Consequences of a Relief Event Clause Samples

The "Consequences of a Relief Event" clause defines what happens when a party is affected by an event that entitles them to relief under the contract, such as force majeure or other specified disruptions. Typically, this clause outlines the rights and obligations of the parties during the relief period, such as suspending certain performance requirements, extending deadlines, or excusing liability for non-performance caused by the event. Its core practical function is to allocate risk and provide a clear process for managing contractual obligations when unforeseen events disrupt normal performance, thereby reducing uncertainty and potential disputes.
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Consequences of a Relief Event. If and to the extent that a Relief Event: directly causes a delay in the Operation Commencement Date; and/or materially adversely affects the ability of the Private Party to perform any of its obligations under this PPP Agreement, then the Private Party shall be entitled to apply for relief from any rights of the Institution arising under clause 30. To obtain relief, the Private Party must: as soon as practicable, and in any event within [x] days after it became aware that the Relief Event has caused or is likely to cause delay and/or materially adversely affect the ability of the Private Party to perform its other obligations, give to the Institution a notice of its claim for relief from its obligations under this PPP Agreement, including full details of the nature of the Relief Event, the date of occurrence and its likely duration; within [x] days of receipt by the Institution of the notice referred to in clause above, give full details of the relief claimed; and demonstrate to the reasonable satisfaction of the Institution that: the Private Party and its Subcontractors could not have avoided such occurrence or consequences by steps which they might reasonably be expected to have taken, without incurring material expenditure; the Relief Event directly caused the delay to the Scheduled Operations Commencement Date [or the need for relief from other obligations under this PPP Agreement]; the time lost and/or relief from the obligations under this PPP Agreement claimed could not reasonably be expected to be mitigated or recovered by the Private Party acting in accordance with Good Industry Practice, without incurring material expenditure; and the Private Party is using reasonable endeavours to perform its obligations under this PPP Agreement. If the Private Party has complied with its obligations under clause above, then: the Scheduled Operation Commencement Date shall be postponed by such time as shall be reasonable for such a Relief Event, taking into account the likely effect of delay, provided that the Minimum PPP Fee shall continue to be paid from the original Scheduled Operation Commencement Date; and/or the Institution shall not be entitled to exercise its rights to terminate the Agreement under clause 30 [and, subject to clause 27.3 below, shall give such other relief as has been requested by the Private Party and agreed between the Parties or decided pursuant to clause 36]; and/or the Project Term may be extended for a period of time that is equal ...
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Consequences of a Relief Event. (a) Subject to Section 43.3: (i) no right of termination, other than either Party’s right to terminate this Project Agreement pursuant to Section 47.1, shall arise under this Project Agreement by reason of any failure by a Party to perform any of its obligations under this Project Agreement; and (ii) as soon as the events or circumstances constituting a Relief Event have ceased, any Failure Points accrued in respect of any failure by Project Co to perform any of its obligations under this Project Agreement shall be cancelled and any related Warning Notices and Monitoring Notices shall be withdrawn, but only to the extent that such failure to perform is caused by the occurrence of a Relief Event (it being acknowledged and agreed by the Parties that all other rights and obligations of the Parties under this Project Agreement remain unaffected by the occurrence of a Relief Event). For greater certainty, the City shall be entitled to make Deductions in accordance with Schedule 20 − Payment Mechanism notwithstanding the cancellation of Failure Points pursuant to Section 43.2(a)(ii). Any Deduction to Project Co as a result of Relief Events referred to in Section 43.1(a)(v), 43.1(a)(vi), 43.1 (a)(vii), 43.1(a)(viii) or 43.1(a)(ix) shall not exceed, in the aggregate, the amount that Amended and Restated Project Agreement Ottawa Light Rail Transit Project REDACTED Execution Version CONFIDENTIAL AND PROPRIETARY Page 169 CAN: 26350049.2 BD-#30398459-v2 would be necessary to reduce payments to Project Co to an amount below the Senior Debt Service Amount. (b) In respect of a Relief Event that is also a Delay Event pursuant to Section 40.1(a)(ix): (i) Project Co shall only be relieved of its obligations under this Project Agreement to the extent, if any, provided for in Section 40; and (ii) in respect of a Relief Event occurring prior to a Milestone Acceptance Date or the Highway Substantial Completion Date or the Revenue Service Availability Date which Milestone, Substantial Completion of the Highway Work or Revenue Service Availability is affected by that Delay Event and referred to in Section 43.1 (a)(ii), 43.1(a)(iv), 43.1(a)(v), 43.1(a)(vi), 43.1(a)(vii), or 43.1(a)(viii) on the earlier of: (A) the relevant Milestone Acceptance Date, (B) Highway Substantial Completion Date, (C) the Revenue Service Availability Date; and
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Consequences of a Relief Event. If and to the extent that a Relief Event – directly causes a delay in Service Commencement; and/or materially adversely affects the ability of the Private Party to perform any of its obligations under this Agreement, then the Private Party shall be entitled to apply for relief from any rights of the CoT arising under Clause 42 [Termination for Private Party Default] and to receive the portion of the Unitary Payment set out in paragraph 4 of Schedule 13 [Performance Standards and Payment Mechanism]. To obtain relief, the Private Party must – as soon as practicable, and in any event within ten (10) Business Days after it became aware that the Relief Event has caused or is likely to cause delay and/or materially adversely affect the ability of the Private Party to perform its other obligations, give to the CoT a notice of its claim for relief from its obligations under this Agreement, including full details of the nature of the Relief Event, the date of occurrence, its likely duration and steps taken or proposed to be taken by the Private Party to prevent or mitigate or recover the time lost or relief from obligations under this Agreement to the extent that such information is or ought to be reasonably available to the Private party at the date of notification provided that where such information is available or is reasonably available after the expiry of ten (10) Business Days, then the Private Party shall provide such information within five (5) Business Days after it is available or became reasonably available;
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Related to Consequences of a Relief Event

