Common use of Gross Revenue Share Clause in Contracts

Gross Revenue Share. The Concessionaire shall, subject to terms hereof, pay to the Authority revenue share of its Gross Revenue, which shall be equivalent to [●]%2 (per cent) of the Gross Revenue (“Gross Revenue Share”) payable on a monthly basis, beginning from the COD of Phase 0. The Gross Revenue Share for a particular month shall be payable by the Concessionaire by the seventh day of the next month and shall be subject to verification and reconciliation on a quarterly, semi -annual or annual basis, as required by the Authority in its discretion. For this purpose, the Parties hereby agree as follows:- i. Authority and its authorized representatives shall be permitted to inspect at any reasonable time the books, records and other material kept by or on behalf of the Concessionaire in order to check or audit any information related to the calculation of Gross Revenue Share as paid/reported to Authority. Concessionaire shall make available to the Authority and its authorized representatives such information and grant such access as they shall reasonably require in connection therewith. ii. Without prejudice to the quarterly reconciliation based inter alia on the statutory auditor’s certificate, the applicable Gross Revenue used for final annual verification/reconciliation shall be the revenue as certified by independent auditor, to be appointed in following manner:- a. Authority shall nominate a panel of six reputed chartered accountancy firms, out of which concessionaire shall have the right to object to maximum 03 2To be determined Based on the Bidder’s quote under RFP nominees, and Authority shall appoint any one nominee to whom concessionaire has not objected. The cost of such independent auditor shall be shared by Parties to this Agreement. b. Pursuant to such certification, if it is established that previous reporting of Gross Revenue is inaccurate, then Concessionaire shall, notwithstanding anything to the contrary contained in this Agreement pay the differential amount with interest at the rate of SBI MCLR plus 3 percent and also fully bear the cost of engaging independent auditor

Gross Revenue Share. The Concessionaire shall, subject to terms hereof, pay to the Authority revenue share of its Gross Revenue, which shall be equivalent to [●]%2 1 (per cent) of the Gross Revenue (“Gross Revenue Share”) payable on a monthly basis, beginning from the COD of Phase 0. The Gross Revenue Share for a particular month shall be payable by the Concessionaire by the seventh day of the next month and shall be subject to verification and reconciliation on a quarterly, semi -annual or annual basis, as required by the Authority in its discretion. For this purpose, the Parties hereby agree as follows:- i. Authority and its authorized representatives shall be permitted to inspect at any reasonable time the books, records and other material kept by or on behalf of the Concessionaire in order to check or audit any information related to the calculation of Gross Revenue Share as paid/reported to Authority. Concessionaire shall make available to the Authority and its authorized representatives such information and grant such access as they shall reasonably require in connection therewith. ii. Without prejudice to the quarterly reconciliation based inter alia on the statutory auditor’s certificate, the applicable Gross Revenue used for final annual verification/reconciliation shall be the revenue as certified by independent auditor, to be appointed in following manner:- a. Authority shall nominate a panel of six reputed chartered accountancy firms, out of which concessionaire shall have the right to object to maximum 03 2To 1To be determined Based on the Bidder’s quote under RFP nominees, and Authority shall appoint any one nominee to whom concessionaire has not objected. The cost of such independent auditor shall be shared by Parties to this Agreement. b. Pursuant to such certification, if it is established that previous reporting of Gross Revenue is inaccurate, then Concessionaire shall, notwithstanding anything to the contrary contained in this Agreement pay the differential amount with interest at the rate of SBI MCLR plus 3 percent and also fully bear the cost of engaging independent auditor