Common use of Additional Grant Clause in Contracts

Additional Grant. 26.2.1 Subject to Clause 26.2.4, commencing from the COD of Phase-I and until the expiry of 5 (five) years therefrom, the Authority shall provide financial support to the Concessionaire in accordance with Schedule 18 (the “Additional Grant”). 26.2.2 {The Authority shall deposit or cause to be deposited the first Tranche of Additional Grant (payable upon completion of COD of Phase – I in accordance with Schedule 18), in the Escrow Account in advance at least 6 (six) months prior to the Scheduled Completion Date of Phase-I in accordance with Schedule 18.}12 Each {subsequent}13 Tranche of Additional Grant shall be deposited in the Escrow Account at least 3 (three) months in advance of the relevant scheduled Payment Milestone. Subject to Clause 26.2.4, the Additional Grant shall be disbursed by the Escrow Bank to the Concessionaire as and when due in accordance with the Payment Milestones as prescribed in Schedule 18 and the Escrow Agreement. 26.2.3 In the event of occurrence of a Concessionaire Default, disbursement of Additional Grant shall be suspended till such Concessionaire Default has been cured by the Concessionaire, to the satisfaction of the Authority. 26.2.4 The payment of each Tranche of Additional Grant {(other than the first Tranche of Additional Grant payable upon completion of COD of Phase – I in accordance with Schedule 18)}14 under the relevant Payment Milestones as specified in Schedule 18, shall be made only if the Hospital has maintained an average Occupancy at 30% (thirty percent) of the Bed Capacity (“Required Occupancy Level”) over the period of 12 (twelve) months preceding the date of achievement of such Payment Milestone as certified by Monitoring Agency. In the event that the Concessionaire fails to achieve the Required Occupancy Level at the time of Payment Milestone, then such relevant Tranche of Additional Grant shall be paid on earlier of (a) achievement of immediately succeeding Payment Milestone provided that the Concessionaire has achieved the Required Occupancy Level in the period of 12 (twelve) months preceding the date of achievement of such Payment Milestone as certified by Monitoring Agency, and (b) within 7 (seven) days of the date on which the Concessionaire submits a written request to the Authority seeking release of payment of such Tranche of Additional Grant provided that on the date of making such request, the Concessionaire has achieved the Required Occupancy Level for the 12 (twelve) month period preceding such date as certified by Monitoring Agency. }15

Additional Grant. 26.2.1 Subject to Clause 26.2.4, commencing from the COD of Phase-I and until the expiry of 5 7 (seven5 (five) years therefrom, the Authority shall provide financial support to the Concessionaire in accordance with Schedule 18 (the “Additional Grant”)”). 26.2.2 {The Authority shall deposit or cause to be deposited the first Tranche of Additional Grant (payable upon completion of COD of Phase – I in accordance with Schedule 18), in the Escrow Account in advance at least 6 (six) months prior to the Scheduled Completion Date of Phase-I in accordance with Schedule 18.}12 18..}27 Each {subsequent}13 subsequent}28 Tranche of Additional Grant shall be deposited in the Escrow Account at least 3 (three) months in advance of the relevant scheduled completion of the related Payment Milestone. Subject to Clause 26.2.4, the Additional Grant shall be disbursed by the Escrow Bank to the Concessionaire as and when due in accordance with the Payment Milestones as prescribed in Schedule 18 and the Escrow Agreement. 26.2.3 In the event of occurrence of a Concessionaire Default, disbursement of Additional Grant shall be suspended till such Concessionaire Default has been cured by the Concessionaire, to the satisfaction of the AuthorityAuthority.}29. 26.2.4 The payment of each Tranche of Additional Grant {(other than the first Tranche of Additional Grant payable upon completion of COD of Phase – I in accordance with Schedule 18)}14 18)}30 under the relevant Payment Milestones as specified in Schedule 18, shall be made only if the Hospital has maintained an average Occupancy at 30% (thirty percent) of the Bed Capacity (“Required Occupancy Level”) over inover the period of 12 (twelve) months preceding the date of achievement of such Payment Milestone as certified by Monitoring AgencyMilestone. In the event that the Concessionaire fails to achieve the Required Occupancy Level at the time of completion of the Payment Milestone, then such relevant Tranche of Additional Grant shall be paid on earlier of (a) achievement of immediately succeeding Payment Milestone provided that the Concessionaire has achieved the Required Occupancy Level in the period of 12 (twelve) months preceding the date of achievement of such Payment Milestone as certified by Monitoring AgencyMilestone, and (b) within 7 (seven) days of the date on which the Concessionaire submits a written request to the Authority seeking release of payment of such Tranche of Additional Grant provided that on the date of making such request, the Concessionaire has achieved the Required Occupancy Level for the 12 (twelve) month period preceding such date as certified by Monitoring Agencydate. }15.}31