  • Consequences of Event of Default (a) Upon the occurrence of an Event of Default, the Company shall promptly deliver written notice thereof to the Holder. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority), then, and in each and every such case (other than an Event of Default specified in Section 2.4(h) or Section 2.4(i) with respect to the Company or any of its Significant Subsidiaries), unless the principal of the Note shall have already become due and payable, the Holder may by notice in writing to the Company, declare 100% of the outstanding principal of, and accrued and unpaid interest on, the Note to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable. If an Event of Default specified in Section 2.4(h) or Section 2.4(i) with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, 100% of the outstanding principal of, and accrued and unpaid interest on, the Note shall become and shall automatically be immediately due and payable without any action on the part of the Holder. (b) Subsection (a) above, however, is subject to the conditions that if, at any time after the outstanding principal of the Note shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Holder a sum sufficient to pay installments of accrued and unpaid interest upon the Note and the outstanding principal of the Note that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable Law, and on such principal at the rate per annum borne by the Note plus one percent), and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under the Note, other than the nonpayment of the principal of and accrued and unpaid interest on the Note that shall have become due solely by such acceleration, shall have been cured or waived, then and in every such case the Holder, by written notice to the Company, may waive all default or Events of Default with respect to the Note and rescind and annul such declaration and its consequences and such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Note; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Event of Default, or shall impair any right consequent thereon.

  • Consequences of an Event of Default (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

  • Consequences of Events of Default (a) If an Event of Default of the type described in Section 3.1(a) or (b) has occurred and continued for 15 days or any other Event of Default has occurred, the interest rate on this Note will increase immediately by an increment of two percentage points to the extent permitted by law. Thereafter, until such time as no Event of Default exists, the interest rate on this Note will increase automatically at the end of each succeeding fiscal quarter by an additional increment of one percentage points to the extent permitted by law (but in no event will the interest rate exceed 18 percent per annum). Any increase of the interest rate resulting from the operation of this Section 3.2(a) will terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this Section). (b) If an Event of Default of the type described in Section 3.1(d) has occurred, the principal amount of this Note (together with all accrued interest thereon and all other amounts payable in connection therewith) will become immediately due and payable without any action on the part of the Holder, and the Companies will immediately pay to the Holder all amounts due and payable with respect to this Note. (c) If an Event of Default of the type described in Section 3.1(a) or (b) has occurred and continued for 15 days and if an Event of Default of the type described in Section 3.1(b) has occurred and continued for 30 days, or any other Event of Default (other than under Section 3.1(d)) has occurred, the Holder may declare all or any portion of the outstanding principal amount of this Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of such amount. If the Holder demands immediate payment and all or any portion of the amounts due under this Note, the Companies will immediately pay to the Holder all amounts demanded to be paid with respect to this Note. (d) The Holder will also have any other rights which it may have been afforded under any contract or agreement at any time and any other rights which the Holder may have pursuant to applicable law. (e) Each Company hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Holder may accept security for this Note or release security for this Note, all without in any way affecting the liability of the Companies hereunder.

  • Consequences of Default Upon the occurrence of any Event of Default, as defined in the Revenue Sharing Agreement: 6.1 Any unpaid amounts under section 2 shall bear interest at one and one-quarter percent (1.25%) per month;

  • Consequences of Events of Default and Corrective Action If an Event of Default occurs, the Province may, at any time, take one or more of the following actions: (a) initiate any action the Province considers necessary in order to facilitate the successful continuation or completion of the Project; (b) provide the Recipient with an opportunity to remedy the Event of Default; (c) suspend the payment of Funds for such period as the Province determines appropriate; (d) reduce the amount of the Funds; (e) cancel further instalments of Funds; (f) demand from the Recipient the payment of any Funds remaining in the possession or under the control of the Recipient; (g) demand from the Recipient the payment of an amount equal to any Funds the Recipient used, but did not use in accordance with the Agreement; (h) demand from the Recipient the payment of an amount equal to any Funds the Province provided to the Recipient; and (i) terminate the Agreement at any time, including immediately, without liability, penalty or costs to the Province upon giving Notice to the Recipient.