The Concession. 3.1.1 Subject to and in accordance with the provisions of this Agreement, Applicable Laws and Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right, licence and authority to construct, operate and maintain the Project (the “Concession”) during the Construction Period and for a period of 10 (ten) years commencing from COD, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein.
The Concession. Article 2
The Concession. 3.1.1 Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right, licence and authority to construct, operate and maintain the Project (the “Concession”) for a period of [32]4 years commencing from the Appointed Date, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein. Provided that in the event the Concessionaire shall have discharged its obligations without any material breach thereof for a period of [32 (thirty)] years from the Appointed Date, it shall have a right of first refusal in the event the Authority invites fresh bids for selection of a new concessionaire after the expiry of the Concession Period by efflux of time. For the avoidance of doubt, material breach shall for the purposes hereof mean Suspension and/or cumulative levy of Damages exceeding a sum equivalent to Performance Security. It is expressly agreed between the Parties that the first right of refusal shall mean that the Concessionaire will have a right to match the financial bid of the bidder selected without itself participating in such bidding process, if any, for undertaking the Project through a competitive bidding, after the expiry of the Concession Period by efflux of time. It is expressly agreed between the Parties that the terms and conditions for such additional period of [30] years after the expiry of the Concession Period shall be determined by the Authority. Provided [further] that the in the event Concessionaire successfully matches the financial bid of the bidder selected, if any, the Concessionaire shall have a right to undertake the Project for an additional period of [30] years on the terms and conditions as specified in such bidding document. It is expressly agreed between the Parties, in the event, no bidder is selected through the competitive bidding process and/or no bidder participates in the process for undertaking the Project, as the case may be, the Concessionaire may by notice to be given no later than the [180] days from the date of Termination seek extension of the additional [30] years and in such an event, it may be entitled to an additional period of [30] years, at the discretion of the Authority on the terms and conditions. specified in this Concession Agreement
The Concession. 3.1.1 Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right, licence and authority to construct, operate and maintain the Commercial Complex for a period of 60 years and Bus terminal for a period of 35 years (the "Concession") commencing from the Appointed Date, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein. Provided that in the event the Concessionaire shall have discharged its obligations without any material breach thereof (whether cured during the Cure Period or not) for the Concession Period, it shall participate in the competitive bidding process and shall have a right to match the financial bid of the highest ranked bidder in the event the Authority invites fresh bids for selection of a new concessionaire for the Commercial Complex after the expiry of the Concession Period of Commercial Complex by efflux of time. For the avoidance of doubt, material breach shall for the purposes hereof mean Suspension and/or cumulative levy of Damages exceeding a sum equivalent to Performance Security. It is expressly agreed between the Parties that the First Right of Refusal shall mean that the Concessionaire will have a right to match the financial bid of the highest ranked bidder only if the Concessionaire participates in such bidding process and its bid is within 10% of the highest ranked bidder. It is expressly agreed between the Parties that the terms and conditions for such additional period after the expiry of the Concession Period of Commercial Complex shall be determined by the Authority. Provided further that in the event Concessionaire successfully matches the financial bid of the bidder selected, if any, the Concessionaire shall have a right to undertake the Project for an additional period of 30 (thirty) years on the terms and conditions as specified in such bidding document. It is expressly agreed between the Parties, in the event, no bidder is selected through the competitive bidding process and/or no bidder participates in the process for undertaking the Project, as the case may be, the Concessionaire may, by notice to be given no later than the 180 days prior to the date of Termination of the Concession Agreement, by efflux of time, seek extension of the additi...
The Concession. 3.1.1 Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right and authority to construct, operate and maintain the Project (the “Concession”) for a period of 32 (thirty two) years commencing from the Effective Date (“Term of Concession”) in accordance with the provisions of this Agreement, the Lease Deed and the Escrow Agreement, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein.
The Concession. 3.1.1. Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, the Authority hereby grants to the Concessionaire the Concession set forth herein including the exclusive right, licence and authority to construct, operate and maintain the Project (the “Concession”) for a period of
The Concession. 3.1.1. Subject to and in accordance with the provisions of this Agreement, Applicable Laws and Applicable Permits, the Authority, awards to the Concessionaire the concession set forth herein including exclusive right, license and authority to augment, operate and maintain the District Hospital and provide Healthcare Services and design, finance, procure, construct, operate and maintain the Medical College (the “Concession”) during the Concession Period, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth in this Agreement.
The Concession. 3.1.1 Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, Maha-Metro hereby grants to the Concessionaire the concession set forth herein including the exclusive right, licence and authority to develop/construct, operate and maintain the Project (the “Concession”) for a period of 60 (sixty) years commencing from the Effective Date, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein;
The Concession. 3.1.1 Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right and authority to construct, operate and maintain the Project (the “Concession”) for a period of 32 (thirty two) years commencing from the Effective Date (“Term of Concession”) in accordance with the provisions of this Agreement, {the Lease Deed}1 and the Escrow Agreement, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein. Either Party may seek an extension to the Term of Concession by an additional period not exceeding 30 (thirty) years by serving a written notice to the other Party at least 450 (four hundred and fifty) days prior to the expiry of the Term of Concession. The extension of the Term of Concession shall be by mutual agreement between the Parties and on terms and conditions mutually agreed between the Parties.
The Concession. 3.1.1.Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right, licence, leasehold rights and authority to construct, operate and maintain the Project (the "Concession") for a period of 50 (fifty) years, commencing from the Appointed Date ("Concession Period"), and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein. Without prejudice to the initial term and regardless of the same, the Concession Period may be extended subject to and in accordance with the provisions set out below in this Clause 3.1.1. The Concessionaire shall, regardless of the aforesaid, have the right to extend the initial term of 50 (fifty) years Concession Period by an additional term of maximum10 (ten) years, at any time between the 45th anniversary of the Appointed Date to the 48th anniversary of the Appointed Date, by giving a written notice to the Authority. The Authority shall, subject to due performance of material obligations by Concessionaire, respond to such notice within 60 days. Provided, however, that this right of extension shall not be exercisable by the Concessionaire if any Concessionaire Default has occurred during the preceding five (5) years prior to the date on which the Concessionaire exercises its extension right during the aforesaid period by issue of said notice to the Authority. Provided further that if any Concessionaire Default occurs at any time between the date on which the Authority grants extension subject to and in accordance with terms hereof, and, the 50th anniversary of the Appointed Date, the Concessionaire’s right of extension for an additional term of 10 (ten) years shall lapse, unless otherwise agreed by the Authority in its sole discretion.
