OMDA definition
Examples of OMDA in a sentence
The lease granted in pursuance of this Lease Deed shall be for a period of 30 years from the Effective Date and shall, in the event the Lessee renews the term of the OMDA in accordance with Article 18.1(b) therein, be renewed for an additional period of thirty (30) years (“Term”).
Notwithstanding anything contained in this Lease Deed, the Term shall be co-terminus with the term of the OMDA, and this Lease Deed shall terminate automatically with the expiry or early termination of the OMDA.
The Lessor shall have the right, but not the obligation, to purchase from the Lessee, in accordance with the terms and conditions set forth in the OMDA, any and all Non-Transfer Assets (in part or in whole) free and clear of all Encumbrances, and the Lessee hereby undertakes and agrees to transfer to the Lessor, in accordance with the terms and conditions set forth in the OMDA, such Non-Transfer Assets (whether in whole or in part) that the Lessor may elect to purchase, free and clear of all Encumbrances.
This Agreement shall come into force and effect and be binding upon the Parties from either (i) the date of execution of this Agreement; or (ii) the date of execution of the OMDA by the relevant parties therein, whichever is later (“SHA Effective Date”).
Parties hereby expressly recognize that the Lessor shall (without prejudice to its rights of access under the OMDA, and subject to the Revised Lease Deed) have the right to re-enter and take vacant possession of the Demised Premises upon the expiry or early termination of this Lease Deed.
Each Major Development Plan must be in accordance with the OMDA and the parameters set out hereinbelow: ▪ It should be in accordance with the current Master Plan ▪ It should meet the Development Standards and Requirements ▪ It should have been subject to consultation with all relevant stakeholders and, in the case of aeronautical developments, must be the subject of full consultation with airport users and adequately take into account their requirements.
The Parties hereby acknowledge and agree that the final Master Plan submitted by the JVC shall be binding on the JVC and shall govern the operations, management and development of the Airport in accordance with the OMDA.
Subject to Clause 2 above, this Agreement shall come into full force and effect from the Effective Date and shall, unless terminated earlier, continue in full force and effect for the entire term of the OMDA (“Term”) and shall be co-terminus with the OMDA.
For abundant caution, it is hereby expressly clarified that this Agreement shall terminate automatically with the expiry or early termination of the OMDA.
The Parties hereby acknowledge and agree that the final Major Development Plan submitted by the JVC shall be binding on the JVC and shall govern the development of that particular development (for which the Major Development Plan was prepared) in accordance with the OMDA.