Cessation of Operation of the Complex Sample Clauses

The 'Cessation of Operation of the Complex' clause defines the rights and obligations of the parties if the entire property or facility (the complex) permanently stops operating. Typically, this clause outlines what happens to ongoing leases, service agreements, or other contractual relationships tied to the complex, such as whether tenants must vacate or if contracts are automatically terminated. Its core practical function is to provide a clear process for winding down contractual relationships and allocating responsibilities in the event the complex ceases operations, thereby reducing uncertainty and potential disputes.
Cessation of Operation of the Complex. (a) If, after the Commercial Operations Date, without the prior written consent of the Purchaser, the Seller shall have ceased to operate the Complex for a period of forty eight (48) consecutive hours other than because of : (i) a Force Majeure Event, (ii) a Scheduled Outage, (iii) a Maintenance Outage, (iv) a Forced Outage or a Partial Forced Outage, (v) a Non-Project Event, (vi) the wind speed not within the Cut In Wind Speed and Cut Out Wind Speed; (vii) any act or omission of the Purchaser and/or the Grid System Operator that effectively prevents the Seller or its Contractors from operating the Complex. then the Purchaser shall be entitled to (A) enter the Complex and operate it until the Seller demonstrates, to the reasonable satisfaction of the Purchaser, that the Seller can and will resume normal operation of the Complex or until the Lenders shall have exercised their rights in accordance with the Financing Documents including the EPA Direct Agreement to enter the Complex and operate it, and (B) as soon as is practicable, send written notice of such entry to the Agent (as defined in Section 16.5) in accordance with the procedure set forth in Section 16.5. During any period that the Purchaser shall operate the Complex pursuant to this Section, the Purchaser shall: (i) operate the Complex within the Technical Limits and in accordance with Laws of Pakistan, Prudent Utility Practices and Prudent Electrical Practices, (ii) bear all costs of such operation, and (iii) pay to the Seller the Loan Repayment Component and the Interest Charges Component of the applicable Energy Price, multiplied by the Monthly Benchmark Energy prorated on daily basis, provided, however, that the Seller shall not be entitled to any payment during such period to which it would not be entitled if it itself had been operating the Complex. (b) Notwithstanding the foregoing and any other provision in this Agreement to the contrary, if any insurance coverage that was obtained by the Seller and is set forth in Schedule 8 is not available or in effect during any time that the Purchaser is entitled to operate the Complex pursuant to this Section 5.13 or does not cover such operation, then the Purchaser shall not enter or operate the Complex, and shall immediately cease operation and promptly quit possession of the Complex, as the case may be, unless and until such time that the Purchaser either: (i) obtains, and thereafter continuously maintains, and provides written evidence to the Sell...
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Cessation of Operation of the Complex. If, after the Commercial Operations Date, without the prior written consent of the Purchaser, the Seller shall have ceased to operate the Complex for a period of seven (7) consecutive Days other than because of:
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Cessation of Operation of the Complex. (a) If, after the Commercial Operations Date, without the prior written consent of the Purchaser, the Seller shall have ceased to operate the Complex for a period of forty eight (48) consecutive hours other than because of (i) a Force Majeure Event,
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Cessation of Operation of the Complex. (a) If, after the Commercial Operations Date, without the prior written consent of the Power Purchaser, the Company shall have ceased to declare available capacity substantially equal to the then-prevailing Tested Capacity or to comply with the Despatch Instructions or deliver Net Electrical Output substantially equal to the Declared Available Capacity for a period of forty eight (48) consecutive hours other than because of any of the events described in Section 5.4(d), any Forced Outage or Partial Forced Outage which the Power Purchaser does not dispute, Scheduled Outage, Maintenance Outage or Section 5.4 or any act of the Power Purchaser that effectively constitutes ejection of the Company or its Contractors from the Complex, then the Power Purchaser shall, subject to the restrictions set forth in this Section 5.14, be entitled to enter the Complex and operate it until the Company demonstrates to the reasonable satisfaction of the Power Purchaser that the Company can and will resume normal operation of the Complex or until the Lenders shall have exercised their rights to enter or procure a third party to enter the Complex and operate it, and as soon as is practicable, send written notice of such entry to the Agent (as defined in Section 16.5) in accordance with the procedure set forth in Section 16.5. During any period that the Power Purchaser shall operate the Complex pursuant to this Section, the Power Purchaser shall (i) operate the Complex within the Technical Limits,
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Related to Cessation of Operation of the Complex

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • SUSPENSION OF OPERATIONS Concessionaire shall, at the direction of Department, immediately suspend, delay or interrupt Concessionaire’s operation of all or any part of the Concession Premises for such period of time as Department may determine to be appropriate to protect the Concession Premises and/or public health, safety, and welfare due to the occurrence of hazardous work conditions, emergency conditions, and/or any other cause including, but not limited to, Concessionaire's failure to perform any of the covenants, agreements, and conditions contained in this Agreement on its part to be performed. Concessionaire hereby waives any claim, and Department shall not be liable to any party claiming through Concessionaire, for damages, payment abatement, or compensation as a result of Department's actions under this Paragraph or this Agreement. Department's suspension of Concessionaire's operations shall be in addition to any other right or remedy available by law or in equity.

  • CONTINUITY OF OPERATION Section 1: No Strikes, Work Stoppages or Lockouts

  • CONTINUITY OF OPERATIONS Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Commencement of Operations The Partnership shall not begin operations on its Leases unless the Managing General Partner is satisfied that necessary title requirements have been satisfied.