Common use of Annual Lease Rental Clause in Contracts

Annual Lease Rental. 1.38.1 The annual consideration in respect of the Project Assets over and above the Upfront Payment (the “Annual Lease Rental”) is Rs /- (Rupees DOT acknowledges the payment of Rs. /- (Rupees only) by the Lessee, towards the Annual Rental for the first year on , 2017 through DD bearing No dated of bank. This payment will be in the form of a demand draft in favour of The Director Tourism, Department of Tourism & Culture (Tourism), drawn on a scheduled bank that is not a Gramin Bank and payable at Bhubaneswar. 1.38.2 For the first year, the Annual Lease Rental shall be payable on the date of signing of the Agreement. 1.38.3 The Annual Lease Rental for each subsequent year shall be payable in advance on the anniversary of the Appointed Date. In case the Lessee failed to pay the annual rent within 15 days from the date of anniversary of appointed date, interest @ 18% shall be charged per annum for period of delay apart from the right to terminate the agreement under Clause 1.51 & 1.56 of the agreement. 1.38.4 The Annual Lease Rental shall be escalated every 2 (two) years by the Wholesale Price Index (WPI) figures declared by the Ministry of Commerce, Government of India. The reference WPI value used would be the WPI value for the previous financial year. For example, escalation would be calculated in the following way: (figures used for WPI value, Annual Payment for first year are only for illustrative purpose): Annual Lease Rental for Payment Date WPI value@ (illustrati ve value) Formula used for calculation of CAGR of WPI over two years CAGR of WPI over two years Formula used for calculation of escalation of Annual Lease Rental every two years Illustrative value of Annual Lease Rental (INR) 1st year- 2015 Date of Signing of Agreement or earlier 215 - - - 100.00 2016 First Anniversary of Appointed Date 230 - - - 100.00 2017 2nd Anniversary of Appointed Date 240.5 [(240.5/215 )^(1/2)- 1]*100% 5.76% [(1+5.76/100) ^2]* 100 111.86 2018 3rd Anniversary of Appointed Date 260 - - - 111.86 2019 4th Anniversary of Appointed Date 280 [(280/240.5 )^(1/2)- 1]*100% 7.90% [(1+7.90/100) ^2]* 111.86 130.23 2020 5th Anniversary of Appointed Date 300 - - - 130.23 2021 6th Anniversary of Appointed Date 310 [(310/280)^ (1/2)- 1]*100% 5.22% [(1+5.22/100) ^2]* 130.23 144.19 17.2.5 The reference WPI value shall be the value on the website of the Ministry of Commerce, Government of India applicable for the last financial year prior to the date of increase of Annual Lease Rental. For example in the above table, the WPI value corresponding for the 2nd anniversary of the Appointed Date or 2015 (240.5) is the WPI value for the Financial Year 2013-14. This shall be applicable to all WPI values corresponding to the year in which the Annual Lease Rental is to be increased. USER CHARGES

Annual Lease Rental. 1.38.1 The annual consideration in respect of the Project Assets over and above the Upfront Payment (the “Annual Lease Rental”) is 10% of the upfront Payment (20% of the Upfront Payment for Yatriniwas, Moreh) Rs /- (Rupees only) for the first year of the Lease Period. The Annual Lease Rental shall be calculated as 10% of the Upfront Payment. 1.38.2 DOT acknowledges the payment of Rs. /- (Rupees only) by the Lessee, towards the Annual Rental for the first year on , 2017 2012 through DD bearing No dated of bank. This payment will be in the form of a demand draft in favour of The Director Tourism, Department of Tourism & Culture (Tourism), drawn on a scheduled bank that is not a Gramin Bank and payable at Bhubaneswar.of 1.38.2 1.38.3 For the first year, the Annual Lease Rental shall be payable on the date of signing of the Agreement. 1.38.3 1.38.4 The Annual Lease Rental for each subsequent year shall be payable in advance on the anniversary of the Appointed Date. In case the Lessee failed to pay the annual rent within 15 days from the date of anniversary of appointed date, interest @ 18% shall be charged per annum for period of delay apart from the right to terminate the agreement under Clause 1.51 1.50 & 1.56 1.55 of the agreement. 