Common use of Annual Concession Fee Clause in Contracts

Annual Concession Fee. 20.2.1 Without prejudice to the provisions of Clause 20.2, the Concessionaire agrees to pay to Maha-Metro, every year, an Annual Concession Fee of Rs (in words), as quoted by it in the Financial Bid. 20.2.2 The Annual Concession Fees shall be escalated by 5% every year on compounding basis. The first of such escalation shall be applied on the fees payable to the fees payable for the 5th year of signing of concession agreement. 20.2.3 The Annual Concession Fees shall commence immediately at the end of moratorium period (i.e. at the beginning of 37th month from the date of signing of Concession Agreement. 20.2.4 The Annual Concession Fees shall be paid on yearly basis and shall be paid in advance i.e. 30 days before the start of the year. 20.2.5 The Annual Concession Fees shall be paid in the form of NEFT/RTGS/Online Transfer /Cheque in Bank Account of Maha-Metro. The bank account details of Maha-Metro are as follows – 20.2.6 Failure to pay the Annual Concession Fee on due date shall attract interest @ SBI base rate plus 3% OR 15% per annum, whichever is higher, for the unpaid period up to 90 (ninety) days. If the Annual Concession Fee remains unpaid for a period exceeding 90 (ninety) days from the due date, Maha-Metro shall recover amount of Annual Concession Fee from the Security Deposit submitted by the Concessionaire. Upon such encashment and appropriation from the Security Deposit submitted as a security against the payment, the Concessionaire shall, within 30 (thirty) days thereof, provide a fresh the Security Deposit for amount equivalent to the amount of the Security Deposit, as encashed by Maha-Metro for the payment of Annual Concession Fees. Unable to provide the Security Deposit within 30 days period shall make the Agreement liable for termination. 20.2.7 In case, the Concessionaire makes default/delay in payment of Annual Concession Fee for 03 (Three) times during the entire Concession Period, the Concession Agreement shall be liable for termination as per the provision of ARTICLE 27 TERMINATION& SUBSTITUTION of this Agreement.

Annual Concession Fee. 20.2.1 Without prejudice a. In consideration of the rights, privileges and interests granted by the Concessioning Authority to the provisions Concessionaire in terms of Clause 20.2this Agreement, the Concessionaire agrees to shall pay to Maha-Metro, every year, the Authority or its Nominee / Designated Recipient an Annual Concession Fee of Rs (in words), as amount quoted by it the Bidder in the its Financial Bid. 20.2.2 Proposal)( exclusive of applicable Taxes to be paid extra). The Annual Concession Fees Fee shall be escalated by 5% increased every 2 (Two) year on compounding basis. The first of such escalation at the rate, which shall be applied linked to CPI of all the commodities, published at xxx.xxxxxxxxxxxx.xxx.xx, over the previous year’s Annual Concession Fee, but the same shall be reviewed after every 10 (Ten) years within the concession period. b. The First Annual Concession Fee shall be due on completion of one year from the fees payable to the fees payable for the 5th year of signing of concession agreement. 20.2.3 The Concession Agreement and accordingly, the Concessionaire shall deposit the first Annual Concession Fees shall commence immediately at Fee on or before the end completion of moratorium period (i.e. at the beginning of 37th month one year from the date of signing of Concession Agreement. 20.2.4 The Annual Concession Fees shall be paid on yearly basis and shall be paid in advance i.e. 30 days before the start . However, for rest of the year. 20.2.5 The Annual Concession Fees years, the Concessionaire shall be paid in the form of NEFT/RTGS/Online Transfer /Cheque in Bank Account of Maha-Metro. The bank account details of Maha-Metro are as follows – 20.2.6 Failure to pay deposit the Annual Concession Fee on due 7 (seven) days prior to the corresponding date in the subsequent years. c. The Annual Concession Fee shall attract be payable by the Concessionaire to the Concessioning Authority or its Nominee / Designated Recipient every year at the Concessioning Authority’s or its Nominee’s / Designated Recipient’s bank account at a scheduled bank (to be intimated