Common use of Termination for Authority Event of Default Clause in Contracts

Termination for Authority Event of Default. a) Without prejudice to any other right or remedy which Concessionaire may have in respect thereof under this Agreement, upon the occurrence of a Authority Event of Default, Concessionaire shall be entitled to terminate this Agreement by issuing Termination Notice. b) If Concessionaire decides to terminate this Agreement pursuant to preceding Sub-clause (a) it shall in the first instance issue Preliminary Notice to the Authority. Within 30 days of receipt of Preliminary Notice, if applicable, Authority shall forward to Concessionaire its proposal to remedy / cure the underlying Event of Default (the "Authority Proposal to Rectify"). In case of non-submission of Authority Proposal to Rectify within the period stipulated therefore, Concessionaire shall be entitled to terminate this Agreement by issuing Termination Notice. c) In case Authority Proposal to Rectify is forwarded to Concessionaire within the period stipulated therefore, the Authority shall have further period of 60 days to remedy / cure the underlying Event of Default. If, however the Authority fails to remedy / cure the underlying Event of Default within such further period allowed, Concessionaire shall be entitled to terminate this Agreement by issuing Termination Notice.

Termination for Authority Event of Default. a(i) Without prejudice to any other right or remedy which the Concessionaire may have in respect thereof under this Agreement, upon the occurrence of a Authority Event of Default, the Concessionaire shall be entitled to terminate this Agreement by issuing Termination Notice. (ii) If the Concessionaire decides to terminate this Agreement pursuant to preceding Sub-Clause(i) it shall in the first instance issue Preliminary Notice to Authority. Within 30 days of receipt of Preliminary Notice, Authority shall forward to the Concessionaire its proposal to remedy/ cure the underlying Event of Default (the "Authority Proposal to Rectify”). In case of non - submission of Authority Proposal to rectify within the period stipulated therefor, Concessionaire shall be entitled to terminate this Agreement by issuing Termination Notice. b(iii) If Concessionaire decides Authority Proposal to terminate this Agreement pursuant to preceding Sub-clause (a) it shall in the first instance issue Preliminary Notice Rectify is forwarded to the Authority. Within 30 days of receipt of Preliminary Notice, if applicableConcessionaire within the period stipulated therefor, Authority shall forward have further period of 30(thirty) days to Concessionaire its proposal remedy/ cure the underlying Event of Default. If, however Authority fails to remedy / remedy/ cure the underlying Event of Default (within such further period allowed, the "Authority Proposal to Rectify"). In case of non-submission of Authority Proposal to Rectify within the period stipulated therefore, Concessionaire shall be entitled to terminate this Agreement by issuing Termination Notice. c) In case Authority Proposal to Rectify is forwarded to Concessionaire within the period stipulated therefore, the Authority shall have further period of 60 days to remedy / cure the underlying Event of Default. If, however the Authority fails to remedy / cure the underlying Event of Default within such further period allowed, Concessionaire shall be entitled to terminate this Agreement by issuing Termination Notice.