Required Definitions (see also definitions in Section 3.3, Sample Drafting 3)

"Capital Expenditure"

means any expenditure which is treated as capital expenditure in accordance with generally accepted accounting principles in [insert Country] from time to time.

 

"Discriminatory Change in Law"

means a Change in Law, the terms of which expressly [affect][apply to]:

(a)  the PPP Project and not to similar projects; and/or

(b)  the Private Partner [or its sub-contractors in their capacity as such] and not to other persons; and/or

(c)  parties undertaking PPP Projects and not other persons.

 

"General Change in Law"

means a Change in Law which is not a Discriminatory Change in Law or a Specific Change in Law..

 

"Qualifying Change in Law"

means:

(a)  a Discriminatory Change in Law;

(b)  a Specific Change in Law; or

(c)  a General Change in Law which comes into effect during the [insert defined term for operating period] and which involves additional capital expenditure for the PPP Project.

 

"Specific Change in Law"

means any Change in Law which specifically refers to (i) the provision of [services the same as or similar to the services provided under the PPP Contract - define] and/or (ii) the holding of shares in companies whose main business is providing [services the same as or similar to those provided under the PPP Contract - define].