Additional Grant. 26.2.1 Subject to Clause 26.2.4, commencing from the COD of Phase-I and until the expiry of 5 75 (fivesevenfive) years therefrom, the Authority shall provide financial support to the Concessionaire in accordance with Schedule 18 (the “Additional Grant”). 26.2.2 {The Authority shall deposit or cause to be deposited the first Tranche of Additional Grant (payable upon completion of COD of Phase – I in accordance with Schedule 18), in the Escrow Account in advance at least 6 (six) months prior to the Scheduled Completion Date of Phase-I in accordance with Schedule 18.}12 Each {subsequent}13 Tranche of Additional Grant shall be deposited in the Escrow Account at least 3 (three) months in advance of the relevant scheduled completion of the related Payment Milestone. Subject to Clause 26.2.4, the Additional Grant shall be disbursed by the Escrow Bank to the Concessionaire as and when due in accordance with the Payment Milestones as prescribed in Schedule 18 and the Escrow Agreement. 26.2.3 In the event of occurrence of a Concessionaire Default, disbursement of Additional Grant shall be suspended till such Concessionaire Default has been cured by the Concessionaire, to the satisfaction of the Authority.Authority.}19 26.2.4 The payment of each Tranche of Additional Grant {(other than the first Tranche of Additional Grant payable upon completion of COD of Phase – I in accordance with Schedule 18)}14 under the relevant Payment Milestones as specified in Schedule 18, shall be made only if the Hospital has maintained an average Occupancy at 30% (thirty percent) of the Bed Capacity (“Required Occupancy Level”) over inover the period of 12 (twelve) months preceding the date of achievement of such Payment Milestone as certified by Monitoring Agency. In the event that the Concessionaire fails to achieve the Required Occupancy Level at the time of completion of the Payment Milestone, then such relevant Tranche of Additional Grant shall be paid on earlier of (a) achievement of immediately succeeding Payment Milestone provided that the Concessionaire has achieved the Required Occupancy Level in the period of 12 (twelve) months preceding the date of achievement of such Payment Milestone as certified by Monitoring Agency, and (b) within 7 (seven) days of the date on which the Concessionaire submits a written request to the Authority seeking release of payment of such Tranche of Additional Grant provided that on the date of making such request, the Concessionaire has achieved the Required Occupancy Level for the 12 (twelve) month period preceding such date date. as certified by Monitoring Agency. }15

Additional Grant. 26.2.1 Subject to Clause 26.2.4, commencing from the COD of Phase-I and until the expiry of 5 (five) years therefrom, the Authority shall provide financial support to the Concessionaire in accordance with Schedule 18 (the “Additional Grant”). 26.2.2 {The Authority shall deposit or cause to be deposited the first Tranche of Additional Grant (payable upon completion of COD of Phase – I in accordance with Schedule 18), in the Escrow Account in advance at least 6 (six) months prior to the Scheduled Completion Date of Phase-I in accordance with Schedule 18.}12 Each {subsequent}13 Tranche of Additional Grant shall be deposited in the Escrow Account at least 3 (three) months in advance of the relevant scheduled Payment Milestone. Subject to Clause 26.2.4, the Additional Grant shall be disbursed by the Escrow Bank to the Concessionaire as and when due in accordance with the Payment Milestones as prescribed in Schedule 18 and the Escrow Agreement. 26.2.3 In the event of occurrence of a Concessionaire Default, disbursement of Additional Grant shall be suspended till such Concessionaire Default has been cured by the Concessionaire, to the satisfaction of the Authority. 26.2.4 The payment of each Tranche of Additional Grant {(other than the first Tranche of Additional Grant payable upon completion of COD of Phase – I in accordance with Schedule 18)}14 under the relevant Payment Milestones as specified in Schedule 18, shall be made only if the Hospital has maintained an average Occupancy at 30% (thirty percent) of the Bed Capacity (“Required Occupancy Level”) over the period of 12 (twelve) months preceding the date of achievement of such Payment Milestone as certified by Monitoring AgencyMilestone. In the event that the Concessionaire fails to achieve the Required Occupancy Level at the time of Payment Milestone, then such relevant Tranche of Additional Grant shall be paid on earlier of (a) achievement of immediately succeeding Payment Milestone provided that the Concessionaire has achieved the Required Occupancy Level in the period of 12 (twelve) months preceding the date of achievement of such Payment Milestone as certified by Monitoring AgencyMilestone, and (b) within 7 (seven) days of the date on which the Concessionaire submits a written request to the Authority seeking release of payment of such Tranche of Additional Grant provided that on the date of making such request, the Concessionaire has achieved the Required Occupancy Level for the 12 (twelve) month period preceding such date as certified by Monitoring Agency. }15date.}15