Common use of Fixed Grant Clause in Contracts

Fixed Grant. 26.1.1 During the Construction Period, the Authority shall provide to the Concessionaire cash support by way of an outright grant in accordance with Schedule 18 (the “Fixed Grant”). The Fixed Grant shall be applied by the Concessionaire for meeting the Total Project Cost. 26.1.2 The Authority shall deposit or cause to be deposited first Tranche of Fixed Grant in the Escrow Account within the time period prescribed under Clauses 4.2.1(vii) or such extended period as may be mutually agreed between the Authority and the Concessionaire. Each subsequent Tranche of Fixed Grant shall be deposited in the Escrow Account within 6 (six) months of receipt of written request from the Concessionaire accompanied by a certificate from the Statutory Auditor of the Concessionaire that the Concessionaire has expended at least 50% (fifty percent) of the previous Tranche of the Fixed Grant towards meeting a part of the Total Project Cost. 26.1.3 The Fixed Grant shall be disbursed by the Escrow Bank to the Concessionaire in tranches on achievement of the related Payment Milestone in accordance with the provisions of this Clause 26.1, Schedule 18 and the Escrow Agreement. The Escrow Bank shall disburse each Tranche of the Fixed Grant in accordance with the Payment Milestones as prescribed in Schedule 18, and as and when due, but no later than 30 (thirty) days of receiving a request from the Concessionaire along with necessary particulars as specified in the Escrow Agreement. 26.1.4 In the event of occurrence of a Concessionaire Default, disbursement of Fixed Grant shall be suspended till such Concessionaire Default has been cured by the Concessionaire, to the satisfaction of the Authority. 26.1.5 In the event that the event that the actual built up area of the Hospital Building and the Staff Accommodation is less than the minimum built up area required to be constructed by the Concessionaire under terms and conditions contained in this Agreement, the Concessionaire shall be liable for the payment of Damages to the Authority equal to Rs. 3,500 (Rupees three thousand five hundred) per square foot shortfall in built-up area. Such Damages will be paid by the Concessionaire to the Authority immediately upon demand by the Authority and in any case no later than 30 (thirty) days of receipt of a written notice from the Independent Engineer and/or the Authority.

Fixed Grant. 26.1.1 During the Construction Period, the Authority shall provide to the Concessionaire cash support by way of an outright grant in accordance with Schedule 18 (the “Fixed Grant”). The Fixed Grant shall be applied by the Concessionaire for meeting the Total Project Cost. 26.1.2 The Authority shall deposit or cause to be deposited first Tranche of Fixed Grant in the Escrow Account within the time period prescribed under Clauses 4.2.1(vii) or such extended period as may be mutually agreed between the Authority and the Concessionaire. Each subsequent Tranche of Fixed Grant shall be deposited in the Escrow Account within 6 (six) months of receipt of written request from the Concessionaire accompanied by a certificate from the Statutory Auditor of the Concessionaire that the Concessionaire has expended at least 50% (fifty percent) of the previous Tranche of the Fixed Grant towards meeting a part of the Total Project Cost. 26.1.3 The Fixed Grant shall be disbursed by the Escrow Bank to the Concessionaire in tranches on achievement of the related Payment Milestone in accordance with the provisions of this Clause 26.1, Schedule 18 and the Escrow Agreement. The Escrow Bank shall disburse each Tranche of the Fixed Grant in accordance with the Payment Milestones as prescribed in Schedule 18, and as and when due, but no later than 30 (thirty) days of receiving a request from the Concessionaire along with necessary particulars as specified in the Escrow Agreement. 26.1.4 In the event of occurrence of a Concessionaire Default, disbursement of Fixed Grant shall be suspended till such Concessionaire Default has been cured by the Concessionaire, to the satisfaction of the Authority. 26.1.5 In the event that the event that the actual built up area of the Hospital Building and the Staff Accommodation is less than the minimum built up area required to be constructed by the Concessionaire under terms and conditions contained in this AgreementAgreement and the Schedules hereto, the Concessionaire shall be liable for the payment of Damages to the Authority equal to Rs. 3,500 (Rupees three thousand five hundred) per square foot shortfall in built-up area. Such Damages will be paid by the Concessionaire to the Authority immediately upon demand by the Authority and in any case no later than 30 (thirty) days of receipt of a written notice from the Independent Engineer and/or the Authority. For the avoidance of doubt, payment of such Damages shall not relieve the Concessionaire from its obligation to comply with all other provisions under this Agreement and the Schedules, including but not limited to meeting the Specifications and Standards in the designing and construction of the Hospital Building and the Staff Accommodation and will not preclude the Authority from taking actions under this Agreement or Applicable Laws.

Fixed Grant. 26.1.1 During the Construction Period, the Authority shall provide to the Concessionaire cash support by way of an outright grant in accordance with Schedule 18 (the “Fixed Grant”). The Fixed Grant shall be applied by the Concessionaire for meeting the Total Project Cost. 26.1.2 The Authority shall deposit or cause to be deposited first Tranche of Fixed Grant in the Escrow Account within the time period prescribed under Clauses 4.2.1(vii) or such extended period as may be mutually agreed between the Authority and the Concessionaire. Each subsequent Tranche of Fixed Grant shall be deposited in the Escrow Account within 6 (six) months of receipt of written request from the Concessionaire accompanied by a certificate from the Statutory Auditor of the Concessionaire that the Concessionaire has expended at least 50% (fifty percent) of the previous Tranche of the Fixed Grant towards meeting a part of the Total Project Cost. 26.1.3 The Fixed Grant shall be disbursed by the Escrow Bank to the Concessionaire in tranches on achievement of the related Payment Milestone in accordance with the provisions of this Clause 26.1, Schedule 18 and the Escrow Agreement. The Escrow Bank shall disburse each Tranche of the Fixed Grant in accordance with the Payment Milestones as prescribed in Schedule 18, and as and when due, but no later than 30 (thirty) days of receiving a request from the Concessionaire along with necessary particulars as specified in the Escrow Agreement. 26.1.4 In the event of occurrence of a Concessionaire Default, disbursement of Fixed Grant shall be suspended till such Concessionaire Default has been cured by the Concessionaire, to the satisfaction of the Authority. 26.1.5 In the event that the event that the actual built up area of the Hospital Building and the Staff Accommodation is less than the minimum built up area required to be constructed by the Concessionaire under terms and conditions contained in this AgreementAgreement and the Schedules hereto, the Concessionaire shall be liable for the payment of Damages to the Authority equal to Rs. 3,500 (Rupees three thousand five hundred) per square foot shortfall in built-up area. Such Damages will be paid by the Concessionaire to the Authority immediately upon demand by the Authority and in any case no later than 30 (thirty) days of receipt of a written notice from the Independent Engineer and/or the Authority. For the avoidance of doubt, payment of such Damages shall not relieve the Concessionaire from its obligation to comply with all other provisions under this Agreement and the Schedules, including but not limited to meeting the Specifications and Standards in the designing and construction of the Hospital Building and the Staff Accommodation and will not preclude the Authority from taking actions under this Agreement or Applicable Laws.