1.38.4 1.38.5 The Annual Lease Rental shall be escalated every 2 (two) years by the Wholesale Price Index (WPI) figures declared by the Ministry of Commerce, Government of India. The reference WPI value used would be the WPI value for the previous financial previousfinancial year. For example, escalation would be calculated in the following way: (figures way:(figures used for WPI value, Annual Payment for first year are only for illustrative purpose): Annual Lease Rental for Payment Date WPI value@ value @ (illustrati ve illustrative value) Formula used for calculation of CAGR of WPI over two years CAGR of WPI over two years Formula used for calculation of escalation of Annual Lease Rental every two years Illustrative value Value of Annual Lease Rental (INR) 1st year- 2015 Ist year – 2012 Date of Signing of Agreement or earlier 215 - - - 100.00 2016 First 2014 1st (First) Anniversary of Appointed Date 230 - - - 100.00 2017 2014 2nd (Second) Anniversary of Appointed Date 240.5 [2015 3rd (240.5/215 )^(1/2)- 1]*100% 5.76% [(1+5.76/100Third) ^2]* 100 111.86 2018 3rd Anniversary of Appointed Date 260 - - - 111.86 2019 2016 4th (Fourth) Anniversary of Appointed Date 280 [2017 5th (280/240.5 )^(1/2)- 1]*100% 7.90% [(1+7.90/100Fifth) ^2]* 111.86 130.23 2020 5th Anniversary of Appointed Date 300 - - - 130.23 2021 2018 6th (Sixth) Anniversary of Appointed Date 310 [(310/280)^ (1/2)- 1]*100% 5.22% [(1+5.22/100) ^2]* 130.23 144.19Date 17.2.5 1.23.1 The reference WPI value shall be the value on the website of the Ministry of Commerce, Government of India applicable for the last financial year prior to the date of increase of Annual Lease Rental. For example in the above table, the WPI value corresponding for the 2nd anniversary of the Appointed Date or 2015 2011 (240.5) is the WPI value for the Financial Year 20132009-1410. This shall be applicable to all WPI values corresponding to the year in which the Annual Lease Rental is to be increased. USER CHARGES.

Annual Lease Rental. 1.38.1 The annual consideration in respect of the Project Assets over and above the Upfront Payment (the “Annual Lease Rental”) is 10% of the upfront Payment (20% of the Upfront Payment for Yatriniwas, Moreh) Rs /- (Rupees only) for the first year of the Lease Period. The Annual Lease Rental shall be calculated as 10% of the Upfront Payment. 1.38.2 DOT acknowledges the payment of Rs. /- (Rupees only) by the Lessee, towards the Annual Rental for the first year on , 2017 2012 through DD bearing No dated of bank. This payment will be in the form of a demand draft in favour of The Director Tourism, Department of Tourism & Culture (Tourism), drawn on a scheduled bank that is not a Gramin Bank and payable at Bhubaneswar.of 1.38.2 1.38.3 For the first year, the Annual Lease Rental shall be payable on the date of signing of the Agreement. 1.38.3 1.38.4 The Annual Lease Rental for each subsequent year shall be payable in advance on the anniversary of the Appointed Date. In case the Lessee failed to pay the annual rent within 15 days from the date of anniversary of appointed date, interest @ 18% shall be charged per annum for period of delay apart from the right to terminate the agreement under Clause 1.51 1.50 & 1.56 1.55 of the agreement. 1.38.4 1.38.5 The Annual Lease Rental shall be escalated every 2 (two) years by the Wholesale Price Index (WPI) figures declared by the Ministry of Commerce, Government of India. The reference WPI value used would be the WPI value for the previous financial year. For example, escalation would be calculated in the following way: (figures used for WPI value, Annual Payment for first year are only for illustrative purpose): Annual Lease Rental for Payment Date WPI value@ value @ (illustrati ve illustrative value) Formula used for calculation of CAGR of WPI over two years CAGR of WPI over two years Formula used for calculation