later on) payable at Anandpur Sahib. d. In the event of delay up to four weeks in payment by the Concessionaire, the Concessionaire shall be required to pay the Concessioning Authority or its Nominee / Designated Recipient interest @ at the rate of SBI base rate Prime Lending Rate plus 3% OR 154% per annum. In the case of delay beyond such four weeks, whichever is higher, for the unpaid period up to 90 (ninety) days. If the Annual Concession Fee remains unpaid for a period exceeding 90 (ninety) days from the due date, Maha-Metro shall recover amount of Annual Concession Fee from the Security Deposit submitted by the Concessionaire. Upon such encashment and appropriation from the Security Deposit submitted as a security against the payment, the Concessionaire shall, within 30 (thirty) days thereof, provide a fresh the Security Deposit for amount equivalent to the amount of the Security Deposit, as encashed by Maha-Metro for the payment of Annual Concession Fees. Unable to provide the Security Deposit within 30 days period shall make the Agreement liable for termination. 20.2.7 In case, the Concessionaire makes default/delay in payment of Annual Concession Fee for 03 (Three) times during the entire Concession Period, the Concession Agreement it shall be liable for termination considered as per the provision Concessionaire Event of ARTICLE 27 TERMINATION& SUBSTITUTION of this AgreementDefault.

Annual Concession Fee. 20.2.1 Without prejudice i. In addition to Highest Upfront Fees hereinabove mentioned, in consideration of the provisions Concession of Clause 20.2the Land in favour of the Concessionaire, the Concessionaire agrees to shall, effective from the Execution Date and during the Concession Period, pay to Maha-Metro, every year, an Annual Concession Fee of Rs (in words), as quoted by it in the Financial Bid. 20.2.2 The Annual Concession Fees shall be escalated by 5% every year on compounding basis. The first of such escalation shall be applied on the fees payable to the fees payable for Concessioning Authority, by way of a demand bank draft drawn in favor of the 5th year of signing of concession agreement. 20.2.3 The Annual Concession Fees shall commence immediately Concessioning Authority on a nationalized/scheduled bank having a branch at the end of moratorium period (i.e. Kolkata, West Bengal, at the beginning of 37th month from the date of signing of Concession Agreementeach Accounting Year. 20.2.4 ii. The Annual Concession Fees Fee for the first Accounting Year of the Concession Period shall be paid equivalent to an amount which is equal to 1 % of the Highest Upfront Fee. However, the Annual Fee for the first year of the Concession Period shall be paid, within seven days of the Execution Date, on yearly a pro rata basis and for the period commencing from the Execution Date till the immediately following 31st March. iii. The Annual Concession Fee, for the subsequent Accounting Years of the Concession Period shall be paid in advance i.e. 30 days before by the start seventh day of each such Accounting Year (‚Due Date‛) and shall be escalated at the year. 20.2.5 The rate of 5% per annum, over the last paid Annual Concession Fees shall be paid Fee. It is hereby clarified that, in the form event, the Execution Date falls in the 1st half of NEFT/RTGS/Online Transfer /Cheque in Bank Account of Maha-Metro. The bank account details of Maha-Metro are as follows – 20.2.6 Failure to pay an Accounting year; the Annual Concession Fee on due date shall attract interest @ SBI base rate plus 3% OR 15% per annumbe escalated with effect from the subsequent Accounting year. In the event, whichever is higherthe Execution Date falls in the second half of an Accounting year, for the unpaid period up to 90 Annual Fee shall be escalated after the expiry of the subsequent Accounting Year (ninety) daysi.e. with effect from the Accounting Year commencing after the expiry of such subsequent Accounting Year). iv. If The Annual Concession Fee payable by the Concessionaire shall be exclusive of applicable service tax and other similar levies, which shall be payable over and above the Annual Concession Fee remains unpaid for a period exceeding 90 (ninety) days from the due date, Maha-Metro shall recover amount of Annual Concession Fee from the Security Deposit submitted by the Concessionaire. Upon such encashment and appropriation from the Security Deposit submitted as a security against the payment, the Concessionaire shall, within 30 (thirty) days thereof, provide a fresh the Security Deposit for amount equivalent to the amount of the Security Deposit, as encashed by Maha-Metro for the payment of Annual Concession Fees. Unable to provide the Security Deposit within 30 days period shall make the Agreement liable for termination. 