Article 5-1. The legal regime of the account intended for crediting the compensation of investment costs The Law On Concessions is excluded by the Law of the Republic of Kazakhstan

Home / RLA / Article 5-1. The legal regime of the account intended for crediting the compensation of investment costs The Law On Concessions is excluded by the Law of the Republic of Kazakhstan | Kyrgyz Republic Zanymen alynyp tastaldy.

Article 5-1. The legal regime of the account intended for crediting the compensation of investment costs The Law On Concessions is excluded by the Law of the Republic of Kazakhstan | Kyrgyz Republic Zanymen alynyp tastaldy.

Article 5-1. The legal regime of the account intended for crediting the compensation of investment costs The Law On Concessions is excluded by the Law of the Republic of Kazakhstan | Kyrgyz Republic Zanymen alynyp tastaldy.

1. An account intended for crediting compensation for investment costs is opened in the event that the concessionaire attracts debt financing secured by the right to claim cash receipts in the form of compensation for investment costs.

2. The account intended for crediting compensation for investment costs is used in the interests of protecting the creditor's right to finance concession projects secured by the right to claim cash receipts in the form of compensation for investment costs. The use of an account intended for crediting compensation for investment costs is not allowed for other purposes.

The use of the account intended for crediting compensation for investment costs is carried out in accordance with the legislation of the Republic of Kazakhstan on concessions.

After repayment of obligations to the creditor, the account intended for crediting compensation for investment costs is subject to closure.

3. Recovery from the account intended for crediting compensation for investment costs may be applied only within the framework of fulfilling the obligations of the concessionaire to the creditor secured by the right of claim under the concession agreement.

The concessionaire has the right, in agreement with the creditor, to transfer part of the funds from the account intended for crediting compensation for investment costs to his current account specified in the concession agreement.

The Law of the Republic of Kazakhstan dated July 7, 2006 No. 167.

This Law defines the legal conditions of the concession, the types of state support for the concessionaire, and regulates public relations arising in the process of concluding, executing, and terminating concession agreements.

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