LEASE OPERATOR TERMINATION EVENTS Clause Samples

LEASE OPERATOR TERMINATION EVENTS. 1.1 The occurrence of any of the following events or circumstances shall, subject to paragraph 1.2 constitute a breach of the terms of this Agreement which shall entitle the Owner to terminate this Agreement in accordance with the provisions of this Schedule 10: (a) the Operator fails to make any payment under this Agreement (other than any Balancing Cost Payment under Schedule 9 (Balancing Payments Account)) which is due and payable (and which is not the subject of a bona fide dispute) (excluding where such failure results solely from technical or administrative failure beyond the control of the Operator) within five Working Days of the due date; (b) the Operator fails to pay any invoiced amount of a Balancing Cost Payment that is due under the TSA or paragraph 12 (Balancing Cost Payments) of Schedule 9 (Balancing Payments Account) and is not being disputed in good faith, within 28 days of its receipt of the Owner’s invoice, and such payment is not made within 20 Working Days of a notice from the Owner of that failure; (c) any Operator Insurances required to be effected and maintained by the Operator under this Agreement are not effected or maintained or there is any cancellation, revocation, lapse or non-renewal of any such Operator Insurances without immediate replacement (in the case of the cancellation or lapse of such an insurance for reason of the insolvency (however described) of an insurer, upon the Operator becoming aware of such insolvency), provided that: (i) if the Owner or the Operator has delivered a notification pursuant to paragraph 7 (Risks that Become Uninsurable) of Part 1 (Insurance Requirements) of Schedule 8.2 (Insurance Requirements); or (ii) if the Secretary of State has notified the Owner and Operator that it requires the Units to be operated on the Network while such Operator Insurances are or may not be in effect as provided in clause 14.1 of the Umbrella Agreement then the Operator shall not be in breach of its obligations unless and until it is agreed or determined that the relevant risk is not an Uninsurable Risk pursuant to clause 14.5 of the Umbrella Agreement; (d) the Operator fails to comply with any of its material obligations under this Agreement (other than an obligation relating to payment, or an obligation which is the subject of any other Lease Operator Termination Event or any obligations under paragraph 2.5 of Schedule 5 (Operational and Maintenance Undertakings)) and where such failure is capable of remedy, the f...