Common use of Concessionaire Event of Default Clause in Contracts

Concessionaire Event of Default. Each of the following events or circumstances, to the extent not caused by a default of the Authority or Force Majeure and if not cured within the Cure Period which shall be 60 (sixty) days from the date of notice of default (the “Default Notice”) from the Authority, shall be considered for the purpose of this Agreement as Event of Default of the Concessionaire (“Concessionaire Event of Default”): 1. The Concessionaire is in breach of its obligations under this Concession Agreement, which has a Material Adverse Effect upon the Authority or the Project; 2. The Concessionaire fails to fulfil the compliances or guidelines of central and/.or state government departments for the operation of food court /retail/ food services within 3 (three) months from the date of issue Construction Completion Certificate of temporary structure or provisional certificate whichever is issued earlier for the Food Court. 3. The Concessionaire fails to timely renew such accreditation/approvals or the same is withdrawn at any time during the Concession Period. 4. The time prescribed for making payment of the Upfront Fee and Annual Concession Fee shall be the essence of this Agreement. Non-Payment of the Upfront Fee or Annual Concession Fee shall be accounted as Concessionaire Event of Default and subsequently form a ground for termination of this Agreement. 5. The Concessionaire is in breach of any representation or warranty made under this Agreement or it repudiates this Concession Agreement. 6. The Concessionaire fails to meet the progressive milestones set forth in the Project Implementation Schedule or amendments thereto as provided for in this Concession Agreement. 7. Change in Ownership has occurred in breach of the provisions of Article 8.2

Concessionaire Event of Default. Each Any of the following events or circumstances, to the extent not caused by a default of the Authority or Force Majeure and if not cured within the Cure Period which shall be 60 (sixty) days from the date of notice of default (the “Default Notice”) from the Authority, shall be considered for the purpose of this Agreement as constitute an Event of Default of 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. 1i. The Concessionaire has failed to produce any documentary proof of any Tie up / Joint Venture with an International / National Three Star or above Hotel/ Resort company within a period of 30 months from the construction completion date, as per Article 2.8. ii. The Concessionaire is in breach has failed to achieve the construction and obtain Project Construction Completion Certificate, i.e. complete the construction of its obligations under this Concession Agreementthe Project/ Project Facilities and amenities within the Project Construction Completion Period of 24 months from the Compliance Date, which has a Material Adverse Effect upon the Authority or the Project;as per Article 2.8. 2iii. The Concessionaire fails has failed to fulfil obtain the compliances or guidelines MoT accreditation, with respect to Hotel Complex, within a period of central and/.or state government departments for the operation of food court /retail/ food services within 3 30 (threeFifteen) months from the date of issue Project Construction Completion Certificate of temporary structure or provisional certificate whichever is issued earlier for the Food CourtCertificate. 3iv. The Concessionaire fails has failed to timely renew such obtain the MoT accreditation/approvals , for Hotel Complex, in any given calendar year and has failed to re-obtain the requisite MOT accreditation within the “Concessionaire’s Proposal to Rectify” and / or the same is withdrawn at “Cure Period” as provided under Article 6.2 (a). v. The Concessionaire has failed to perform, implement or discharge any time of its obligations and / or failed to implement any of the provisions, as set out under this Concession Agreement (including Schedules). vi. The Concessionaire has failed to pay the Annual Concession Fee during the Concession Period. 4vii. The time prescribed for making payment Concessionaire has failed to comply with the Applicable Laws / Applicable Permits or any Rules and such failure has resulted in a Material Breach of the Upfront Fee Agreement; viii. The Concessionaire has failed to implement the Project in accordance with the provisions of this Agreement and such failure, in the reasonable estimation of Concessioning Authority, is likely to delay achieving Scheduled Project Construction Completion Date. ix. The Concessionaire’s failure to perform or discharge any of its obligations under this Agreement, which has or is likely to have a Material Adverse Effect; x. The Concessionaire has failed to make any other payments, other than the Annual Concession Fee shall be the essence of this Agreement. Non-Payment of the Upfront Fee or Annual Concession Fee shall be accounted as Concessionaire Event of Default Fee, due to Concessioning Authority and subsequently form a ground for termination of this Agreement.more than 60 days have elapsed since such payment became due; 5xi. The Concessionaire is in breach Material Breach of any representation or warranty made of its obligations under this Agreement and the same has not been remedied for more than 120 days; xii. Any representation made or it repudiates warranty given by the Concessionaire under this Concession Agreement is found to be false or misleading; xiii. A resolution has been passed by the shareholders of the Concessionaire for voluntary winding up of the Concessionaire; xiv. Any petition for winding up of the Concessionaire has been admitted and liquidator or provisional liquidator has been appointed or the Concessionaire has been ordered to be wound up by Court of competent jurisdiction, except for the purpose of amalgamation or reconstruction with the prior consent of Concessioning Authority, provided that, as part of such amalgamation or reconstruction and the amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of the Concessionaire under this Agreement.; 6xv. A default has occurred under any of the Financing Documents and any of the lenders to the Project has recalled its Financial Assistance and demanded payment of the amounts outstanding under the Financing Documents or any of them as applicable; xvi. The Concessionaire fails to meet the progressive milestones set forth in has abandoned the Project Implementation Schedule for the consecutive period of 3 (three) months; xvii. The Concessionaire has unlawfully repudiated this Agreement or amendments thereto as provided has otherwise expressed an intention not to be bound by this Agreement; xviii. The Concessionaire has suffered an attachment levied on any of its assets, which has caused or is likely to cause a Material Adverse Affect on the Project and such attachment has continued for in a period exceeding 120 days. xix. The Concessionaire has created encumbrance(s) beyond the Concession Period / Term of this Concession Agreement. 7. Change Agreement / Lease Period and in Ownership has occurred in breach violation of the provisions of Article 8.2herein in this regard.

