Existing Service Concession Agreement Sample Clauses

Existing Service Concession Agreement. The Existing Service Concession Agreement prescribes the form of the supplemental service concession agreement for new concession projects such as the TML. The SSCA supplements the Existing Service Concession Agreement which regulates the operation of the part of the existing railway network over which KCRC has granted to the Company a concession, so that the TML is subject to similar concession arrangements. On 9 August 2007, in connection with the Rail Merger, the Company and KCRC entered into the Existing Service Concession Agreement. The Existing Service Concession Agreement is contemplated in the MTR Ordinance and regulates the operation by the Company of the KCRC railway system. Under the Existing Service Concession Agreement, KCRC granted the Company the right to access, use and operate the existing KCRC railway system for a concession period of 50 years. Under the Existing Service Concession Agreement, the Company is obliged to pay to KCRC an annual fixed payment of HK$750 million in each year during the concession period and variable annual payments which are calculated on a tiered basis by reference to the revenue generated from the KCRC railway system. The Existing Service Concession Agreement also provides that, where a new railway project is to be the subject of a service concession granted by KCRC in favour of the Company, the Company and KCRC shall enter into a supplemental service concession agreement in the form prescribed in the Existing Service Concession Agreement. A supplemental service concession agreement was entered into between the Company and KCRC on 23 August 2018 in respect of the Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (now known as “High Speed Rail”) based on the form prescribed in the Existing Service Concession Agreement. The SSCA (TML1) was entered into between the Company and KCRC on 11 February 2020 in respect of TML1. For further details of the terms of the Existing Service Concession Agreement, please refer to pages III-8 to III-16 of the Rail Merger Circular and for further details of the terms of the SSCA (TML1), please refer to the 2020 Announcement.
Sample 1
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Related to Existing Service Concession Agreement

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