20.2.7 In case, the Concessionaire makes default/delay in payment of The Annual Concession Fee for 03 (Three) times during the entire last Accounting Year of the Concession PeriodPeriod shall be paid on a proportionate basis for the period commencing from 1st April of the respective Accounting Year and ending on the Transfer Date. v. In the event of delay of up to four weeks from the Due Date, in the payment of the Annual Concession Fee, the Concession Agreement Concessionaire shall pay to the Concessioning Authority, interest on the due amount at the rate of Bank Rate plus 3% (two percent)per annum, for the period from the Due Date until the date of actual payment of the outstanding dues. Further the Concessioning Authority shall be liable for termination as per entitled to appropriate the provision delinquent amounts, if any, from the Performance Security. A delay in such payment beyond four weeks from the Due Date shall constitute a Concessionaire Event of ARTICLE 27 TERMINATION& SUBSTITUTION of Default and shall entitle the Concessioning Authority to terminate this AgreementAgreement under the provisions hereof.

Annual Concession Fee. 20.2.1 Without prejudice 7.1. The Developer shall, as consideration for the use, in its capacity as a bare licensee of the Project Site, made available in accordance with Clause 2.1.1, pay to the provisions SJDA the sum of Clause 20.2, Rs - (Rupees - Only)3 upon signing of the Concessionaire agrees Concession Agreement as concession fee for the first year (“Base Annual Concession Fee”). 7.1.1. The Developer shall be liable to pay to Maha-Metro, every year, an the Base Annual Concession Fee of Rs for first 5 (in words), as quoted by it in five) years and thereafter the Financial Bid. 20.2.2 The Annual Concession Fees same shall be escalated by 510% (Ten percent) of the Base Annual Concession Fee in every year on compounding basis5 (five) years (“Annual Concession Fee”) 7.1.2. The first of such escalation shall be applied on the fees payable to the fees payable for the 5th year of signing of concession agreement. 20.2.3 The Annual Concession Fees Fee amount shall commence immediately at be paid by the end of moratorium period (i.e. at the beginning of 37th month Developer annually in advance and payable within 30 days from the date of signing accrual of Concession Agreement. 20.2.4 The Annual Concession Fees shall be paid on yearly basis and shall be paid in advance i.e. 30 days before the start of the year. 20.2.5 The Annual Concession Fees shall be paid in the form of NEFT/RTGS/Online Transfer /Cheque in Bank Account of Maha-Metro. The bank account details of Maha-Metro are as follows – 20.2.6 Failure to pay the Annual Concession Fee on due date shall attract interest @ SBI base rate plus 3% OR 15% per annum, whichever is higher, for the unpaid period up to 90 (ninety) days“Payment Due Date”). 7.1.3. If Any delay in payment of the Annual Concession Fee remains unpaid shall entail payment of interest @ SBI Base Rate plus 5% (five percent) per annum on the amount outstanding (“Default Interest”). 7.1.4. It is further clarified that, the Developer shall, for a period exceeding 90 (ninety) days from the due date, Maha-Metro shall recover amount timely payment of outstanding Annual Concession Fee for the next year, provide to the SJDA an unconditional and irrevocable bank guarantee from any Scheduled Commercial Bank in favour of the SJDA en-cashable and enforceable at Siliguri substantially (the “Payment Security”) which shall be valid till the Payment Due Date plus 10 Days for the next Annual Concession Fee. The SJDA shall have authority to encash the Payment Security Deposit submitted by upon non-payment of the Concessionaireoutstanding Annual Concession Fee without further intimation to the Developer. Upon such encashment and appropriation from the Security Deposit submitted as a security against the paymentProvided, however, the Concessionaire shall, within 30 (thirty) days thereof, provide SJDA shall issue a fresh the Security Deposit for amount equivalent Default Notice to the amount of the Security Deposit, as encashed by Maha-Metro for the payment of Annual Concession Fees. Unable Developer with regard to provide the Security Deposit within 30 days period shall make the Agreement liable for termination. 