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) 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 payment of Royalty for 2 (two) consecutive Months or more than (5) (five) times in the aggregate during the Concession Period; (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; (vi) A default under the Management Contract, which has or is likely to affect the Project/the Project Facilities and Services, materially;38 (vii) 39the 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;] (viii) any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading; (ix) the Concessionaire passing a resolution for voluntary winding up; (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; (xi) occurrence of default under the Financing Documents pursuant to which the Lenders exercise their rights to substitute the Concessionaire in accordance with the provisions of the Substitution Agreement; (xii) levy of an execution or 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 destraint remaining in force for a period exceeding 90 38 This would be case specific. 39 Should be applicable only for single commodity bulk cargo terminals. This would be added only where Minimum Guaranteed Cargo is specified. The bracketed portion would be project specific.

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) 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 COD is delayed for more than 180 (one hundred and eighty) Days from the Scheduled Project Completion Date; (iv) Delay in payment of Royalty for 2 (two) consecutive Months or more than (5) (five) times in the aggregate during the Concession Period; (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; (vi) A a default under the Management O&M Contract, which has or is likely to affect the Project/the Project Facilities and Services, materially;38materially;31 (vii) 39the 32the 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;]. (viii) any representation made made, or warranties given by the Concessionaire under this Agreement is found to be false or misleading; (ix) the Concessionaire passing a resolution for voluntary winding up;; 31 This would be case specific. 32 Should be applicable only for single commodity bulk cargo terminals. This would be added only where Minimum Guaranteed Cargo is specified. The bracketed portion would be project specific. (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; (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 destraint restraint 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 destraint restraint remaining in force for a period exceeding 90 38 This would be case specific. 39 Should be applicable only for single commodity bulk cargo terminals. This would be added only where Minimum Guaranteed Cargo (ninety) Days (xiii) the Performance Guarantee is specified. The bracketed portion would be project specificnot maintained in terms of the provisions hereof; (xiv) the Concessionaire abandons or expresses its intention to revoke/terminate this Agreement without being entitled to do so as is expressly provided in the Agreement; (xv) a change in shareholding such that the beneficial interest of the 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; (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 (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 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 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) 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 payment of Royalty for 2 (two) consecutive Months or more than (5) (five) times in the aggregate during the Concession Period; (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; (vi) A Failure to enter into Operation and Maintenance (O&M) contract before date of commercial operation and a default under the Management Contract, which has or is likely to affect the Project/the Project Facilities and Services, materially;38materially;37 (vii) 39the 38the 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;] (viii) any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading; (ix) the Concessionaire passing a resolution for voluntary winding up; (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; (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 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 destraint remaining in force for a period exceeding 90 38 (ninety) Days 37 This would be case specific. 39 38 Should be applicable only for single commodity bulk cargo terminals. This would be added only where Minimum Guaranteed Cargo is specified. The bracketed portion would be project specific. (xiii) the Performance Guarantee is not maintained in terms of the provisions hereof; (xiv) the Concessionaire abandons or expresses its intention to revoke/terminate this Agreement without being entitled to do so as is expressly provided in the Agreement; (xv) a change in shareholding such that the beneficial interest of the 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; (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 (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 the Agreement or breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement.