Payment Obligations of the Concessionaire. The Concessionaire shall pay to the Authority the following fee prior to and/or during the Concession Period, a fixed fee, commencing from the first anniversary of Appointed Date, on an annual basis (the “Annual Fee”). The Annual Fee payable from the first anniversary of the Appointed Date shall be equivalent to a sum of INR 1 (Rupee One Only) which shall be the amount payable for the first year of Concession Period. The Annual Fee for the first year shall be payable by the Concessionaire within 30 days from first anniversary of the Appointed Date. The subsequent annual installments of the Annual Fee shall be paid during the remaining Concession Period within 30 days of the relevant anniversary date of the Appointed Date.
Payment Obligations of the Concessionaire. A. The Concessionaire shall pay to the Authority an annual license fee (the “License Fee”) of Rs. 1 (Rupees One Only) for Existing Hospital to operate and maintain in accordance with the terms of this Agreement, commencing from the Appointed Date. The License Fee shall be payable at end of each year within 60 days of closing of preceding year till the 2nd anniversary of the Appointed Date.
Payment Obligations of the Concessionaire. The Concessionaire shall pay to the Authority a fixed annual fee (the “Annual Fee”) equivalent to a sum of INR 4 crores (Indian Rupees Four Crores only), commencing from the second anniversary of Appointed Date, and this Annual Fee amount shall remain constant at INR 4 crores (Indian Rupees Four Crores only) till the fifth anniversary of the Appointed Date. Provided, however, that thereafter, beginning from the sixth anniversary of the Appointed Date, the Annual Fee shall be subject to yearly escalation at the rate of 4% on last paid amount of Annual Fee. For the avoidance of doubt and for the purpose of illustration, on the sixth anniversary of the Appointed Date, the Annual Fee payable shall be INR 4.16 crores (Indian Rupees Four Crores Sixteen Lakhs only) and subsequently in the seventh anniversary of the Appointed Date, the Annual Fee payable shall be escalated by 4% of the amount of Annual Fee paid on the sixth anniversary of the Appointed Date. Provided further that Annual Fee shall be subject to adjustment in accordance with terms hereof, upon Concessionaire undertaking Optional Development and/or increases the utilization of FAR/uses additional FAR, in compliance and accordance with Applicable Law. The first payment towards Annual Fee shall be made by the Concessionaire within 30 days from the second anniversary of the Appointed Date. The subsequent Annual Fee payments shall be made within 30 days of the relevant anniversary date of the Appointed Date. Without prejudice to the above and regardless of anything contrary contained herein, in the event the Concessionaire undertakes the Optional Development and/or increases the FAR/uses additional FAR, in compliance and accordance with Applicable Law, the Annual Fee shall be increased and a revised Annual Fee shall be payable by the Concessionaire from the year in which the FAR is increased. This revised Annual Fee shall be computed in the following manner: Market Value of Additional FAR= Prevailing Ready Reckoner Rate - Mumbai (Zone 14 – 101A)- Rate of Open Land x Additional FAR over and above compulsory development x Land Area (~10 Acre) x Multiplier. Additional Fee= Market Value of Additional FAR- Any payment to regulatory body towards obtaining additional FAR as per prevailing rules and regulations beyond those for 600 beds (compulsory development) Additional Annual Fee = Additional Fee *(1-k) / (1-k(n+1)) Where, n = remaining concession period; k = (1+0.04)/ (1+r%); and r = The discount factor woul...