20.2.7 In case, the Concessionaire makes default/delay default in payment of Annual Concession Fee. 7.1.5. Upon issuance of the Default Notice, the Developer shall responsible to pay the Default Interest along with Payment Security for the next Annual Concession Fee within 15 days from date of issuance of Default Notice to the Developer. Non-compliance of the same shall be construed as Developer’s Event of Default. 7.1.6. Notwithstanding anything contained in this Agreement, the Developer shall have right to default in timely payment of Annual Concession Fee or its interest thereof. It is further clarified that the Default Interest shall be chargable even in the event of encashment of the bank guarantee for 03 Payment Security. 7.2. The Developer shall maintain an escrow account with a bank approved by the Lenders (Three) times “Escrow Account”), during the entire subsistence of this Agreement and enter into an agreement with such bank to ensure that all proceeds for financing the Project and all revenues and other receipts arising from the Project and under any agreements, including this Agreement received by the Developer are deposited into such Escrow Account. 7.2.1. Withdrawals and appropriations during the Concession Period, at any relevant time, from the Concession Agreement Escrow Account shall be liable for termination as per in the provision following order of ARTICLE 27 TERMINATION& SUBSTITUTION of this Agreement.priority:

Annual Concession Fee. 20.2.1 Without prejudice Annual Concession Feemeans Fee payable by the Concessionaire to the provisions Authority (BRBN) annually in lieu of Clause 20.2, the Concessionaire agrees to pay to Maha-Metro, every year, an Concession during the Concession Period. Annual Concession Fee shall be subject to increment by 15% every 3 years during the Concession Period over last reset year. (a) First Annual Concession Fee payable for the 1st year of the concession period shall be amount equivalent to Rs (in words), amount quoted by Preferred Bidder) for the first year as quoted by it the Preferred Bidder in their Financial Proposal submitted for the Financial Bid. 20.2.2 The . For clarity by way of explanation, the following example may be referred – If the Preferred Bidder has quoted First Year Concession Fee as Rs 100/- then the Annual Concession Fees shall be escalated by 5% every year on compounding basis. The first of such escalation shall be applied on the fees payable to the fees Premium payable for the 5th first 3 years shall be Rs 100/- for each year. However from the fourth year of signing of concession agreement. 20.2.3 The Annual Concession Fees till sixth year the amount payable shall commence immediately at be Rs 115/- each year. From the seventh year till the ninth year the amount payable shall be Rs 132.25/- each year, till the end of moratorium period (i.e. at the beginning of 37th month from the date of signing expiry of Concession Agreement. 20.2.4 The Annual Concession Fees shall be paid on yearly basis and shall be paid in advance i.e. 30 days before the start Period or termination of the year. 20.2.5 The Annual Concession Fees shall be paid in the form of NEFT/RTGS/Online Transfer /Cheque in Bank Account of Maha-Metro. The bank account details of Maha-Metro are as follows – 20.2.6 Failure to pay the Annual Concession Fee on due date shall attract interest @ SBI base rate plus 3% OR 15% per annumAgreement, whichever is higherearlier. (b) The Concessionaire shall, for with effect from the unpaid period up Appointment Date and during the Concession period, pay to 90 (ninety) days. If the Annual BRBN the Concession Fee remains unpaid for a period exceeding 90 in each Financial Year of the Concession Period. The Concession Fee shall be payable by