Common use of The Concessionaire Event of Default Clause in Contracts

The Concessionaire Event of Default. The Concessionaire Event of Default means any of the following events unless such an event has occurred as a consequence of the Concessioning Authority Event of Default or a Force Majeure Event: i. the Concessionaire’s failure to perform or discharge any of its obligations in accordance with the provisions of this Agreement; ii. Delay in payments to the Concessioning Authority for 2 (two) consecutive Months or more than (5) (five) times in the aggregate during the Concession Period; iii. the Concessionaire’s failure to perform or discharge any of its obligations under any other Project Contract, which has or is likely to affect the Project/the Project Facilities and Services, materially; iv. the Concessionaire fails to achieve Minimum Guaranteed Cargo for a consecutive period of 3 (three) years. Provided, the Concessionaire shall not be deemed to be in default if such non achievement is due to a substantial change in economic policies including the policy regarding import/export of a particular commodity as a result of which the throughput could not be achieved; v. The Concessionaire’s failure to develop the Greenfield Port Facility portion of port; vi. any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading; vii. the Concessionaire passing a resolution for voluntary winding up; viii. appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the Concessionaire by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings; ix. occurrence of default under the Financing Documents pursuant to which the Senior Lenders exercise their rights to substitute the Concessionaire in accordance with the provisions of the Substitution Agreement; ▇. ▇▇▇▇ of an execution or distrain on the Concessionaire’s assets which has or is likely to have Material Adverse Effect and/or affect the Project/Project Facilities and Services, materially and such execution or distrain remaining in force for a period exceeding 90 (ninety) Days; xi. the Security Deposit / Performance Guarantee is not maintained in terms of the provisions hereof; xii. the Concessionaire abandons or expresses its intention to revoke/terminate this Agreement without being entitled to do so as is expressly provided in this Agreement; xiii. a change in shareholding such that the beneficial interest of the Applicant in the Concessionaire reduces below the limits set in Article 11.2 and/or Management Control of the Concessionaire has occurred in contravention of the provisions of Article 11 hereof; xiv. amalgamation of the Concessionaire with any other company or reconstruction or transfer of the whole or part of the Concessionaire’s undertaking other than transfer of assets in the ordinary course of business in contravention with the provisions of Article 11 hereof; and xv. the Concessionaire engaging or knowingly allowing any of its employees, agents, Contractor or representative to engage in any activity prohibited under this Agreement and/or by law or which constitutes a breach of this Agreement or breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement.

The Concessionaire Event of Default. The Concessionaire Event of Default means any of the following events unless such an event has occurred as a consequence of the Concessioning Authority Event of Default or a Force Majeure Event: i. the Concessionaire’s failure to perform or discharge any of its obligations in accordance with the provisions of this Agreement; ii. Delay in payments to the Concessioning Authority for 2 (two) consecutive Months or more than (5) (five) times in the aggregate during the Concession Period; iii. the Concessionaire’s failure to perform or discharge any of its obligations under any other Project Contract, which has or is likely to affect the Project/the Project Facilities and Services, materially; iv. the Concessionaire fails to achieve Minimum Guaranteed Cargo for a consecutive period of 3 (three) years. Provided, the Concessionaire shall not be deemed to be in default if such non achievement is due to a substantial change in economic policies including the policy regarding import/export of a particular commodity as a result of which the throughput could not be achieved; v. The Concessionaire’s failure to develop the Greenfield Port Facility portion of port; vi. any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading; viivi. the Concessionaire passing a resolution for voluntary winding up; viiivii. appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the Concessionaire by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings; ixviii. occurrence of default under the Financing Documents pursuant to which the Senior Lenders exercise their rights to substitute the Concessionaire in accordance with the provisions of the Substitution Agreement; ▇. ▇▇▇▇ levy of an execution or distrain destraint on the Concessionaire’s assets which has or is likely to have Material Adverse Effect and/or affect the Project/Project Facilities and Services, materially and such execution or distrain destraint remaining in force for a period exceeding 90 (( ninety) Days; xiix. the Security Deposit / Performance Guarantee is not maintained in terms of the provisions hereof; xii. x. the Concessionaire abandons or expresses its intention to revoke/terminate this Agreement without being entitled to do so as is expressly provided in this Agreement; xiiixi. a change in shareholding such that the beneficial interest of the Applicant in the Concessionaire reduces below the limits set in Article 11.2 9.2 and/or Management Control of the Concessionaire has occurred in contravention of the provisions of Article 11 9 hereof; xivxii. amalgamation of the Concessionaire with any other company or reconstruction or transfer of the whole or part of the Concessionaire’s undertaking other than transfer of assets in the ordinary course of business in contravention with the provisions of Article 11 9 hereof; and xvxiii. the Concessionaire engaging or knowingly allowing any of its employees, agents, Contractor or representative to engage in any activity prohibited under this Agreement and/or by law or which constitutes a breach of this Agreement or breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement.

