Termination due to Event of Default Clause Samples

Termination due to Event of Default. ‌ 28.2.1 Termination for Concessionaire Event of Default‌ (a) Without prejudice to any other right or remedy which the Participating ULBs may have in respect thereof under this Agreement, upon the occurrence of a Concessionaire Event of Default, the Participating ULBs shall, subject to the provisions of the “Substitution Agreement” (if any, with the Lenders, pursuant to which, in case of Default by Concessionaire, Lenders shall be allowed to take charge of Concessionaire's roles and responsibilities under this Agreement), be entitled to terminate this Agreement in the manner as set out under Sub-clause (b) of Clause 28.2. 1. Provided however that upon the occurrence of a Concessionaire Event of Default as specified under Sub-clause 28.1.2(t), the Lead ULB may terminate this Agreement by issue of Termination Notice in the manner set out under Clause 28.2.3.‌ (b) If the Lead ULB decide to terminate this Agreement pursuant to preceding Clause (a), it shall in the first instance issue Preliminary Notice to Concessionaire. Within 30 (thirty) days of receipt of the Preliminary Notice, Concessionaire shall submit to the Participating ULBs in sufficient detail and if applicable the manner in which inter-alia it proposes to cure the underlying Event of Default or prevent the Event of Default from reoccurring (the "Concessionaire Proposal to Rectify"). The same shall be reasonably considered by the Participating ULBs. In case of non-submission of Concessionaire Proposal to Rectify within the said period of 30 days, the Lead ULB shall be entitled to terminate this Agreement by issuing Termination Notice, and to appropriate the Performance Security, if subsisting. In case Concessionaire has made a Proposal to Rectify within the period stipulated therefore, and the same is accepted by the Participating ULBs as reasonable, the Concessionaire shall be allowed a Cure Period of 60 (sixty) days. If, however the Concessionaire fails to remedy‌ / cure the underlying Event of Default or the factors causing the Event of Default within such further period allowed, the Lead ULB shall be entitled to terminate this Agreement, by issue of Termination Notice and to appropriate the Performance Security, if subsisting. For the avoidance of doubt, the Participating ULBs, at its sole discretion, can reject the Concessionaire Proposal to Rectify if it feels that it is not adequate to cure the Event of Default or prevent the Event of Default from reoccurring.

Termination due to Event of Default. Termination due to Parties Event of Default

Termination due to Event of Default. If Customer terminates this Agreement as the result of an Event of Default of Administrator, there shall be no Hiring Fee for any Authorized Hires who are hired by Customer, its Affiliates, or designees of Customer or designees of its Affiliates. If Administrator terminates this Agreement as the result of an Event of Default of Customer, the Hiring Fee for each Authorized Hire who is hired by Customer, Customer Affiliates, and designees of Customer and its Affiliates shall be twenty-five percent (25%) of such employee’s actual direct salary during the twelve (12) month period ending on the last day of such employee’s employment with Administrator.

Termination due to Event of Default. 8.1.1 Either Party shall have a right to terminate this Agreement by giving to the other party, 30 (thirty) days written notice of termination (“Termination Notice”). Such termination shall be effective after the expiry of the date (30 days) of such notice (“Termination Date”). 8.1.2 Upon termination becoming effective, all arrangements and understandings incorporated in this Agreement shall cease to exist. The confidentiality obligations of the Agency shall survive even after termination of this Agreement. 8.1.3 Upon Termination, DoT is liable to pay the Services Fee only upto the Termination Date if the Services are rendered. 8.1.4 If this Agreement expires or is Terminated due to any event other than a Agency’s Event of Default, the Performance Security shall subject to DoT’s right to receive amounts from the Agency, if any, under this Agreement, be duly discharged and released to the Agency without any interest within 3 (three) months from the date of expiry of this Agreement or Termination.