the Concessionaire to the BRBN one installment on every anniversary of the Appointment Date. The First Years concession fees shall be payable on or before the Appointment Date. (ninetyc) days from In the due date, Maha-Metro shall recover amount event of Annual delay of upto 4 weeks by the Concessionaire in the payment of the Concession Fee from the Security Deposit submitted by date the Concessionaire. Upon such encashment Concession Fee is due and appropriation from the Security Deposit submitted as a security against the paymentpayable, the Concessionaire shall, within 30 (thirty) days thereof, provide a fresh shall be required to pay BRBN; interest thereon at the Security Deposit for amount equivalent to rate of SBI PLR plus two percent per annum from due date until the amount date of the Security Deposit, as encashed by Maha-Metro for such payment. Any delay in the payment of Annual Concession Fees. Unable to provide the Security Deposit within 30 days period shall make the Agreement liable for termination. 20.2.7 In case, the Concessionaire makes default/delay in payment of Annual Concession Fee for 03 (Three) times during beyond such four weeks shall constitute a Concessionaire Event of Default shall entitle the entire Concession Period, BRBN to terminate this Agreement under the Concession Agreement shall be liable for termination as per the provision provisions of ARTICLE 27 TERMINATION& SUBSTITUTION of this AgreementArticle 16.

Annual Concession Fee. 20.2.1 Without prejudice i. In addition to Upfront Fees hereinabove mentioned, in consideration of the provisions Concession of Clause 20.2the Land and the rights appurtenant thereto in favour of the Concessionaire, the Concessionaire agrees to shall, effective from the Execution Date and during the Concession Period, pay to Maha-Metro, every year, an Annual Concession Fee of Rs (in words), as quoted by it in the Financial Bid. 20.2.2 The Annual Concession Fees shall be escalated by 5% every year on compounding basis. The first of such escalation shall be applied on the fees payable to the fees payable for Concessioning Authority, by way of a demand bank draft drawn in favor of the 5th year of signing of concession agreement. 20.2.3 The Annual Concession Fees shall commence immediately Concessioning Authority on a nationalized/scheduled bank having a branch at the end of moratorium period (i.e. Kolkata, West Bengal, at the beginning of 37th month from the date of signing of Concession Agreementeach Accounting Year. 20.2.4 ii. The Annual Concession Fees Fee for the first Accounting Year of the Concession Period shall be paid equivalent to an amount which is equal to 1 % of the Upfront Fee. However, the Annual Fee for the first year of the Concession Period shall be paid, within seven days of the Execution Date, on yearly a pro rata basis and for the period commencing from the Execution Date till the immediately following 31st March. iii. The Annual Concession Fee, for the subsequent Accounting Years of the Concession Period shall be paid in advance i.e. 30 days before by the start seventh day of each such Accounting Year (“Due Date”) and shall be escalated at the year. 20.2.5 The rate of 5% per annum, over the last paid Annual Concession Fees shall be paid Fee. It is hereby clarified that, in the form event, the Execution Date falls in the 1st half of NEFT/RTGS/Online Transfer /Cheque in Bank Account of Maha-Metro. The bank account details of Maha-Metro are as follows – 20.2.6 Failure to pay an Accounting year; the Annual Concession Fee on due date shall attract interest @ SBI base rate plus 3% OR 15% per annumbe escalated with effect from the subsequent Accounting year. In the event, whichever is higherthe Execution Date falls in the second half of an Accounting year, for the unpaid period up to 90 Annual Fee shall be escalated after the expiry of the subsequent Accounting Year (ninety) daysi.e. with effect from the Accounting Year commencing after the expiry of such subsequent Accounting Year). iv. If The Annual Concession Fee payable by the Concessionaire shall be exclusive of applicable service tax and other similar levies, which shall be payable over and above the Annual Concession Fee remains unpaid for a period exceeding 90 (ninety) days from the due date, Maha-Metro shall recover amount of Annual Concession Fee from the Security Deposit submitted by the Concessionaire. Upon such encashment and appropriation from the Security Deposit submitted as a security against the payment, the Concessionaire shall, within 30 (thirty) days thereof, provide a fresh the Security Deposit for amount equivalent to the amount of the Security Deposit, as encashed by Maha-Metro for the payment of Annual Concession Fees. Unable to provide the Security Deposit within 30 days period shall make the Agreement liable for termination. 