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 Developer acknowledge their mutual intent that, despite TxDOT’s retention of fee title to the Facility and the Facility Right of Way and despite Developer’s leasehold estate and interest therein, Developer be treated, to the maximum extent permitted by Law, as the owner of the 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.)][executed version to include this Section 2.2.2 at the Developer’s option] 2.2.3 The Parties acknowledge that Developer’s rights and obligations to finance and pay for development of the Facility, manage, operate, maintain and repair the Facility, 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, NTP GP, NTP IC, and NTP ML 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 Developer acknowledge their mutual intent that, despite TxDOT’s retention of fee title to the Facility and the Facility Right of Way and despite Developer’s leasehold estate and interest therein, Developer be treated, to the maximum extent permitted by Law, as the owner of the 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.)][executed version to include this Section 2.2.2 at the Developer’s option] 2.2.3 The Parties acknowledge that Developer’s rights and obligations to finance and pay for development of the Facility, manage, operate, maintain and repair the Facility, 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 NTP1XXX0, NTP2XXX0, and, if applicable, NTP GP, NTP IC, and NTP ML 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 Developer Xxxxxxxxx acknowledge their mutual intent that, despite TxDOT’s retention of fee title to the Facility and the Facility Right of Way and despite Developer’s leasehold estate and interest therein, Developer be treated, to the maximum extent permitted by Law, as the owner of the 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.)][executed version to include this Section 2.2.2 at the Developer’s option]Materials.) 2.2.3 The Parties acknowledge that Developer’s rights and obligations to finance and pay for development of the Facility, manage, operate, maintain and repair the Facility, 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, NTP GP, NTP IC, and NTP ML and satisfaction of the conditions precedent to Service Commencement set forth in this Agreement.