Common use of Transfer to the Authority of Assets, Contracts, etc Clause in Contracts

Transfer to the Authority of Assets, Contracts, etc. On or promptly after the Termination Date: (a) if prior to the Service Commencement Date: (1) in so far as any transfer will be necessary to fully and effectively transfer property to the Authority, Project Co will transfer to, and there will vest in, the Authority (or any New Project Co as may be appointed by the Authority) free from all financial encumbrances: (A) such part of the Facility as has been constructed on or has become affixed to the Lands; and (B) all construction materials on-hand to be affixed to the Lands or otherwise used in the Facility; and (2) if the Authority so elects: (A) the construction plant and equipment will remain available to the Authority or the New Project Co for the purposes of completing the Design and Construction; and (B) all other Project related plant and all materials on or near the Lands will remain available to the Authority or the New Project Co for the purposes of completing the Design and Construction, subject to payment by the Authority of the Design-Builder’s reasonable charges, and (b) if the Authority so elects, Project Co will cause any or all of the Project Contracts to be novated or assigned to the Authority, provided that if termination occurs under

Transfer to the Authority of Assets, Contracts, etc. On or promptly after the Termination Date: (a) if prior to the Final Service Commencement Date: (1) in so far as any transfer will be necessary to fully and effectively transfer property to the Authority, Project Co will transfer to, and there will vest in, the Authority (or any New Project Co as may be appointed by the Authority) free from all financial encumbrances: (A) such part of the Facility as has been constructed on or has become affixed to the Lands; and (B) all construction materials on-hand to be affixed to the Lands or otherwise used in the Facility; and (2) if the Authority so elects: (A) the construction plant and equipment will remain available to the Authority or the New Project Co for the purposes of completing the Design and Construction; and (B) all other Project related plant and all materials on or near the Lands will remain available to the Authority or the New Project Co for the purposes of completing the Design and Construction, subject to payment by the Authority of the Design-Builder’s reasonable charges, and (b) if the Authority so elects, Project Co will cause any or all of the Project Contracts to be novated or assigned to the Authority, provided that if termination occurs under