Common use of Concessionaire Events of Default Clause in Contracts

Concessionaire Events of Default. Each of the following shall constitute an event of default by the Concessionaire (each such event being a “Concessionaire Event of Default”): (a) the failure by the Concessionaire to make any payment of any sum due to the Grantor hereunder within ten (10) Business Days after receipt of written notice from the Grantor that such payment is overdue, which notice shall specify the payment failure in reasonable detail; (b) the initiation of bankruptcy or liquidation proceedings in respect of the Concessionaire, except reorganization proceedings in accordance with the law dealing with insolvency of companies; (c) the misrepresentation of a material fact as of the Execution Date contained in the Concessionaire‟s representations and warranties in this Agreement, and such misrepresentation has material adverse effect on the Grantor or the Project and such effect is not cured within forty-five (45) Days from detailed and written notice from the Grantor specifying such misrepresentation; provided, however, that if the Concessionaire commences taking appropriate actions to cure such misrepresentation within such forty-five (45) Day period, and thereafter diligently continues to cure such misrepresentation, the cure period shall be extended for an additional ninety (90) Days; (d) the assignment or transfer of the Concessionaire‟s rights or obligations under this Agreement, except as permitted under Section 25.12(a);

Concessionaire Events of Default. Each of the following shall constitute an event of default by the Concessionaire (each such event being a “Concessionaire Event of Default”): (a) the failure by the Concessionaire to make any payment of any sum due to the Grantor hereunder within ten (10) Business Days after receipt of written notice from the Grantor that such payment is overdue, which notice shall specify the payment failure in reasonable detail; (b) in the event of initiation of bankruptcy or liquidation proceedings in respect of proceeding over the Concessionaire, except reorganization proceedings in accordance with the law dealing with insolvency of companiesConcessionaire ; (c) in the event of the misrepresentation of a related to the material fact as of the Execution Date contained in the Concessionaire‟s representations and warranties in this Agreement, and whereas such misrepresentation has material adverse effect on the Grantor or the Project and such effect is not cured within forty-five (45) Days from the detailed and written notice from of the Grantor specifying such on misrepresentation; , provided, however, that if the Concessionaire commences taking appropriate actions to cure such misrepresentation within such forty-five (45) Day 45)Days period, and thereafter diligently continues to cure such misrepresentation, the cure period shall be extended for an additional ninety (90) Days; (d) the assignment or transfer of the Concessionaire‟s rights or obligations and covenants s under this Agreement, Agreement except as those permitted under Section 25.12(a);.