Concessionaire Event of Default. Each Any of the following events or circumstances, to the extent not caused by a default of the Authority or Force Majeure and if not cured within the Cure Period which shall be 60 (sixty) days from the date of notice of default (the “Default Notice”) from the Authority, shall be considered for the purpose of this Agreement as constitute an Event of Default of 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. 1i. The Concessionaire has failed to produce any documentary proof of any Tie up / Joint Venture with an International / National Three Star or above Hotel/ Resort company within a period of 8 months from the Appointed Date, as per Article 2.8. ii. The Concessionaire is in breach has failed to achieve the construction and obtain Project Construction Completion Certificate, i.e. complete the construction of its obligations under this Concession Agreementthe Project/ Project Facilities and amenities within the Project Construction Completion Period of 12 months from the Compliance Date, which has a Material Adverse Effect upon the Authority or the Project;as per Article 2.8. 2iii. The Concessionaire fails has failed to fulfil obtain the compliances or guidelines MoT accreditation, with respect to Hotel Complex, within a period of central and/.or state government departments for the operation of food court /retail/ food services within 3 15 (threeFifteen) months from the date of issue Project Construction Completion Certificate of temporary structure or provisional certificate whichever is issued earlier for the Food CourtCertificate. 3iv. The Concessionaire fails has failed to timely renew such obtain the MoT accreditation/approvals , for Hotel Complex, in any given calendar year and has failed to re-obtain the requisite MOT accreditation within the “Concessionaire’s Proposal to Rectify” and / or the same is withdrawn at “Cure Period” as provided under Article 6.2 (a). v. The Concessionaire has failed to perform, implement or discharge any time of its obligations and / or failed to implement any of the provisions, as set out under this Concession Agreement (including Schedules). vi. The Concessionaire has failed to pay the Annual Concession Fee during the Concession Period. 4vii. The time prescribed for making payment Concessionaire has failed to comply with the Applicable Laws / Applicable Permits or any Rules and such failure has resulted in a Material Breach of the Upfront Fee Agreement; viii. The Concessionaire has failed to implement the Project in accordance with the provisions of this Agreement and such failure, in the reasonable estimation of Concessioning Authority, is likely to delay achieving Scheduled Project Construction Completion Date. ix. The Concessionaire’s failure to perform or discharge any of its obligations under this Agreement, which has or is likely to have a Material Adverse Effect; x. The Concessionaire has failed to make any other payments, other than the Annual Concession Fee shall be the essence of this Agreement. Non-Payment of the Upfront Fee or Annual Concession Fee shall be accounted as Concessionaire Event of Default Fee, due to Concessioning Authority and subsequently form a ground for termination of this Agreement.more than 60 days have elapsed since such payment became due; 5xi. The Concessionaire is in breach Material Breach of any representation or warranty made of its obligations under this Agreement and the same has not been remedied for more than 120 days; xii. Any representation made or it repudiates warranty given by the Concessionaire under this Concession Agreement is found to be false or misleading; xiii. A resolution has been passed by the shareholders of the Concessionaire for voluntary winding up of the Concessionaire; xiv. Any petition for winding up of the Concessionaire has been admitted and liquidator or provisional liquidator has been appointed or the Concessionaire has been ordered to be wound up by Court of competent jurisdiction, except for the purpose of amalgamation or reconstruction with the prior consent of Concessioning Authority, provided that, as part of such amalgamation or reconstruction and the amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of the Concessionaire under this Agreement.; 6xv. A default has occurred under any of the Financing Documents and any of the lenders to the Project has recalled its Financial Assistance and demanded payment of the amounts outstanding under the Financing Documents or any of them as applicable; xvi. The Concessionaire fails to meet the progressive milestones set forth in has abandoned the Project Implementation Schedule for the consecutive period of 3 (three) months; xvii. The Concessionaire has unlawfully repudiated this Agreement or amendments thereto as provided has otherwise expressed an intention not to be bound by this Agreement; xviii. The Concessionaire has suffered an attachment levied on any of its assets, which has caused or is likely to cause a Material Adverse Affect on the Project and such attachment has continued for in a period exceeding 120 days. xix. The Concessionaire has created encumbrance(s) beyond the Concession Period / Term of this Concession Agreement. 7. Change Agreement / Lease Period and in Ownership has occurred in breach violation of the provisions of Article 8.2herein in this regard.

