Common use of The Developer Event of Default Clause in Contracts

The Developer Event of Default. 13.1.1 A "Developer Event of Default" shall be deemed to have occurred if any of the following events has occurred, unless the same has so occurred as a consequence of the NRDA Event of Default or due to a Force Majeure Event: i) The Developer fails to fulfills the Condition Precedent within the specified time period or within the extension of time provided by NRDA; ii) The Developer fails to obtain all necessary Approvals required for commencement of work on the Project Land within twelve Months from the date of execution of this Agreement; or iii) The Developer fails, neglect, refuses, or is unable to pay the Development Premium in accordance with the Payment Schedule indicated at Schedule IV. iv) The Developers fails to complete the development of the Project within the period as agreed herein. v) The Developer repeatedly and persistently remains in breach of any of its obligations under this agreement; or vi) If any representation made or warranties given by the Developer under this Agreement is found to be false or misleading. vii) The Developer passes a resolution for voluntary winding up. viii) Upon appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the Developer by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings. ix) Upon levy of an execution or distraint on the Developer's assets which has or is likely to have Material Adverse Change and such execution or distraint remaining in force for a period exceeding 90 days. x) Upon amalgamation of the Developer with any other company or reconstruction or transfer of the whole or part of the Developer's undertaking [other than transfer of assets in the ordinary course of business] without the NRDA's prior written approval, provided, if the amalgamated entity, reconstructed entity or the transferee as the case may be, has the ability demonstrated to the satisfaction of the NRDA, to undertake, perform/discharge the obligations of the Developer under this Agreement, necessary approval shall be granted by the NRDA. xi) Upon the Developer engaging or knowingly allowing any of its employees, agents, Contractor or representative to engage in any activity (including but not limited to construction or permitting construction of, any unauthorized structures on the Project Land) prohibited by law or which constitutes a breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement. xii) The Developer fails to perform or discharge any of its obligations, responsibilities, duties and/or undertakings in accordance with the provisions of this Agreement, including but not limited to non-payment of applicable service tax. xiii) If development of the Project is not completed before the expiry of Fourth Block of extension of Time as described above, then it shall be treated as Developer's Event of Default. xiv) If the Developer transfers in any manner whatsoever the Development Rights of the Project Land or part thereof except to the extent and in the manner specifically provided in this agreement.

The Developer Event of Default. 13.1.1 13.1.1. A "Developer Event of Default" shall be deemed to have occurred if any of the following events has occurred, unless the same has so occurred as a consequence of the NRDA Event of Default or due to a Force Majeure Event: i) The Developer fails to fulfills the Condition Precedent within the specified time period or within the extension of time provided by NRDA; ii) The Developer fails to obtain all necessary Approvals required for commencement of work on the Project Land within twelve Six Months from the date of execution of this Agreement or within the extension period provided by NRDA under this Agreement; or; iiiii) The Developer fails, neglect, refuses, or is unable to pay the Development Premium in accordance with the Payment Schedule indicated at Schedule IV.; iii) The Developer has failed to pay the annual License Fee or any other charges payable hereunder and more than 60 (Sixty) Business Days have elapsed since such payment became due; iv) The Developers fails to complete the development of the Project within the period as agreed herein.; v) The Developer repeatedly and persistently remains in breach of any of its obligations under this agreement; or; vi) The Developer’s failure to perform or discharge any of its obligations under this Agreement, which has or is likely to have a Material Adverse Effect; vii) The Lessee is in breach of any of its obligations under this Agreement and the same has not been remedied within the time specified by the Authority, if no such time is defined then not more than 120 days; viii) If any representation made or warranties given by the Developer under this Agreement is found to be false or misleading.; viiix) The A resolution has been passed by the shareholders of the Developer passes a resolution for voluntary winding up.up of the Developer; viiix) Upon appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the Developer by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings.; ixxi) Upon levy The Lessee has suffered an attachment levied on any of an execution or distraint on the Developer's assets its assets, which has caused or is likely to have cause a Material Adverse Change Effect on the Project and such execution or distraint remaining in force attachment has continued for a period exceeding 90 120 days.; xxii) Upon amalgamation of the Developer with any other company or reconstruction or transfer of the whole or part of the Developer's undertaking [other than transfer of assets in the ordinary course of business] without the NRDA's prior written approval, provided, if the amalgamated entity, reconstructed entity or the transferee as the case may be, has the ability demonstrated to the satisfaction of the NRDA, to undertake, perform/discharge the obligations of the Developer under this Agreement, necessary approval shall be granted by the NRDA.; xixiii) Upon the Developer engaging or knowingly allowing any of its employees, agents, Contractor or representative to engage in any activity (including but not limited to construction or permitting construction of, any unauthorized structures on the Project Land) prohibited by law or which constitutes a breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement.; xiixiv) The Developer fails to perform or discharge any of its obligations, responsibilities, duties and/or undertakings in accordance with the provisions of this Agreement, including but not limited to non-payment of applicable service tax.taxes; xiii) If development of the Project is not completed before the expiry of Fourth Block of extension of Time as described above, then it shall be treated as Developer's Event of Default. xivxv) If the Developer transfers in any manner whatsoever the Development Rights of the Project Land or part thereof except to the extent and in the manner specifically provided in this agreement. xvi) The Developer has created encumbrance(s) beyond the term of this Agreement and/or in violation of the provisions stipulated in this Agreement.

