Company’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Company:
Company’s Default. In the event of any default in the payment of ELITE’s compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when the same becomes due and payable, and such default shall continue for five (5) days after ELITE’s written notice thereof is received by Company; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for five (5) days after ELITE has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of if a receiver shall be appointed for the Company’s property, then upon the happening of any of such events, ELITE shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITE, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE provided for in this Agreement in the event of any default as set forth above and ELITE prevails in such litigation.
Company’s Default. If the Company fails to pay the Management Services Commission or any other commission or amount due to the Manager in accordance with the terms of this Agreement, the Manager shall give notice of the default in writing and demand that the outstanding amount is paid within fourteen (14) days from the date of such notice. In the event that such outstanding amount is not paid within this time by the Company, the Manager shall be entitled to terminate this Agreement (and its appointment as Manager hereunder) with immediate effect by giving the notice in writing to the Company.
Company’s Default. The occurrence and continuation of any of the following events, unless any such event occurs as a result of Force Majeure event or a breach by the HPSEBL of its obligations under the Agreement, shall constitute a "Company Event of Default”.
(a) if the Project is designed, constructed or completed:-
i) in a manner that materially deviates from the provisions of the Project Report scope of the project envisaged at the time of signing of the PPA ; or
ii) in violation of any applicable Law of India; or
iii) in a manner which deviates materially from Prudent Utility Practices;
(b) if the Company wilfully or recklessly fails in material respect to operate and maintain the Project in accordance with Prudent Utility Practices or as per the requirements of the Agreement;
(c) abandonment of the operation of the Project or failure by the Company to operate Project for a continuous period of thirty (30) days (other than due to a Force Majeure Event, capital maintenance or HPSEBL Event of Default);
(d) if the Company, taking into account prevalent Grid conditions, regularly refuses to comply with Despatch Instructions;
(e) bankruptcy, liquidation or dissolution of the Company, pursuant to Law, except for the purposes of a merger, consolidation or reorganisation that does not affect the ability of the resulting entity to perform all its obligations under the Agreement and provided that such resulting entity expressly assumes all such obligations;
(f) the transfer, pursuant to Law, of either the rights and/or obligations of the Company hereunder or all or a substantial portion of the assets or undertakings of the Company, except where such transfer, in the opinion of the HPSEBL, does not affect the ability of the transferee to perform all its obligations under the Agreement and provided that such transferee expressly assumes all such obligations;
(g) the Company commits material breach of the Agreement;
(h) the Company assigns or purports to assign its rights and transfers its obligations under the Agreement or transfers or changes its assets, in violation of Section 15.10 and Clause (i) of Section 9.1;
(i) failure of the Company to make any substantial payment (Rs. 10 Lacs or above), due under the PPA after receipt of notice of non-payment;
(j) failure of the Company to enter into Commercial Operation within 180 days of the Scheduled Date of Synchronization other than as a result of Force Majeure event or HPSEBL's Event of Default; and
Company’s Default. The Commercial Manager shall be entitled to terminate its appointment under this Agreement with immediate effect by notice in writing if any monies payable by the Company under this Agreement shall not have been received by the Commercial Manager within ten (10) running days of receipt by the Company of the Manager’s written request.
Company’s Default. A. Each of the following shall be an “Event of Default” of COMPANY:
1.- Vacating or abandonment of the Leased Property; IAMSA shall consider the building vacated or abandoned when COMPANY closes its operation, terminates all employees and stops making payment of rent for one or more months. Under such circumstances IAMSA may proceed to take over the building after notifying COMPANY under the terms hereunder provided, and no answer is received for a period of fifteen (15) days following such notice. For such purpose, IAMSA is hereby expressly authorized by COMPANY to request the competent Court under a voluntary jurisdiction procedure to be given possession of the building using any legal means provided by law, and expressly waiving COMPANY’s right to be notified due to prior notice of abandonment. This procedure shall be observed independently of any other remedies of IAMSA as provided hereunder. Consequently, COMPANY hereby expressly consents and submits to such action, waiving expressly and action to file any claim against IAMSA and/or its representatives for any such taking over.
2.- Failure to pay any installment of rent due and payable hereunder upon the date when said payment is due, as provided for in clause “V”, paragraph “A” hereunder, following fourteen days after COMPANY receives written notice.
3.- Default in the performance of any of covenants, agreements or obligations hereunder, said default, except for default in the payment of rents, continuing for fifteen (15) days after written notice thereof is given by IAMSA to COMPANY (or for any additional reasonable period necessary for COMPANY to cure said default) given by IAMSA;
4.- A general assignment by COMPANY for the benefit of creditors;
5.- The filing of a voluntary petition in bankruptcy by COMPANY or the filing of an involuntary petition by COMPANY’s creditors, said petition remaining undischarged for a period of ninety (90) days;
6.- The appointment of a Receiver to take possession of substantially all of COMPANY’s assets or of this leasehold, said receivership remaining undissolved or unstayed for a period of thirty (30) days after the levy thereof; or
7.- After receipt of written notice and the expiration of a reasonable period of time to cure (as defined by applicable Government Office), the failure by COMPANY to comply with any and all applicable laws and regulations of any Environmental Agency of the Government of Mexico as determined by the corresponding Environmental Authorities,...
Company’s Default. If Company is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under the Agreement will terminate as of the date of default, except to the extent it is determined that continuation of the Agreement is necessary for the continued operation of the Company by the Company’s then federal or state regulator.
Company’s Default a. Company shall be in default under this Lease if: (i) Company fails to perform any of Company’s covenants under this Lease (other than the payment of rent or other charges) and such failure shall have continued for a period of thirty (30) days after written notice from Landowner (or if such failure is not reasonably capable of being cured within thirty (30) days, if Company shall not have commenced to cure the same within said 30-day period and/or shall not have thereafter diligently prosecuted the same to completion); or (ii) Company fails to pay rent or other charges herein required to be paid and such failure continues for a period of fifteen (15) business days after written notice from Landowner.
b. If Company shall be in default after the expiration of the cure period set forth above, then Landowner shall be entitled, at its election, either
c. If Landowner shall elect to terminate this Lease, then all rights and obligations of the parties shall terminate, Furthermore, upon such termination Company will still be required to meet the obligations set forth in Section 7 of this Lease.
Company’s Default. A. Each of the following shall be a default of COMPANY.
Company’s Default. If and when the Company defaults for any reason whatsoever in the performance of any of the Guaranteed Obligations, the Guarantor shall forthwith upon demand unconditionally perform (or procure performance of) and satisfy (or procure the satisfaction of) the Guaranteed Obligations and make payment of all costs and expenses reasonably incurred by the Subscriber in pursuing its claim(s) against the Company and the Guarantor in respect of the Guaranteed Obligations so that the same benefits shall be conferred on the Subscriber as it would have received if the Guaranteed Obligations had been duly performed and satisfied by the Company and such costs and expenses shall be reimbursed to the Subscriber.