of escalation of Annual Lease Rental every two years Illustrative value Value of Annual Lease Rental (INR) 1st year- 2015 Ist year – 2012 Date of Signing of Agreement or earlier 215 - - - 100.00 2016 First 2014 1st (First) Anniversary of Appointed Date 230 - - - 100.00 2017 2014 2nd (Second) Anniversary of Appointed Date 240.5 [2015 3rd (240.5/215 )^(1/2)- 1]*100% 5.76% [(1+5.76/100Third) ^2]* 100 111.86 2018 3rd Anniversary of Appointed Date 260 - - - 111.86 2019 2016 4th (Fourth) Anniversary of Appointed Date 280 [2017 5th (280/240.5 )^(1/2)- 1]*100% 7.90% [(1+7.90/100Fifth) ^2]* 111.86 130.23 2020 5th Anniversary of Appointed Date 300 - - - 130.23 2021 2018 6th (Sixth) Anniversary of Appointed Date 310 [(310/280)^ (1/2)- 1]*100% 5.22% [(1+5.22/100) ^2]* 130.23 144.19Date 17.2.5 1.23.1 The reference WPI value shall be the value on the website of the Ministry of Commerce, Government of India applicable for the last financial year prior to the date of increase of Annual Lease Rental. For example in the above table, the WPI value corresponding for the 2nd anniversary of the Appointed Date or 2015 2011 (240.5) is the WPI value for the Financial Year 20132009-1410. This shall be applicable to all WPI values corresponding to the year in which the Annual Lease Rental is to be increased. USER CHARGES.

Annual Lease Rental. 1.38.1 The annual consideration in respect of the Project Assets over theProject Assetsover and above the Upfront Payment (the “Annual Lease Rental”) is Rs /- (Rupees only)for the first year of the Lease Period. The Annual Lease Rental shall be calculated as 10% of the Upfront Payment. DOT acknowledges the payment of Rs. /- (Rupees only) by only)by the Lessee, towards the Annual Rental for the first year on , 2017 through DD bearing No dated of bankBank . This payment will be in the form of a demand draft in favour of The Director Tourism, Department of Tourism & Culture (Tourism), drawn on a scheduled bank that is not a Gramin Bank and payable at Bhubaneswar. 1.38.2 For the first year, the Annual Lease Rental shall be payable on the date of signing of the Agreement. 1.38.3 The Annual Lease Rental for each subsequent year shall be payable in advance on the anniversary of the Appointed Date. In case the Lessee failed to pay the annual rent within 15 days from the date of anniversary of appointed date, interest @ 18% shall be charged per annum for period of delay apart from the right to terminate the agreement under Clause 1.51 & 1.56 of the agreement. 1.38.4 The Annual Lease Rental shall be escalated every 2 (two) years by the Wholesale Price Index (WPI) figures declared by the Ministry of Commerce, Government of India. .The reference WPI value used would be the WPI value for the previous financial year. For example, escalation would be calculated in the following way: (figures used for WPI value, Annual Payment for first year are only for illustrative purpose): Annual Lease Rental for Payment Date WPI value@ (illustrati ve value) Formula used for calculation of CAGR of WPI over two years CAGR of WPI over two years Formula used for calculation of escalation of Annual Lease Rental every two years Illustrative value of Annual Lease Rental (INR) 1st year- 2015 Date of Signing of Agreement or earlier 215 - - - 100.00 2016 First Anniversary of Appointed Date 230 - - - 100.00 2017 2nd Anniversary of Appointed Date 240.5 [(240.5/215 )^(1/2)- 1]*100% 5.76% [(1+5.76/100) ^2]* 100 111.86 2018 3rd Anniversary of Appointed Date 260 - - - 111.86 2019 4th Anniversary of Appointed Date 280 [(280/240.5 )^(1/2)- 1]*100% 7.90% [(1+7.90/100) ^2]* 111.86 130.23 2020 5th Anniversary of Appointed Date 300 - - - 130.23 2021 6th Anniversary of Appointed Date 310 [(310/280)^ (1/2)- 1]*100% 5.22% [(1+5.22/100) ^2]* 130.23 144.19 17.2.5 The reference WPI value shall be the value on the website of the Ministry of Commerce, Government of India applicable for the last financial year prior to the date of increase of Annual Lease Rental. For example in the above table, the WPI value corresponding for the 2nd anniversary of the Appointed Date or 2015 (240.5) is the WPI value for the Financial Year 2013-14. This shall be applicable to all WPI values corresponding to the year in which the Annual Lease Rental is to be increased. USER CHARGES

