Common use of Upfront Premium Clause in Contracts

Upfront Premium. 25.2.1 The Concessionaire agrees and undertakes to pay a sum of Rs. [•] (Rupees [•]) by way of an Upfront Premium, which is due and payable to the Authority in accordance with Clause 25.2.2. 25.2.2 The Concessionaire agrees and undertakes to pay the Upfront Premium in the following tranches specified in this Agreement ("Tranche"): (a) First Tranche- 30% (thirty per cent) of the Upfront Premium not later than 30 days before the Effective Date; (b) Second Tranche- 35% (thirty five per cent) of the Upfront Premium not later than 1st (first) anniversary of the Effective Date; and (c) Third Tranche- 35% (thirty five per cent) of the balance Upfront Premium not later than 18 months from the Effective Date. 25.2.3 In the event that (i) the Concessionaire does not procure the fulfilment of any or all of the payment obligation set forth in Clause 25.2.2 and (ii) the delay has not occurred as a result of failure to fulfil the obligations or other breach of this Agreement by the Authority, or due to Force Majeure, the Concessionaire shall pay to the Authority Damages in an amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day's delay until the fulfilment of such aforementioned payment obligations specified in Clause 25.2.2, subject to a maximum of 20% (twenty percent) of the Performance Security. For avoidance of doubt, it is agreed that the maximum period of delay shall be calculated accordingly. 25.2.4 It is agreed between the Parties that in the event of failure to pay any and/or all Tranches of the Upfront Premium beyond the delay specified in Clause 25.2.3 above, the non-payment of Upfront Premium shall constitute an Concessionaire Default and the same shall be dealt in accordance with Article 33. 25.2.5 Release of bank guarantee upon payment of Upfront Premium

Upfront Premium. 25.2.1 26.2.1 The Concessionaire agrees and undertakes to pay a sum of Rs. [•] …………. (Rupees [•]) by way of an Upfront PremiumConcession Fee, which is due and payable to the Authority in accordance with Clause 25.2.2.26.2.2 25.2.2 26.2.2 The Concessionaire agrees and undertakes to pay the Upfront Premium in the following tranches specified in this Agreement ("“Tranche"”): (a) First Tranche- 3050% (thirty fifty per cent) of the Upfront Premium not later than 30 [30] days before the Effective Date; (b) Second Tranche- 3525% (thirty twenty five per cent) of the Upfront Premium not later than [1st (first) anniversary anniversary] of the Effective Date; and (c) Third Tranche- 3525% (thirty twenty five per cent) of the balance Upfront Premium not later than [18 months months] from the Effective Date. 25.2.3 26.2.3 In the event that (i) the Concessionaire does not procure the fulfilment of any or all of the payment obligation set forth in Clause 25.2.2 26.2.2 and (ii) the delay has not occurred as a result of failure to fulfil the obligations or other breach of this Agreement by the Authority, or due to Force Majeure, the Concessionaire shall pay to the Authority Damages in an amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day's day‟s delay until the fulfilment of such aforementioned payment obligations specified in Clause 25.2.226.2.2, subject to a maximum of 20% (twenty percent) of the Performance Security. For avoidance of doubt, it is agreed that the maximum period of delay shall be calculated accordingly. 25.2.4 26.2.4 It is agreed between the Parties that in the event of failure to pay the any and/or all Tranches of the Upfront Premium beyond the delay specified in Clause 25.2.3 26.2.3 above, the non-payment of Upfront Premium shall constitute an Concessionaire Default and the same shall be dealt in accordance with Article 33Clause 37. 25.2.5 26.2.5 Release of bank guarantee upon payment of payment of Upfront Premium