevant section].

If this Agreement is terminated pursuant to Clause [Voluntary Termination], then the Authority shall pay compensation to Concessionaire in accordance with Schedule [Compensation on Termination, relevant section].

See SOPC Section 20, 21 and 22.

Alternative 1 adapted from Department of Health (UK), Standard Form Project Agreement Index reference A1 Folder 1.

Alternative 2

Upon Termination of this Agreement after the Commencement Date or the Financial Close whichever is later, the Concessionaire shall be entitled to receive Termination Payment as under:

(a)  Prior to COD.

(i)  If the Agreement is terminated due to Concessionaire Event of Default, the Concessionaire shall receive from the Authority, Termination Payment equal to outstanding principal amount of Lenders as on the date of the Termination Notice.

(ii)  If the Agreement is terminated due to the Authority Event of Default, the Concessionaire shall receive from the Authority, Termination Payment equal to Book Value an nterest thereon @ AWPR +3% p.a., from the date of Financial Close. 

(b)  After COD.

(i)  If the Agreement is terminated due to Concessionaire Event of Default, the Authority shall pay to the Concessionaire, Termination Payment equal to outstanding principal amount of Lenders as on the date of Termination Notice. 

(ii)  If the Agreement is terminated due to the Authority Event of Default, the Concessionaire shall receive from the Authority, Termination Payment equal to the sum of outstanding dues of Lenders and Discounted Value of Future Net Cashflows as on the date of Termination Notice. 

Provided the Authority shall be entitled to deduct from the Termination Payment any amount due and recoverable by the Authority from the Concessionaire as on the Termination Date.

Alternative 2 adapted from Concession Agreement for Colombo Kathunayake Expressway Project (note confidential), index reference A2, folder 1.