20.2.7 In case, the Concessionaire makes default/delay in payment of The Annual Concession Fee for 03 (Three) times during the entire last Accounting Year of the Concession PeriodPeriod shall be paid on a proportionate basis for the period commencing from 1st April of the respective Accounting Year and ending on the Transfer Date. v. In the event of delay of up to four weeks from the Due Date, in the payment of the Annual Concession Fee, the Concession Agreement Concessionaire shall pay to the Concessioning Authority, interest on the due amount at the rate of Bank Rate plus 3% (two percent)per annum, for the period from the Due Date until the date of actual payment of the outstanding dues. Further the Concessioning Authority shall be liable for termination as per entitled to appropriate the provision delinquent amounts, if any, from the Performance Security. A delay in such payment beyond four weeks from the Due Date shall constitute a Concessionaire Event of ARTICLE 27 TERMINATION& SUBSTITUTION of Default and shall entitle the Concessioning Authority to terminate this AgreementAgreement under the provisions hereof.

Annual Concession Fee. 20.2.1 Without prejudice to the provisions of Clause 20.2, the Concessionaire agrees to pay to Maha-Metro, every year, an Annual Concession Fee of Rs (in words), as quoted by it in the Financial Bid. 20.2.2 The Annual Concession Fees shall be paid at the end of moratorium period and shall be paid thereafter till the end of lease period. 20.2.3 The Annual Concession Fees shall be escalated by 505% every year on compounding basis. The first of such escalation shall be applied on the fees payable to the fees payable for the 5th year of signing of concession agreement. 20.2.3 20.2.4 The Annual Concession Fees shall commence immediately at the end of moratorium period (i.e. at the beginning of 37th month from the date of signing of Concession AgreementAgreement irrespective of start of commercial operations date of the project. 20.2.4 20.2.5 The Annual Concession Fees shall be paid on yearly basis and shall be paid in advance i.e. 30 days before the start of the year. 20.2.5 20.2.6 The Annual Concession Fees shall be paid in the form of NEFT/RTGS/Online Transfer /Cheque in Bank Account of Maha-Metro. The bank account details of Maha-Metro are as follows – 20.2.6 20.2.7 The Annual Concession Fees quoted by the bidder is considering the Commercial Area of 2,90,000 Sq.ft. In the event of Bidder developing more Commercial Area/Space the Annual Concession Fees shall be increased on proportionate basis. 20.2.8 Failure to pay the Annual Concession Fee on due date shall attract interest @ SBI base rate plus 3% OR 15% per annum, whichever is higher, for the unpaid period up to 90 (ninety) days. If the Annual Concession Fee remains unpaid for a period exceeding 90 (ninety) days from the due date, Maha-Metro shall recover amount of Annual Concession Fee from the Security Deposit submitted by the Concessionaire. Upon such encashment and appropriation from the Security Deposit submitted as a security against the payment, the Concessionaire shall, within 30 (thirty) days thereof, provide a fresh the Security Deposit for amount equivalent to the amount of the Security Deposit, as encashed by Maha-Metro for the payment of Annual Concession Fees. Unable to provide the Security Deposit within 30 days period shall make the Agreement liable for termination. 20.2.7 20.2.9 In case, the Concessionaire makes default/delay in payment of Annual Concession Fee for 03 06 (ThreeSix) times during the entire Concession Period, the Concession Agreement shall be liable for termination as per the provision of ARTICLE 27 TERMINATION& SUBSTITUTION of this Agreement.