Concessionaire Event of Default Clause Samples

Concessionaire Event of Default. The Concessionaire Event of Default means any of the following events unless such an event has occurred as a consequence of the Authority’s Event of Default or a Force Majeure Event: (i) the Concessionaire’s and/or Preferred Bidder’s is in/commits a Material Breach of this Agreement . (ii) the Concessionaire’s failure to perform or discharge any of its obligations under any other Transaction Documents, which has or is likely to have a Material Adverse Effect. (iii) any representation made or warranties given by the Concessionaire/Preferred Bidder under this Agreement are found to be false or misleading. (iv) the Concessionaire passing a resolution for voluntary winding up. (v) appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the Concessionaire by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings. (vi) levy of an execution or destraint on the Concessionaire assets which has or is likely to have Material Adverse Effect and such execution or destraint remaining in force for a period exceeding 30 Days or any authority, regulatory body, court , tribunal or judicial authority passing or issuing any order or direction against the Concessionaire which would have an or likely to have an Material Adverse Effect on the project or the ability of the Concessionaire to comply with or discharge the obligations and responsibilities under this Agreement. . (vii) amalgamation of the Concessionaire with any other company or reconstruction or transfer of the whole or part of the Concessionaire’s undertaking (other than transfer of assets in the ordinary course of business) without the Authority’s prior written approval, provided, if the amalgamated entity, reconstructed entity or the transferee as the case may be, has the financial and technical ability demonstrated to the satisfaction of the Authority, to undertake, perform/discharge the obligations of the Concessionaire under this Agreement, necessary approval shall be granted by the Authority. (viii) the Concessionaire engaging or knowingly allowing any of its employees, agents, Contractor or representative to engage in any activity prohibited by law or which constitutes a breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement. (ix) the Concessionaire repudiates this Agreement or otherwise takes any action or evinces or conveys an intention not...

Concessionaire Event of Default. Any of the following events shall constitute an event of default by the Concessionaire (“Concessionaire Event of Default”) unless such event has occurred as a result of one or more reasons set out in Article 5.19: (i) The Concessionaire has failed to adhere to the Construction Requirements, Design Requirements or O&M Requirements and such failure, in the reasonable estimation of the Independent Consultant, is likely to delay achievement of COD beyond 90 days of the Scheduled Project Completion Date or has actually resulted in the Concessionaire not achieving COD within 90 days of the Scheduled Project Completion Date; (ii) At any time during the Operations Period, the Concessionaire fails to adhere to the Construction Requirements, Design Requirements or O&M Requirements and has failed to remedy the same or has failed to take any effective steps to remedy the same within 60 days of receipt of notice from MCD; (iii) The Concessionaire is in Material Breach of any of its obligations under this Agreement and the same has not been remedied for more than 60 days; (iv) Any representation made or warranty given by the Concessionaire under this Agreement is found to be false or misleading;

Concessionaire Event of Default. ‌ Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Concessionaire fails to cure the default within the Cure Period and where no cure period is specified, within the Cure Period of 30 (thirty) days, the Concessionaire shall be deemed to be in default of this Agreement (the “Concessionaire Event of Default”), unless the default has occurred solely as a result of any breach of this Agreement by the Participating ULBs or due to Force Majeure. The defaults referred to herein shall include: (a) the Operation Performance Security has been encashed and appropriated in accordance with Clause 9.4 and the Concessionaire fails to replenish or provide fresh Operation Performance Security within 30 (thirty) days; (b) subsequent to the replenishment or furnishing of fresh Operation Performance Security in accordance with Clause 9.4, the Concessionaire fails to cure, within a Cure Period of 90 (ninety) days, the Concessionaire Event of Default for which whole or part of the Operation Performance Security was appropriated; (c) the Concessionaire fails to achieve any of the Project Milestones due in accordance with respective Scheduled Project Milestone Date, as set in the Schedule 5 and continues in default for 180 (one hundred and eighty) resulting in delayed commissioning;

Concessionaire Event of Default. Any of the following events shall constitute an event of default by the Concessionaire ("Concessionaire Event of Default") unless such event has occurred as a result of one or more reasons set out in sub- article

