Common use of Concessionaire Event of Default Clause in Contracts

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. ‌ 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;