The Concessionaire Event of Default. The Concessionaire Event of Default means any of the following events unless such an event has occurred as a consequence of the Concessioning Authority Event of Default or a Force Majeure Event: i. the Concessionaire’s failure to perform or discharge any of its obligations in accordance with the provisions of this Agreement;Agreement as per Article 7 and Appendix 15 ii. Delay in payments to the Concessioning Authority payment of Annual Concession Fee for a period of 2 (two) consecutive Months or more than (54) (fivefour ) times in the aggregate during the Concession Period; iii. the Concessionaire’s failure to perform or discharge any of its obligations under any other Project Contract, which has or is likely to affect the Project/the Project Facilities and Services, materially; iv. the Concessionaire fails to achieve Minimum Guaranteed Cargo for a consecutive period of 3 (three) years. Provided, the Concessionaire shall not be deemed to be in default if such non achievement is due to a substantial change in economic policies including the policy regarding import/export of a particular commodity as a result of which the throughput could not be achieved; v. The Concessionaire’s failure to develop the Greenfield Port Facility portion of port; vi. any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading; vii. v. the Concessionaire passing a resolution for voluntary winding up; viiivi. appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the Concessionaire by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings; ixvii. occurrence of default under the Financing Documents pursuant to which the Senior Lenders exercise their rights to substitute the Concessionaire in accordance with the provisions of the Substitution Agreement; ▇viii. ▇▇▇▇ levy of an execution or distrain destraint on the Concessionaire’s assets which has or is likely to have Material Adverse Effect and/or affect the Project/Project Facilities and Services, materially and such execution or distrain destraint remaining in force for a period exceeding 90 (ninety) Days; xiix. the Security Deposit / Performance Guarantee is not maintained in terms of the provisions hereof; xii. x. the Concessionaire abandons or expresses its intention to revoke/terminate this Agreement without being entitled to do so as is expressly provided in this the Agreement; xiiixi. a change in shareholding such that the beneficial interest of the Applicant Applicant/Consortium in the Concessionaire reduces below the limits set in Article 11.2 and/or Management Control of the Concessionaire has occurred in contravention of the provisions of Article 11 hereof; xivxii. amalgamation of the Concessionaire with any other company or reconstruction or transfer of the whole or part of the Concessionaire’s undertaking [other than transfer of assets in the ordinary course of business business] in contravention with the provisions of Article 11 hereof; andand This would be case specific. xvxiii. the Concessionaire engaging or knowingly allowing any of its employees, agents, Contractor or representative to engage in any activity prohibited under this Agreement and/or by law or which constitutes a breach of this the Agreement or breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement.

The Concessionaire Event of Default. The Concessionaire Event of Default means any Any of the following events unless such shall constitute an event has occurred as a consequence Event of Default by the Concessionaire ("Event of Default - Concessionaire") when not caused by the Concessioning Authority Authority’s Event of Default or a Force Majeure Event: i. (i) the Concessionaire’s failure Concessionaire has failed to perform or discharge achieve COD(s) beyond ninety (90) days of the respective Scheduled Construction Completion Date. (ii) the Concessionaire has failed to achieve Performance Parameters as specified in Annexure 17. (iii) the Concessionaire has caused Abandonment of the Project. (iv) the Concessionaire has failed to make any of its obligations in accordance with the provisions of this Agreement; ii. Delay in payments due to the Concessioning Authority for 2 (two) consecutive Months or more than sixty (560) days have elapsed since such payment default. (fivev) times the Concessionaire is in the aggregate during the Concession Period; iii. the Concessionaire’s failure to perform or discharge Material Breach of any of its obligations under any other Project Contract, which this Agreement and the same has or is likely to affect not been remedied for more than sixty (60) days. (vi) A resolution for voluntary winding up has been passed by the Project/shareholders of the Project Facilities and Services, materially;Concessionaire. iv. (vii) Any petition for winding up of the Concessionaire fails to achieve Minimum Guaranteed Cargo for a consecutive period of 3 (three) years. Provided, has been admitted and liquidator or provisional liquidator has been appointed or the Concessionaire shall not be deemed has been ordered to be in default if wound up by Court of competent jurisdiction, except for the purpose of amalgamation or reconstruction, provided that, as part of such non achievement is due to a substantial change in economic policies including amalgamation or reconstruction and the policy regarding import/export amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of a particular commodity as a result of which the throughput could not be achieved; v. The Concessionaire’s failure to develop the Greenfield Port Facility portion of port; vi. any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading;Agreement. vii. (viii) The equity holding of the Selected Bidder in the Concessionaire passing a resolution for voluntary winding up;is not in line with Article 5.1 (a) at any point of time during the Concession