Ownership and transfer of project facility

(1) During the term of the Definitive Agreement the Government shall at all times hold a minimum of twenty-five percent (25%) of the issued and outstanding shares of the Developer and the Developer shall in turn hold a one hundred percent (100%) ownership interest in the Project Facility. (2) At the conclusion of the term of the Definitive Agreement, on the Termination Date, the Developer shall transfer, pass, and otherwise vest legal and beneficial title and ownership in the Project Facility to the Government in consideration of the Government fulfilling all its obligations under the Definitive Agreement and the transfer of the Government’s Shares to the Developer freed from and clear of any and all encumbrances. (3) On the transfer under sub-section (2), the Project Facility shall be– (a) free from any encumbrances; and (b) in a reasonably good operating condition. (4) The transfer shall be– (a) without any requirement of petition to, or confirmation or approval by the Court, notwithstanding anything contained in the Companies Act or in any other law; and (b) at the sole cost and expense of the Government. Schedule.