Common use of Grant of Permit Clause in Contracts

Grant of Permit. Pursuant to the PPTA and subject to the terms and conditions of this Agreement as may be further described in the other Project Agreements, the Department hereby grants to the Concessionaire a permit (the “Permit”) pursuant to which the Concessionaire shall have the exclusive right, and the Concessionaire accepts the obligation (i) to finance, develop, design and construct the Route 495 HOT Lanes in Virginia Project, and (ii) from and after the Service Commencement Date and until the end of the Term, to manage, operate, maintain, improve and equip the HOT Lanes Project and establish, impose, charge, collect, use and enforce payment of tolls.