Common use of Concessionaire Event of Default Clause in Contracts

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 any time hereafter found to be in breach thereof; p. any other events of default/ breach by the Concessionaire upon the occurrence of which, the CONCESSIONING AUTHORITY is entitled to terminate this Agreement under the provisions hereof.

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‛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 any time hereafter found to be in breach thereof; p. any other events of default/ breach by the Concessionaire upon the occurrence of which, the CONCESSIONING AUTHORITY is entitled to terminate this Agreement under the provisions hereof.