The Developer Event of Default. 13.1.1 13.1.1. A "Developer Event of Default" shall be deemed to have occurred if any of the following events has occurred, unless the same has so occurred as a consequence of the NRDA NRANVP Event of Default or due to a Force Majeure Event: i) The Developer fails to fulfills the Condition Precedent within the specified time period or within the extension of time provided by NRDA; ii) i. The Developer fails to obtain all necessary Approvals required for commencement of work on the Project Land within twelve Months One Year from the date of execution of this Agreement or within the extension period provided by NRANVP under this Agreement; or; iii) ii. The Developer fails, neglect, refuses, or is unable to pay the Development Premium in accordance with the Payment Schedule indicated at Schedule IV.; iii. The Developer has failed to pay the annual License Fee or any other charges payable hereunder and more than 60 (Sixty) Business Days have elapsed since such payment became due; iv) . The Developers Developer fails to complete the development of the Project within the period as agreed herein.; v) v. The Developer repeatedly and persistently remains in breach of any of its obligations under this agreement; or; vi) . The Developer’s failure to perform or discharge any of its obligations under this Agreement, which has or is likely to have a Material Adverse Effect; vii. The Developer is in breach of any of its obligations under this Agreement and the same has not been remedied within the time specified by the Authority, if no such time is defined then not more than 60 days; viii. If any representation made or warranties given by the Developer under this Agreement is found to be false or misleading.; vii) The ix. A resolution has been passed by the shareholders of the Developer passes a resolution for voluntary winding up.up of the Developer; viii) x. Upon appointment of a provisional liquidator, administrator, trustee or receiver of the whole or substantially whole of the undertaking of the Developer by a court of competent jurisdiction in proceedings for winding up or any other legal proceedings.; ix) Upon levy xi. The Developer has suffered an attachment levied on any of an execution or distraint on the Developer's assets its assets, which has caused or is likely to have cause a Material Adverse Change Effect on the Project and such execution or distraint remaining in force attachment has continued for a period exceeding 90 60 days.; x) xii. Upon amalgamation of the Developer with any other company or reconstruction or transfer of the whole or part of the Developer's ’s undertaking [other than transfer of assets in the ordinary course of business] without the NRDANRANVP's prior written approval, provided, if the amalgamated entity, reconstructed entity or the transferee as the case may be, has the ability demonstrated to the satisfaction of the NRDANRANVP, to undertake, perform/discharge the obligations of the Developer under this Agreement, necessary approval shall be granted by the NRDA.NRANVP; xi) xiii. Upon the Developer engaging or knowingly allowing any of its employees, agents, Contractor or representative to engage in any activity (including but not limited to construction or permitting construction of, any unauthorized structures on the Project Land) prohibited by law or which constitutes a breach of or an offence under any law, in the course of any activity undertaken pursuant to this Agreement.; xii) xiv. The Developer fails to perform or discharge any of its obligations, responsibilities, duties and/or undertakings in accordance with the provisions of this Agreement, including but not limited to non-payment of applicable service tax.taxes; xiii) If development of the Project is not completed before the expiry of Fourth Block of extension of Time as described above, then it shall be treated as Developer's Event of Default. xiv) xv. If the Developer transfers in any manner whatsoever the Development Rights of the Project Land or part thereof except to the extent and in the manner specifically provided in this agreement. xvi. The Developer has created encumbrance(s) beyond the term of this Agreement and/or in violation of the provisions stipulated in this Agreement.