Revenue Share. 24.4.1 The Concessionaire agrees to pay to the Authority, for every year of the Concession Period, commencing from the Project COD, 1% (one per cent) of the Gross Revenue as its share in the revenues earned from the Project (the “Revenue Share”). The Revenue Share shall be calculated and payable in the following manner: (a) the Revenue Share shall be payable in monthly instalments. Within 7 (seven) days of the end of each month, the Concessionaire shall pay to the Authority against the Revenue Share, a provisional amount calculated on the basis of Gross Revenue of the immediately preceding month and final settlement thereof, based on audited accounts of the Concessionaire, shall be made within 120 (one hundred and twenty) days of completion of the respective Accounting Year. 24.4.2 The Concessionaire shall furnish to the Authority audited quarterly statements within 30 days of the end of a quarter. The Authority may, additionally, ask the Concessionaire furnish its book of accounts from time to time to verify the sanctity of records. If any discrepancy is found in the report of Gross Revenues by the Concessionaire, the Authority would be entitled to: (i) Recover any payments due from the Concessionaire due to discrepant reporting of the Gross Revenues with a penal interest rate of 18% p.a.; and / or (ii) Terminate the Agreement due to Concessionaire Default in accordance with this Agreement. 24.4.3 The Revenue Share payable under this Clause 24.4, shall be deemed to be part of the Project Consideration for the purposes of this Agreement.
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Sources: Concession Agreement, Concession Agreement, Concession Agreement