Common use of Term of the Concession Clause in Contracts

Term of the Concession. The Concession will be an initial term of 30 years, commencing on the date PCT undertakes the operations of the New Container Terminal, which is currently scheduled to take place on 1 October 2009, with a mandatory extension for a term of 5 years subject to PCT’s fulfillment of its obligations to construct the eastern section of the new Pier 3 as provided under the Concession Agreement. The term may also be extended for a corresponding period in the event of interruption of operation of the New Container Terminal not caused by PCT as specified in the Concession Agreement. PPA will also have the right to unilaterally extend the term for a further period of 5 years by giving prior written notice of not later than 24 months prior to the expiry of the initial term. Nevertheless, in any event, the term of the Concession Agreement may not be extended beyond 42 years, being the duration of the concession of the Piraeus Port area obtained by PPA from the Republic of Greece pursuant to a concession contract entered into between the Republic of Greece and PPA dated 13 February 2002 (as amended), under which PPA acquired the exclusive right to use and commercially exploit the Piraeus Port area with power to undertake all measures required for the development thereof.

Term of the Concession. The Concession will be an initial term of 30 years, commencing on the date PCT undertakes the operations of the New Container Terminal, which is currently scheduled to take place on 1 1st October 2009, with a mandatory extension for a term of 5 years subject to PCT’s fulfillment of its obligations to construct the eastern section of the new Pier 3 as provided under the Concession Agreement. The term may also be extended for a corresponding period in the event of interruption of operation of the New Container Terminal not caused by PCT as specified in the Concession Agreement. PPA will also have the right to unilaterally extend the term for a further period of 5 years by giving prior written notice of not later than 24 months prior to the expiry of the initial term. Nevertheless, in any event, the term of the Concession Agreement may not be extended beyond 42 years, being the duration of the concession of the Piraeus Port area obtained by PPA from the Republic of Greece pursuant to a concession contract entered into between the Republic of Greece and PPA dated 13 13th February 2002 (as amended), under which PPA acquired the exclusive right to use and commercially exploit the Piraeus Port area with power to undertake all measures required for the development thereof.