TNAG-2413-FCO40-3515-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-fina-1992 — Page 68

GOVERMENT HOUSE HONG KONG.

MON 30 MAR 92 11:01

PG.35

7.

DIVIDEND PAYMENTS

Government will agree that the Authority may defer dividend payments in such a manner and to such an extent as lenders of Project Debt may reasonably require.

8. COMPLETION AND DEBT SERVICE UNDERTAKINGS

(A) Government will procure the completion of the new airport.

(8)

If, after the application of all amounts received by the Authority in respect of equity shares and any Kai Tak surplus (including Passenger Terminal Charge), and after the application of its own available resources, the Authority is unable to service Project Debt, Government will fund the Authority to the extent of the shortfall until Completion Date (as defined in paragraph 2(C).

9.

CHANGES IN POLICY

Government will make good any shortfall in debt service payments on Project Debt caused by any of the following:

(1)

imposition of a profit control scheme on the Authority or other limitations on the revenues of the Authority;

(II)

(iii)

(iv)

any directions given by Government to the Authority under the Ordinance establishing the Authority;

imposition of any new tax specifically directed to the Authority or the new airport project;

any change in project scope necessary in order to comply with directions from Government caused by any new policy, or regulation specifically directed to the Authority or the airport project.

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