Termination due to Event of Default. If an Event of Default occurs with respect to either Party (the “Defaulting Party”) at any time during the Term, the other Party (the “Performing Party”) may, in addition to any other rights or remedies available to the Performing Party, (a) designate by written Notice delivered to the Defaulting Party a date, no earlier than the day such Notice is delivered and no later than twenty (20) days after such notice is delivered, as the early termination date of the Term; or (b) by written ▇▇▇▇▇▇ delivered to the Defaulting Party, immediately suspend transfers of Contract PCAs due in respect of this Agreement (provided that such suspension shall not suspend or otherwise affect Buyer’s obligations to pay for Contract PCAs delivered prior to the date of suspension).

Termination due to Event of Default. 14.2.1. In the event that BSCDCL believes that the Concessionaire is in material breach of its obligations under the RFP or the Contract, BSCDCL shall give notice to the Concessionaire and shall give up to 30 days’ time to it for curing such breach. In case the breach continues till / after the expiry of such cure period, BSCDCL will have the option to terminate the Agreement. Further, BSCDCL may afford a reasonable opportunity to the Concessionaire to explain the circumstances leading to such a breach and may increase the time limit for curing such breach before terminating the Agreement. Any notice served pursuant to this Clause shall give reasonable details of the breach.

Termination due to Event of Default. 29.1. Termination for Operator’s Event of Default a. Without prejudice to any other rights or remedies, which the Authority may have under this Agreement, upon occurrence of an Operator Event of Default, the Authority shall be entitled to terminate this Agreement by issuing a Termination Notice to the Operator; provided that before issuing the Termination Notice, the Authority shall by a notice inform the Operator of its intention to issue such Termination Notice and grant minimum ▇▇ ( ▇▇▇▇▇ ▇▇▇▇ ) days or such other reasonable period as the Authority deems fit at its sole discretion to the Operator to remedy the default (“Remedial Period”) and/or make representations, and may after the expiry of such Remedial Period on non remedy of breach/default to the satisfaction of the Authority, whether or not it is in receipt of such representation, issue Termination Notice and then terminate the Agreement. b. In the event of termination for an Operator Event of Default, the Authority shall: i. In case such termination occurs due to non completion of refurbishment of buses as per agreement conditions, a. Takeover peaceful and encumbrance free possession of the Contracted buses handed over to the Operator b. Be entitled to invoke and retain the Performance Security amount in full; ii. In case such event occurs after COD a. Takeover peaceful possession without any Encumbrance of Contracted Buses, Bus Depots, Computer software, electronic hardware or any Intellectual Property, pertaining to Bus Operation and maintenance, provided to the Operator. b. Be entitled to invoke and retain the Performance Security amount in full;

Termination due to Event of Default. In case of Termination due to Event of Default by either Party, the defaulting Party shall be served with a Termination Notice of 30 days by the other Party for rectification of the default. If the defaulting Party fails to rectify the default, within the 30 days, the Agreement shall stand terminated on the 31st day without any further notice, subject to otherwise provided herein above in case of default in payment of Lease Rental amount

Termination due to Event of Default. 22.1. Termination for Operator’s Event of Default a. Without prejudice to any other rights or remedies, which the Authority may have under this Agreement, upon occurrence of an Operator Event of Default, the Authority shall be entitled to terminate this Agreement by issuing a Termination Notice to the Operator; provided that before issuing the Termination Notice, the Authority shall by a notice inform the Operator of its intention to issue such Termination Notice and grant [15 (fifteen) days] or such other reasonable period as the Authority deems fit at its sole discretion to the Operator to remedy the default (“Remedial Period”) and/or make representations, and may after the expiry of such Remedial Period on non-remedy of breach/default to the satisfaction of the Authority, whether or not it is in receipt of such representation, issue Termination Notice and then terminate the Agreement. b. In the event of termination for an Operator Event of Default, theAuthority shall: i. Takeover peaceful possession without any Encumbrance of 11 Sidhi Lawn provided to the Operator; and ii. Refund the Security Deposit made by the Operator till the date of termination, after deduction of any pending dues, fines or any other charges to the Authority;