Concessionaire Event of Default. Each of the following events or circumstances, to the extent not caused by a default of the Authority or Force Majeure and if not cured within the Cure Period which shall be 60 (sixty) days from the date of notice of default (the “Default Notice”) from the Authority, shall be considered for the purpose of this Agreement as Event of Default of the Concessionaire (“Concessionaire Event of Default”): 1. The Concessionaire is in breach of its obligations under this Concession Agreement, which has a Material Adverse Effect upon the Authority or the Project; 2. The Concessionaire fails to obtain accreditation as a 4-star hotel from the concerned agency in accordance with MoT Guidelines as mentioned in the Annexure within 3 (three) months from the date of issue Construction Completion Certificate or provisional certificate whichever is issued earlier for the Circuit House. 3. The Concessionaire fails to timely renew such accreditation or the same is withdrawn at any time during the Concession Period. 4. The time prescribed for making payment of the Annual Concession Fee shall be the essence of this Agreement. Non-Payment of the Annual Concession Fee shall be accounted as Concessionaire Event of Default and subsequently form a ground for termination of this Agreement. 5. The Concessionaire is in breach of any representation or warranty made under this Agreement or it repudiates this Concession Agreement. 6. The Concessionaire fails to meet the progressive milestones set forth in the Project Implementation Schedule or amendments thereto as provided for in this Concession Agreement. 7. Change in Ownership has occurred in breach of the provisions of Article 8.2

Concessionaire Event of Default. Upon Termination on account of a Concessionaire Event of Default after COD, the Lead ULB shall pay to the Concessionaire, by way of Termination Payment, an amount equal to 90% (ninety per cent) of the Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall also be included in the computation of Debt Due. For the avoidance of doubt, the Concessionaire hereby acknowledges that no Termination Payment shall be due or payable on account of a Concessionaire Event of Default occurring prior to COD. Upon Termination of this Agreement on account of Concessionaire Event of Default the Operation Performance Security, if subsisting, shall be invoked by the Lead ULB. The Concessionaire expressly agrees that Termination Payment under this Clause 28.2 shall constitute a full and final settlement of all claims of the Concessionaire on account of Termination of this Agreement for any reason whatsoever and that the Concessionaire or any shareholder thereof shall not have any further right or claim under any law, treaty, convention, contract or otherwise.

Concessionaire Event of Default. Any of the following events shall constitute an Event of Default by the Concessionaire ("Concessionaire Event of Default") unless such event has occurred as a result of one or more reasons i. The Concessionaire has failed to adhere to the Construction Requirements and such failure, in the reasonable estimation of the Project Engineer, is likely to delay achievement of COD beyond 30 days of the SPCD;

Concessionaire Event of Default. If the Government terminates this Agreement under Clause 13.1 as a result of a Concessionaire Event of Default or the Power Purchase Agreement and/or the Heat Purchase Agreement is terminated as a result of a Concessionaire Event of Default, the Government or its designee may elect at its option to purchase or otherwise assume all of the Concessionaire's right, title and interest in and to the Plant which shall transfer to the Government or its designee upon payment to the Concessionaire of the Compensation Amount set forth in Row 1 of the compensation table set out in Error! Reference source not found. in accordance ith the transfer provisions set out in Clause 14.9 and Clause 14.10.

Concessionaire Event of Default i. The Concessioning Authority shall have a right to terminate this Agreement upon the occurrence of any of the following events, unless such event has occurred solely as a result of any breach of this Agreement by the CONCESSIONING AUTHORITY or due to Force Majeure (hereinafter collectively referred to as ‚Concessionaire Event of Default‛): a. any breach by the Concessionaire of its covenants or obligations or occurrence of any event of default by the Concessionaire under this Agreement; b. a breach of any representation or warranty by the Concessionaire; c. suspension by the Concessionaire of the performance of the obligations under this Agreement for a continuous period exceeding 60 days (except during the subsistence of an event of Force Majeure); d. Failure by the Concessionaire to operate and maintain the Project in accordance with the Applicable Laws and the terms hereof; e. the Concessionaire does not achieve the latest outstanding Project Milestone due in accordance with the provisions of Project Implementation Schedule and continues to be in default for 90 (ninety) days; f. Concessionaire directly or indirectly, undertakes or performs either itself or through its Contractors/licensees or otherwise, any/or any activity other than activities provided for/ envisaged hereunder and or any activity which is violative of the provisions hereof and/or of the Applicable Laws. g. failure of Concessionaire to maintain Insurance(s) in accordance with the requirements of this Agreement. h. the Concessionaire has failed to make any payment to the CONCESSIONING AUTHORITY within the period specified in this Agreement. i. Any transfer of shares or voting rights in any entity in violation of this Agreement. j. Failure to provide, maintain and or replenish the Performance Security to its full amount on encashment, in accordance with the requirements of this Agreement. k. if the Concessionaire becomes insolvent or is wound up whether voluntarily or compulsorily save for the purpose of reconstruction or amalgamation l. if a provisional liquidator, receiver or manager of the Concessionaire is duly appointed; or m. if the Concessionaire shall enter into any arrangement or composition for the benefit of his creditors; or n. if the Concessionaire suffers any distress or execution to be levied upon his assets, or o. any representation or warranty of the Concessionaire herein contained which is, as of the date hereof, found to be materially false or the Concessionaire is at...