Common use of Term of Concession Clause in Contracts

Term of Concession. 2.2.1 This Agreement shall take effect on the Effective Date, and shall remain in effect until expiration of the Lease or earlier termination of this Agreement and (if in effect) the Lease (the “Term”). The term of the Lease shall commence upon the Operating Commencement Date that first occurs, and shall continue until the date that is 52 years after the Effective Date; provided that the Lease shall be subject to earlier termination in accordance with the terms of this Agreement and the Lease shall be subject to extension under Section 13.1.4. 2.2.2 TxDOT and Xxxxxxxxx acknowledge their mutual intent that, despite TxDOT’s retention of fee title to the Project and the Project Right of Way and despite Xxxxxxxxx’s leasehold estate and interest therein, Developer be treated, to the maximum extent permitted by Law, as the owner of the Project for federal income tax purposes. TxDOT will not file any documentation with the U.S. government inconsistent with this intention. (This provision is not intended to have any bearing on ownership status under Environmental Laws regarding Hazardous Materials.) 2.2.3 The Parties acknowledge that Developer’s rights and obligations to finance and pay for development of the Project, manage, operate, maintain and repair the Project, toll the Managed Lanes and perform Renewal Work and Upgrades commence on the Effective Date notwithstanding the later commencement of the Lease, subject to, among other conditions, issuance of NTP1, NTP2 and, if applicable, NTP3 and satisfaction of the conditions precedent to Service Commencement set forth in this Agreement.

Term of Concession. 2.2.1 This Agreement shall take effect on the Effective Date, and shall remain in effect until expiration of the Lease or earlier termination of this Agreement and (if in effect) the Lease (the “Term”). The term of the Lease shall commence upon the Operating Commencement Date that first occurs, occurs and shall continue until the date that is 52 years after the Effective Date; provided that the Lease shall be subject to earlier termination in accordance with the terms of this Agreement and the Lease shall be subject to extension under Section 13.1.4. 2.2.2 [TxDOT and Xxxxxxxxx Developer acknowledge their mutual intent that, despite TxDOT’s retention of fee title to the Project Facility and the Project Facility Right of Way and despite XxxxxxxxxDeveloper’s leasehold estate and interest therein, Developer be treated, to the maximum extent permitted by Law, as the owner of the Project Facility for federal income tax purposes. TxDOT will not file any documentation with the U.S. government inconsistent with this intention. (This provision is not intended to have any bearing on ownership status under Environmental Laws regarding Hazardous Materials.)Materials.)][executed version to include this Section 2.2.2 at the Developer’s option] 2.2.3 The Parties acknowledge that DeveloperXxxxxxxxx’s rights and obligations to finance and pay for development of the ProjectFacility, manage, operate, maintain and repair the ProjectFacility, toll the Managed Lanes and perform Renewal Work and Upgrades commence on the Effective Date notwithstanding the later commencement of the Lease, subject to, among other conditions, issuance of NTP1, NTP2 and, if applicable, NTP3 and satisfaction of the conditions precedent to Service Commencement set forth in this Agreement.,

Term of Concession. 2.2.1 This Agreement shall take effect on the Effective Date, and shall remain in effect until expiration of the Lease or earlier termination of this Agreement and (if in effect) the Lease (the “Term”). The term of the Lease shall commence upon the Operating Commencement Date that first occurs, and shall continue until the date that is 52 years after the Effective Date; , provided that the Lease shall be subject to earlier termination in accordance with the terms of this Agreement and the Lease shall be subject to extension under Section 13.1.4. 2.2.2 TxDOT and Xxxxxxxxx acknowledge their mutual intent that, despite TxDOT’s retention of fee title to the Project Facility and the Project Facility Right of Way and despite XxxxxxxxxDeveloper’s leasehold estate and interest therein, Developer be treated, to the maximum extent permitted by Law, as the owner of the Project Facility for federal income tax purposes. TxDOT will not file any documentation with the U.S. government inconsistent with this intention. (This provision is not intended to have any bearing on ownership status under Environmental Laws regarding Hazardous Materials.) 2.2.3 The Parties acknowledge that DeveloperXxxxxxxxx’s rights and obligations to finance and pay for development of the ProjectFacility, manage, operate, maintain and repair the ProjectFacility, toll the Managed Lanes and perform Renewal Work and Upgrades commence on the Effective Date notwithstanding the later commencement of the Lease, subject to, among other conditions, issuance of NTP1, NTP1 and NTP2 and, if applicable, NTP3 and satisfaction of the conditions precedent to Service Commencement set forth in this Agreement.

Term of Concession. 2.2.1 This Agreement shall take effect on the Effective Date, and shall remain in effect until expiration of the Lease or earlier termination of this Agreement and (if in effect) the Lease (the “Term”). The term of the Lease shall commence upon the Operating Commencement Date that first occurs, and shall continue until the date that is 52 years after the Effective Date; provided that the Lease shall be subject to earlier termination in accordance with the terms of this Agreement and the Lease shall be subject to extension under Section 13.1.4. 2.2.2 TxDOT and Xxxxxxxxx Developer acknowledge their mutual intent that, despite TxDOT’s retention of fee title to the Project and the Project Right of Way and despite XxxxxxxxxDeveloper’s leasehold estate and interest therein, Developer be treated, to the maximum extent permitted by Law, as the owner of the Project for federal income tax purposes. TxDOT will not file any documentation with the U.S. government inconsistent with this intention. (This provision is not intended to have any bearing on ownership status under Environmental Laws regarding Hazardous Materials.) 2.2.3 The Parties acknowledge that Developer’s rights and obligations to finance and pay for development of the Project, manage, operate, maintain and repair the Project, toll the Managed Lanes and perform Renewal Work and Upgrades commence on the Effective Date notwithstanding the later commencement of the Lease, subject to, among other conditions, issuance of NTP1, NTP2 and, if applicable, NTP3 and satisfaction of the conditions precedent to Service Commencement set forth in this Agreement.