1312 No partnership Nothing in this Agreement nor any other agreement or

1312 no partnership nothing in this agreement nor any

This preview shows page 206 - 210 out of 211 pages.

13.12. No partnership Nothing in this Agreement nor any other agreement or arrangement of which it forms a part, nor the performance by the Parties of their respective obligations under any such agreement or arrangement, shall constitute a partnership between the Parties. No Party shall have any authority (unless expressly conferred in writing by virtue of this Agreement or otherwise and not revoked) to bind any other Party as its agent or otherwise.
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Compendium of Central Government Services and Regulations for Greenfield Airport [207] 13.13. Time is of essence Time shall be of the essence of this Agreement, both as regards the dates, periods or times of, day mentioned and as regards any dates, periods or times of day which may be substituted for them in accordance with this Agreement. 13.14. Computation of time Times referred to in this Agreement shall refer to the Indian Standard Time. In computing any period of time prescribed or allowed under this Agreement, the day of the act, event or default from which the designated period of time begins to run shall be included. If the last day of the period so computed is not a business day, then the period shall run until the end of the next Business Day. 13.15. Payments to be free and clear Save as expressly provided in this Agreement, all sums payable by ABC under this Agreement shall be paid (except to the extent required by Law or as expressly permitted under this Agreement) (a) free of any restrictions or conditions; and (b) without any deduction or withholding on account of set-off or counterclaim. IN WITNESS WHEREOF the Parties have put their hands hereunto on the day, month and year first above written. For and on behalf of For and on behalf of Governor of (name of the State) XYZ Name and Address Name and Address Witness Witness 1. 1. 2. 2. Place: Date:
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Compendium of Central Government Services and Regulations for Greenfield Airport [208] Annexure I ABC DEFAULT AMOUNT 1. Prior to Commercial Operation Date The ABC Default Amount, payable prior to the Commercial Operations Date, shall be an amount (determined as on the date of issue of notice under Clause 8.2) equal to the aggregate of: a. only such outstanding debt and outstanding interest as is not repaid by GOI under the Concession Agreement. b. All transfer costs, transfer taxes and contingent liabilities under Project Agreements and Financing Agreements. c. All outstanding equity paid into the Project compounded at (x)% annually for periods of such equity injection. 2. After the commercial operations date The ABC Default Amount, payable after the Commercial Operations Date, is an amount in aggregate of: a. only such outstanding debt and outstanding interest as is Dot repaid by GOI under the Concession Agreement. b. All transfer costs, transfer taxes and contingent liabilities under Project Agreements and Financing Agreements. c. Fair Market Value of equity shares of XYZ ("FMV") as on the date of default shall be payable and which FMV shall be determined by a reputed Chartered Accountant who has not been engaged by either ABC or XYZ in the last 5 years.
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Compendium of Central Government Services and Regulations for Greenfield Airport [209] Annexure 2
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