Optional Development Clause Samples

Optional Development. I. The Concessionaire shall, subject to Applicable Laws, Applicable Permits, prior written approval of the Authority, be entitled to undertake in accordance with terms herein, and at its sole risk, and cost the development, operation and maintenance of the additional beds and/ or any non-obligated specialty service(s) at the Hospital, and / or, a Medical College, and/or additional housing blocks for doctors and paramedical staffs and Students, at the Site as set forth in the Schedule A ; which Concessionaire to be developed in conformity with the Specification and Standards set forth in the Schedule B (referred in this Agreement as "Optional Development"). For avoidance of doubt, in regard to the Option al Development, the Parties hereby unconditionally agree, confirm and understand that the Concessionaire shall, subject always to terms herein and full compliance with Applicable Laws, be entitled to undertake the development of optional component of the Medical College at any time during the Concession Period. The Parties further in this regard agree that Authority shall solely for the purpose of meeting part(s) of the capital cost of the Medical College, upon written request by Concessionaire clearly demonstrating its complete compliance with Applicable Laws and terms herein, disburse (in tranches) an interest bearing (viz, highest G Sec Rate as per latest RBI published bulletin) repayable loan facility to Concessionaire of the value equivalent to lower of:- (i) 50% of the then Authority’s estimated capital cost of development of Medical College, as would be determined by Authority in its discretion; and (ii) the sum of INR ▇▇ (▇▇▇▇▇▇▇ ▇▇▇▇) ▇▇▇▇▇▇; (hereinafter the “Loan Facility”) in accordance with terms hereof; provided, that, prior to the commencement of such disbursement(s) of any tranche the Concessionaire shall furnish relevant bank guarantee(s) of value equivalent to 110% of the relevant amount being disbursed in such tranche, to be issued by a Scheduled Bank in India as per the format enclosed herein as Schedule V (“Optional Development Guarantee”)1, each having respective validity period till expiry of corresponding repayment timeline as set out later at S. No (III) below. II. The Concessionaire shall prior to undertaking the commencement of development of Medical College in accordance with this Agreement prepare, submit and procure approval of Independent Engineer on the detailed project report (DPR) prepared in respect of development of the M...

Optional Development. In the event that INFLARX is being granted any Regulatory Approval for Commercialization of a Product containing IFX-1 or IFX-2 anywhere in the INFLARX Territory for an Indication and if the same or a substantially similar Indication at that time is not pursued by BDB inside the BDB Territory, as evidenced by any initiated (FPFV) Phase II Clinical Trial for cPoC sponsored by BDB, with respect to BDB-1 or BDB-2, then INFLARX — upon INFLARX request in writing — shall be granted the right to pursue Regulatory Approval for and to Exploit and Commercialize such Product containing IFX-1 and or IFX-2 in that respective Indication inside the BDB Territory. In such event, BDB shall be entitled to royalty payments as set forth in Section ‎7.2. For the purpose of this provision, it is understood that a “substantially similar Indication” is concerned if there is an overlap in targeted sub-groups of patients in the Indications pursued in development of the Parties.

Optional Development. The Concessionaire shall, subject to Applicable Laws, Applicable Permits and prior written approval of the Authority, be entitled to undertake at its sole risk and cost development, operation and maintenance of the additional beds and/ or any specialty service(s) at the Hospital and / or a Medical College at Site and additional housing blocks for doctors and paramedical staffs and Students at the Site as set forth in the Schedule A and in conformity with the Specification and Standards set forth in the Schedule B ("Optional Development"); Provided further that Optional Development may be permitted only post achieving COD of Phase III and other mandatory phases in full compliance with terms of this Agreement.

Optional Development. 12.4.1 The Concessionaire shall have the right to exercise an option of undertaking construction of Optional Development anytime post COD of Phase 0 and shall only commence the construction for Optional Development post receiving written approval from the Authority. 12.4.2 At any time during the Concession Period, the Concessionaire has an option to undertake the Optional Development. All the terms, conditions, rights and obligations of the Concessionaire in relation to construction and operation of the Project shall apply mutatis mutandis for the development and operation of the Optional Development, including, submission of periodic reports and other relevant documents to the Independent Engineer under Articles 13 and 14; provided that the construction of Optional Development is carried out in accordance with the Master Plan and the Drawings. For avoidance of doubt, it is clarified that in relation to the development and construction of Optional Development the Concessionaire shall not be required to re-submit the Master Plan and the Drawings unless the Concessionaire has or intends to modify, alter or make any changes to the Master Plan and/or the Drawings.

Optional Development. 12.4.1 The Concessionaire shall have the right to exercise an option of undertaking construction of Optional Development anytime post COD of Phase III and shall only commence the construction for Optional Development post receiving written approval from the Authority. Provided, however, such approval from Authority, if granted shall be without prejudice to Concessionaire’s obligation towards inter alia operation and maintenance of mandatory phases of the Project in accordance with provisions of this Agreement. 12.4.2 At any time during the Concession Period, the Concessionaire has an option to undertake the Optional Development. All the terms, conditions, rights and obligations of the Concessionaire in relation to construction and operation of the Project shall apply mutatis mutandis for the development and operation of the Optional Development, including, submission of periodic reports and other relevant documents to the Independent Engineer under Articles 13 and 14; provided that the construction of Optional Development is carried out in accordance with the Master Plan and the Drawings. For avoidance of doubt, it is clarified that in relation to the development and construction of Optional Development the Concessionaire shall not be required to re-submit the Master Plan and the Drawings unless the Concessionaire has or intends to modify, alter or make any changes to the Master Plan and/or the Drawings.