Period. viii. appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the (ix) The Concessionaire by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings; ix. occurrence has committed an Event of default under as set out in Annexure 6 and there has been failure/undue delay in carrying out scheduled/planned maintenance or the Financing Documents pursuant to which the Senior Lenders exercise their rights to substitute the Concessionaire scheduled/planned maintenance has not been carried out in accordance with the provisions O&M Requirements as evidenced by events of significance that resulted in prolonged interruptions of waste collection/ transportation/ processing/ disposal for the period specified in Annexure 6 and affected the Performance Parameters of any of the Substitution Agreement;Project Facilities. ▇. ▇▇▇▇ (x) The Concessionaire has committed an Event of an execution or distrain on default as set out in‌ (xi) The maintenance of the Concessionaire’s assets which has or is likely to have Material Adverse Effect and/or affect the Project/Project Facilities or any part thereof has deteriorated to a level, which is below the acceptance level prescribed by the O&M Requirements, required in line with the nature of activity. (xii) There has been a serious or persistent let up in adhering to the O&M Requirements and Services, materially and such execution thereby the Project Facilities or distrain remaining in force for a period exceeding 90 (ninety) Days; xi. the Security Deposit / Performance Guarantee any part thereof is not maintained in terms of safe for operations. (xiii) The Concessionaire shall not have renewed or obtained a clearances/ Licenses/No Objection Certificate’s from the provisions hereof;State Pollution Control Board (SPCB) or any other similarly empowered Government Agency which is due and to be required as per Solid Waste Management Rules 2016. xii. the Concessionaire abandons or expresses its intention to revoke/terminate this Agreement without being entitled to do so as is expressly provided in this Agreement; xiii. a change in shareholding such that the beneficial interest of the Applicant in the Concessionaire reduces below the limits set in Article 11.2 and/or Management Control of the (xiv) The Concessionaire has occurred in contravention of undertaken the provisions of Article 11 hereof; xiv. amalgamation of activities at Site for any purpose unconnected or which is not incidental to the Concessionaire with any other company Project or reconstruction or transfer of the whole or part of the Concessionaire’s undertaking other than transfer of assets in the ordinary course of business in contravention with the provisions of Article 11 hereof; and xv. the Concessionaire engaging or knowingly allowing any of its employeesrelated activities, agents, Contractor or representative to engage in any activity prohibited unless otherwise permitted under this Agreement and/or by law or which constitutes a breach of this Agreement or breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreementagreement.

The Concessionaire Event of Default. The Concessionaire Event of Default means any Any of the following events unless such shall constitute an event has occurred as a consequence Event of Default by the Concessioning Authority Concessionaire ("Event of Default - Concessionaire") when not caused by the Authority’s Event of Default or a Force Majeure Event: i. the Concessionaire’s failure (i) The Concessionaire has failed to perform or discharge make any of its obligations in accordance with the provisions of this Agreement; ii. Delay in payments due to the Concessioning Authority for 2 (two) consecutive Months or more than sixty (560) days have elapsed since such payment default. (fiveii) times The Concessionaire is in the aggregate during the Concession Period; iii. the Concessionaire’s failure to perform or discharge Material Breach of any of its obligations under any other Project Contract, which this Agreement and the same has or is likely to affect not been remedied for more than sixty (60) days. (iii) A resolution for voluntary winding up has been passed by the Project/shareholders of the Project Facilities and Services, materially;Concessionaire. (iv. ) Any petition for winding up of the Concessionaire fails to achieve Minimum Guaranteed Cargo for a consecutive period of 3 (three) years. Provided, has been admitted and liquidator or provisional liquidator has been appointed or the Concessionaire shall not be deemed has been ordered to be in default if wound up by Court of competent jurisdiction, except for the purpose of amalgamation or reconstruction, provided that, as part of such non achievement is due to a substantial change in economic policies including amalgamation or reconstruction and the policy regarding import/export amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of a particular commodity as a result of which the throughput could not be achieved; v. The Concessionaire’s failure to develop the Greenfield Port Facility portion of port; vi. any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading;Agreement. vii. (v) The equity holding of the Selected Bidder in the Concessionaire passing a resolution for voluntary winding up; viii. appointment of a provisional liquidator, administrator, trustee or receiver is not in line with Clause 5.1 (a) of the whole or substantially whole Concession Agreement at any point of time during the undertaking of the Authorisation Period. (vi) The Concessionaire by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings; ix. occurrence has committed an Event of default under as set out below and there has been failure/undue delay in carrying out scheduled/planned maintenance or the Financing Documents pursuant to which the Senior Lenders exercise their rights to substitute the Concessionaire scheduled/planned maintenance