Common use of Concessionaire Event of Default Clause in Contracts

Concessionaire Event of Default. Any of the following events shall constitute an event of default by the Concessionaire (“Concessionaire Event of Default”) unless such event has occurred as a result of one or more reasons set out in Article 5.19: (i) The Concessionaire has failed to adhere to the Construction Requirements, Design Requirements or O&M Requirements and such failure, in the reasonable estimation of the Independent Consultant, is likely to delay achievement of COD beyond 90 days of the Scheduled Project Completion Date or has actually resulted in the Concessionaire not achieving COD within 90 days of the Scheduled Project Completion Date; (ii) At any time during the Operations Period, the Concessionaire fails to adhere to the Construction Requirements, Design Requirements or O&M Requirements and has failed to remedy the same or has failed to take any effective steps to remedy the same within 60 days of receipt of notice from MCD; (iii) The Concessionaire is in Material Breach of any of its obligations under this Agreement and the same has not been remedied for more than 60 days; (iv) Any representation made or warranty given by the Concessionaire under this Agreement is found to be false or misleading;