Common use of Renewal of Concession Clause in Contracts

Renewal of Concession. The Authority, may in its sole discretion, in the event the Concessionaire does not commit any Event of default during the last 5 years of the term, agree to extend the Concession after the expiry of the Term on same terms and conditions. Provided that any such extension shall also lead to an extension of Land Lease Agreement(s) for an equal period so as to make the Land Lease Agreement co-terminus with extended Concession Period.

Renewal of Concession. The Authority, may in its sole discretion, in the event the Concessionaire does not commit any Event of default during the last 5 years of the term, agree to extend the Concession after the expiry of the Term on same terms and conditions. Provided that any such extension shall also lead to an extension of Land Lease Agreement(s) for an equal period so as to make the Land Lease Agreement co-co- terminus with extended Concession Period.