Common use of Grant of Permit Clause in Contracts

Grant of Permit. (a) Pursuant to the Act and subject to the terms and conditions of this Agreement, the Department grants to the Concessionaire the exclusive right, and the Concessionaire accepts (i) the obligation to develop, design, finance, construct, operate, and maintain the Project, including the obligation to operate and maintain the STE following the applicable Service Commencement Date and following handover pursuant to Section 8A.11 and (ii) the right to establish, impose, charge, collect, use, and enforce payment of tolls and related charges (the “Permit”). For the avoidance of doubt, (1) the design, development, and construction of the Project shall not include the design, development, and construction of the STE and (2) the operations and maintenance of the Project shall not include the operations and maintenance of the 395 Department Assets. (b) The Department’s grant of the Permit and the Concessionaire’s obligations, each pursuant to Section 4.01(a), is conditioned on: (i) Financial Close having occurred in accordance with Section 7.03 (with respect to the Original HOT Lanes); (ii) 395 Financial Close having occurred in accordance with Section 7.03A (with respect to the 395 HOT Lanes); and (iii) ▇▇▇▇ Ex Financial Close having occurred in accordance with Section 7.03B (with respect to the ▇▇▇▇ Ex HOT Lanes); provided however that portions of the Work may be performed by the Concessionaire prior to Financial Close pursuant to Section 8.02 and Section 8.04, prior to 395 Financial Close pursuant to Section 8.17, or prior to ▇▇▇▇ Ex Financial Close pursuant to Section 8.20. (c) In consideration of the Permit granted to the Concessionaire by the Department pursuant to this Section 4.01, the Concessionaire will perform the Work at its own expense except as otherwise provided in this Agreement and pay (to the extent required) to the Department the Gross Toll Share Payment in accordance with the Gross Toll Share Payment calculation attached as Exhibit J-2 and the Annual Transit Investment in accordance with Section 5.11 and the terms as set forth in Exhibit P, which Annual Transit Investment also is in consideration for all the rights granted with respect to the 395 Project.

Grant of Permit. (a) Pursuant to the Act and subject to the terms and conditions of this Agreement, the Department grants to the Concessionaire the exclusive right, and the Concessionaire accepts accepts (i) the obligation to develop, design, finance, construct, operate, operate and maintain the Project, including the obligation to operate and maintain the STE following the applicable Service Commencement Date and following handover pursuant to Section 8A.11 and (ii) the right to establish, impose, charge, collect, use, use and enforce payment of tolls and related charges (the “Permit”). For the avoidance of doubt, (1) the design, development, development and construction of the Project shall not include the design, development, development and construction of the STE and (2) the operations and maintenance of the Project shall not include the operations and maintenance of the 395 Department Assets. (b) The Department’s grant of the Permit and the Concessionaire’s obligations, each pursuant to Section 4.01(a), is conditioned on: and the Concessionaire’s obligations with respect thereto pursuant to Section 4.01(a) with respect to the Project (i) other than the 395 Project), are conditional upon Financial Close having occurred in accordance with Section 7.03 (and, with respect to the Original HOT Lanes); (ii) 395 Project, 395 Financial Close having occurred in accordance with Section 7.03A (with respect to the 395 HOT Lanes); and (iii) ▇▇▇▇ Ex Financial Close having occurred in accordance with Section 7.03B (with respect to the ▇▇▇▇ Ex HOT Lanes)7.03A; provided however that portions of the Work may be performed by the Concessionaire prior to Financial Close pursuant to Section 8.02 and Section 8.04, 8.04 and prior to 395 Financial Close pursuant to Section 8.17, or prior to . ▇ ▇▇▇▇▇▇ Ex Financial Close pursuant to Section 8.20.#▇▇▇▇▇▇▇▇ ▇▇▇ (c▇) In ▇▇ consideration of the Permit granted to the Concessionaire by the Department pursuant to this Section 4.01, the Concessionaire will perform the Work at its own expense except as otherwise provided in this Agreement and pay (to the extent required) to the Department the Gross Toll Share Payment Permit Fee in accordance with the Gross Toll Share Payment Permit Fee calculation attached as Exhibit J-2 J and the Annual Transit Investment in accordance with Section 5.11 and the terms as set forth in Exhibit P, which Annual Transit Investment also is in consideration for all the rights granted with respect to the 395 Project.