Annual Lease Rental. 1.38.1 1.37.1 The annual consideration in respect of the Project Assets over and above the Upfront Payment (the “Annual Lease Rental”) is Rs /- (Rupees only) for the first two years of the Lease Period. The Annual Lease Rental shall be calculated as 10% of the Upfront Payment for each month payable on quarterly basis in advance. 1.37.2 DOT acknowledges the payment of Rs. /- (Rupees only) by the Lessee, towards the Annual Rental for the first year on , 2017 2014 through DD bearing No dated of bank. This payment will be in the form of a demand draft in favour of The Director Tourism, Department of Tourism & Culture (Tourism), drawn on a scheduled bank that is not a Gramin Bank and payable at Bhubaneswar.of 1.38.2 1.37.3 For the first quarter of first year, the Annual Lease Rental for the quarter shall be payable on the date of signing of the Agreement. 1.38.3 1.37.4 The Annual Lease Rental for each subsequent year quarters shall be payable in advance on the anniversary of the quarterly Appointed Date. In case the Lessee failed to pay the annual rent within 15 days from the date of anniversary of quarterly appointed date, interest @ 18% shall be charged per annum for period of delay apart from the right to terminate the agreement under Clause 1.51 1.50 & 1.56 1.55 of the agreement. 1.38.4 1.37.5 The Annual Lease Rental shall be escalated every 2 (two) years by the Wholesale Price Index (WPI) figures declared by the Ministry of Commerce, Government of India. The reference WPI value used would be the WPI value for the previous financial year. For example, escalation would be calculated in the following way: (figures used for WPI value, Annual Payment for first year two years are only for illustrative purpose): Annual Lease Rental for Payment Date WPI value@ value Formula CAGR of Formula Illustrative Lease @ used for WPI over used for Value of Rental (illustrati ve illustrative calculation two years calculation Annual for value) Formula used for calculation of CAGR of WPI over two years CAGR of WPI over two years Formula used for calculation of escalation of Annual Lease WPI over Lease Rental every two years Illustrative value of Annual Lease Rental (INR) every two years 1st year- 2015 Date of Quarter Signing of of the Agreement or earlier 215 1st Year (Appointed Date) 2nd End of the 1st Quarter Quarter from of the the Appointed 1st Year Date 3rd End of the 2nd Quarter Quarter from of the the Appointed 1st Year Date 4th End of the 3rd Quarter Quarter from of the the Appointed 1st Year Date 1st Quarter of the 2nd Year End of the 4th Quarter from the Appointed Date - - - 100.00 2016 First Anniversary of Appointed Date 230 - - - 100.00 2017 2nd Anniversary - 4th Quarter of the 3rd Year End of the 3rd Quarter of the 3rd year from the Appointed Date 240.5 [(240.5/215 )^(1/2)- 1]*100% 5.76% [(1+5.76/100) ^2]* 100 111.86 2018 3rd Anniversary of Appointed Date 260 - - - 111.86 2019 4th Anniversary of Appointed Date 280 [(280/240.5 )^(1/2)- 1]*100% 7.90% [(1+7.90/100) ^2]* 111.86 130.23 2020 5th Anniversary of Appointed Date 300 - - - 130.23 2021 6th Anniversary of Appointed Date 310 [(310/280)^ (1/2)- 1]*100% 5.22% [(1+5.22/100) ^2]* 130.23 144.19 17.2.5 The reference WPI value shall be the value on the website of the Ministry of Commerce, Government of India applicable for the last financial year prior to the date of increase of Annual Lease Rental. For example in the above table, the WPI value corresponding for the 2nd anniversary of the Appointed Date or 2015 2011 (240.5) is the WPI value for the Financial Year 20132009-1410. This shall be applicable to all WPI values corresponding to the year in which the Annual Lease Rental is to be increased. USER CHARGES.