Concessionaire Event of Default. Each Any of the following events or circumstances, to the extent not caused by a default of the Authority or Force Majeure and if not cured within the Cure Period which shall be 60 (sixty) days from the date of notice of default (the “Default Notice”) from the Authority, shall be considered for the purpose of this Agreement as constitute an Event of Default of 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. 1i. The Concessionaire has failed to produce any documentary proof of any Tie up / Joint Venture with an International / National Three Star or above Hotel/ Resort company within a period of 30 months from the construction completion date, as per Article 2.8. ii. The Concessionaire is in breach has failed to achieve the construction and obtain Project Construction Completion Certificate, i.e. complete the construction of its obligations under this Concession Agreementthe Project/ Project Facilities and amenities within the Project Construction Completion Period of 24 months from the Compliance Date, which has a Material Adverse Effect upon the Authority or the Project;as per Article 2.8. 2iii. The Concessionaire fails has failed to fulfil obtain the compliances or guidelines MoT accreditation, with respect to Hotel Complex, within a period of central and/.or state government departments for the operation of food court /retail/ food services within 3 30 (threeThirty) months from the date of issue Project Construction Completion Certificate of temporary structure or provisional certificate whichever is issued earlier for the Food CourtCertificate. 3iv. The Concessionaire fails has failed to timely renew such obtain the MoT accreditation/approvals , for Hotel Complex, in any given calendar year and has failed to re-obtain the requisite MOT accreditation within the “Concessionaire’s Proposal to Rectify” and / or the same is withdrawn at “Cure Period” as provided under Article 6.2 (a). v. The Concessionaire has failed to perform, implement or discharge any time of its obligations and / or failed to implement any of the provisions, as set out under this Concession Agreement (including Schedules). vi. The Concessionaire has failed to pay the Annual Concession Fee during the Concession Period. 4vii. The time prescribed for making payment Concessionaire has failed to comply with the Applicable Laws / Applicable Permits or any Rules and such failure has resulted in a Material Breach of the Upfront Fee Agreement; viii. The Concessionaire has failed to implement the Project in accordance with the provisions of this Agreement and such failure, in the reasonable estimation of Concessioning Authority, is likely to delay achieving Scheduled Project Construction Completion Date. ix. The Concessionaire’s failure to perform or discharge any of its obligations under this Agreement, which has or is likely to have a Material Adverse Effect; x. The Concessionaire has failed to make any other payments, other than the Annual Concession Fee shall be the essence of this Agreement. Non-Payment of the Upfront Fee or Annual Concession Fee shall be accounted as Concessionaire Event of Default Fee, due to Concessioning Authority and subsequently form a ground for termination of this Agreement.more than 60 days have elapsed since such payment became due; 5xi. The Concessionaire is in breach Material Breach of any representation or warranty made of its obligations under this Agreement and the same has not been remedied for more than 120 days; xii. Any representation made or it repudiates warranty given by the Concessionaire under this Concession Agreement is found to be false or misleading; xiii. A resolution has been passed by the shareholders of the Concessionaire for voluntary winding up of the Concessionaire; xiv. Any petition for winding up of the Concessionaire has been admitted and liquidator or provisional liquidator has been appointed or the Concessionaire has been ordered to be wound up by Court of competent jurisdiction, except for the purpose of amalgamation or reconstruction with the prior consent of Concessioning Authority, provided that, as part of such amalgamation or reconstruction and the amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of the Concessionaire under this Agreement.; 6xv. A default has occurred under any of the Financing Documents and any of the lenders to the Project has recalled its Financial Assistance and demanded payment of the amounts outstanding under the Financing Documents or any of them as applicable; xvi. The Concessionaire fails to meet the progressive milestones set forth in has abandoned the Project Implementation Schedule for the consecutive period of 3 (three) months; xvii. The Concessionaire has unlawfully repudiated this Agreement or amendments thereto as provided has otherwise expressed an intention not to be bound by this Agreement; xviii. The Concessionaire has suffered an attachment levied on any of its assets, which has caused or is likely to cause a Material Adverse Affect on the Project and such attachment has continued for in a period exceeding 120 days. xix. The Concessionaire has created encumbrance(s) beyond the Concession Period / Term of this Concession Agreement. 7. Change Agreement / Lease Period and in Ownership has occurred in breach violation of the provisions of Article 8.2herein in this regard.