Default by the Concessionaire a) The Contract may be terminated in advance in the event that the CONCESSIONAIRE commits a serious default on its contractual obligations that affects or makes it impossible to carry out the normal performance or continuity of the Concession. These grounds are those expressly established as such in the Contract, including:
i. If it is verified, following the execution of the Contract, that any of the representations established in Clause 2.4 is false.
ii. Delay of over one hundred fifty (150) calendar days in any of the milestones established in Annex 6.
iii. Failure to grant, renew, extend, or replenish the Contract Performance Bond in favor of the GRANTOR, in accordance with Clause 12.
iv. Stoppage in the operation of the Project, without justified cause, as per the provisions of the Contract and/or the Applicable Laws and Provisions.
v. Persistence, after the imposition of an administrative sanction by the OSINERGMIN, in the failure to uphold its obligations for the provision of the Service by the established deadlines and in accordance with the safety regulations and quality standards established in the Contract and the Applicable Laws and Provisions, provided that such sanctions have been ruled final and binding via administrative channels, or by the courts in case the respective contentious administrative proceeding has been brought.
vi. The transfer, in whole or in part and under any title, of the rights of the CONCESSIONAIRE arising from the Contract or the assignment of its position thereunder without the prior written authorization of the GRANTOR.
vii. Sanction(s) with non-tax-related administrative fines imposed by the GRANTOR or the OSINERGMIN, which, in one (1) calendar year— understood as each period running from January 1 to December 31— exceed ten percent (10%) of the Average Annual Cost for the previous year, provided said fines have been ruled final and binding via administrative channels, or by the courts in case the respective contentious administrative proceeding has been brought. These grounds shall apply starting with the second year of commercial operation.
viii. The start, at the petition of the CONCESSIONAIRE, of a procedure for the merger, spin-off, or transformation of companies or other corporate reorganization, without the corresponding written authorization of the GRANTOR.
ix. Declaration of insolvency, bankruptcy, winding-up, or liquidation of the CONCESSIONAIRE.
x. The start, at the petition of the CONCESSIONAIRE, of a cor...
Default by the Concessionaire. 20.1.1. Subject to Article 18, Concessionaire shall be deemed to be in material default or breach of this Agreement (“Concessionaire Default”) in the event of any of the following :
a) failure to meet Conditions Precedent set forth in Clause 4.1.2 within the stipulated time;
b) failure to meet project timelines, including intermediate and final completion timelines, as stipulated under this Agreement;
c) Construction Work at the Project Site is abandoned for more than 90 (ninety) days during the Construction Period;
d) the Performance Security is not maintained in terms of the provisions hereof;
e) Material Breach with regard to Operation and Maintenance of the Silo Complex as per Standards and Specifications ;
f) material quality and quantity loss of Food Grain in custody of the Concessionaire, wherein the a material quantity and quality loss shall imply that Damages payable due to shortfall in quantity and quality under this Agreement are beyond [20%(twenty percent)] of the annual Fixed Storage payable to the Concessionaire in the relevant Financial Year ;
g) material failure to provide Services as per the terms of this Agreement;
h) failure by Concessionaire to maintain the Actual Availability in a Financial Year of atleast [ 98%(ninety eight percent)] level, unless such failure is due to Force Majeure or for reasons attributable to the Authority;
i) any act by Concessionaire restricted under Clause 11.10.4 which has the affect of impacting the property rights of the Authority under this Agreement;
j) any representation made or warranties given by the Concessionaire under this Agreement is found to be false or misleading;
k) the Concessionaire passing a resolution for voluntary winding up;
l) 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;
m) 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 ; n) change in ownership other than as permitted under Clause 5.3;
Default by the Concessionaire. This section sets forth (i) the events that constitute a “Concessionaire Default” under the Agreement. Such events are typical for this nature of transaction and include, among other things, (A) failing to comply with covenants (other than those relating to a breach of the Performance Standards, smart meters and Energy Use Intensity reduction), (B) transferring its interest in contravention of the Agreement, (C) failing to comply with requirements of a final award resulting from dispute resolution, and (D) admitting that it is unable to pay its debts or otherwise files bankruptcy; and (ii) the remedies of the University upon a Concessionaire Default, including termination of the Agreement with no compensation paid to the Concessionaire.
Default by the Concessionaire. Events of Default. The occurrence of any one or more of the following
Default by the Concessionaire. Each of the following events constitutes a default by the Concessionaire, granting the government the right of early termination under the Concession Contract:
Default by the Concessionaire
