GOVERMENT HOUSE HONG KONG.
11.
1:12
MON 30 MAR 92 11:02
PG.36
FAI $52 824 2786
? AIRPORT AUTH.
10.
AIRPORT CHARGES
Government will make good any shortfall in debt service payments on Project Debt caused by the Authority being prevented, by reason of any inter-governmental agreement, convention or regulation, or any arbitration award binding Government or the Authority, from imposing aeronautical charges of TRM= 3 at the Start-up Date, or from Imposing PTC at any level proposed by the Authority up to $100 (March 1991 $). "TRM" (traffic revenue multiplier) means the factor by which aircraft landing and parking fees are projected to increase in real terms from July 1989 to the Target Date.
AIR TRAFFIC CONTROL CHARGES
Government will defer requiring the payment of and will accrue any charge for air traffic control and meteorological services at the new airport to such an extent as lenders of Project Debt may reasonably require. The amount of such accrued charges shall bear interest at a reasonable commercial rate and shall constitute debt of the Authority to Government subordinated as to principal and interest to Project
Debt.
12. OWNERSHIP
Government will support the Authority in its negotiations with lenders at the time of borrowing on the appropriate assurances regarding maintenance of ownership in the Authority.
END
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