has not been carried out in accordance with the provisions O&M Requirements as evidenced by events of significance that resulted in prolonged interruptions of waste collection/ transportation/ processing/ disposal for the period specified below and affected the Performance Parameters of any of the Substitution Agreement; ▇. ▇▇▇▇ of an execution or distrain on the Concessionaire’s assets which has or is likely to have Material Adverse Effect and/or affect the Project/Project Facilities situated at the Site. (vii) The Concessionaire shall not have renewed or obtained a clearances/ Licenses/NoC’s from the State Pollution Control Board (SPCB) or any other similarly empowered Government Agency which is due and Services, materially and such execution to be required as per Applicable Laws. . (viii) The Concessionaire has undertaken the activities at Processing & Disposal Facilities Site for any purpose unconnected or distrain remaining in force for a period exceeding 90 (ninety) Days; xi. the Security Deposit / Performance Guarantee which is not maintained in terms of incidental to the provisions hereof; xii. the Concessionaire abandons Project or expresses its intention to revoke/terminate this Agreement without being entitled to do so as is expressly provided in this Agreement; xiii. a change in shareholding such that the beneficial interest of the Applicant in the Concessionaire reduces below the limits set in Article 11.2 and/or Management Control of the Concessionaire has occurred in contravention of the provisions of Article 11 hereof; xiv. amalgamation of the Concessionaire with any other company or reconstruction or transfer of the whole or part of the Concessionaire’s undertaking other than transfer of assets in the ordinary course of business in contravention with the provisions of Article 11 hereof; and xv. the Concessionaire engaging or knowingly allowing any of its employeesrelated activities, agents, Contractor or representative to engage in any activity prohibited unless otherwise permitted under this Agreement and/or by law or which constitutes a breach of this Agreement or breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreementagreement.

The Concessionaire Event of Default. The Concessionaire Event of Default means any of the following events unless such an event has occurred as a consequence of the Concessioning Authority Event of Default or a Force Majeure Event: i. (i) the Concessionaire’s failure to perform or discharge any of its obligations in accordance with the provisions of this Agreement; (ii. ) construction at the Project Site is abandoned for a more than 90 (ninety) Days during the Construction Phase; (iii) a delay of more than 180 (one hundred and eighty) Days from any Milestone Date in achieving any of the performance obligations set forth for the relevant Milestone Date or the Date of Commercial Operations is delayed for more than 180 (one hundred and eighty) Days from the Scheduled Project Completion Date; (iv) Delay in payments to the Concessioning Authority payment of Royalty for 2 (two) consecutive Months or more than (5) (five) times in the aggregate during the Concession Period; iii. (v) the Concessionaire’s failure to perform or discharge any of its obligations under any other Project Contract, which has or is likely to affect the Project/the Project Facilities and Services, materially; iv. (vi) intentionally left blank (vii) the Concessionaire fails to achieve Minimum Guaranteed Cargo for a consecutive period of 3 (three) years. [Provided, the Concessionaire shall not be deemed to be in default if such non achievement is due to a substantial change in economic policies including the policy regarding import/export of a particular commodity as a result of which the throughput could not be achieved;] v. The Concessionaire’s failure to develop the Greenfield Port Facility portion of port; vi. (viii) any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading; vii. (ix) the Concessionaire passing a resolution for voluntary winding up; viii. (x) appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the Concessionaire by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings; ix. (xi) occurrence of default under the Financing Documents pursuant to which the Senior Lenders exercise their rights to substitute the Concessionaire in accordance with the provisions of the Substitution Agreement; ▇. ▇▇▇▇ (xii) levy of an execution or distrain destraint on the Concessionaire’s assets which has or is likely to have Material Adverse Effect and/or affect the Project/Project Facilities and Services, materially and such execution or distrain destraint remaining in force for a period exceeding 90 (( ninety) Days; xi. (xiii) the Security Deposit / Performance Guarantee is not maintained in terms of the provisions hereof; xii. (xiv) the Concessionaire abandons or expresses its intention to revoke/terminate this Agreement without being entitled to do so as is expressly provided in this the Agreement; xiii. (xv) a change in shareholding such that the beneficial interest of the Applicant Applicant/ in the Concessionaire reduces below the limits set in Article 11.2 and/or Management Control of the Concessionaire has occurred in contravention of the provisions of Article 11 hereof; xiv. (xvi) amalgamation of the Concessionaire with any other company or reconstruction or transfer of the whole or part of the Concessionaire’s undertaking other than transfer of assets in the ordinary course of business in contravention with the provisions of Article 11 hereof; and xv. (xvii) the Concessionaire engaging or knowingly allowing any of its employees, agents, Contractor or representative to engage in any activity prohibited under this Agreement and/or by law or which constitutes a breach of this the Agreement or breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement.