Common use of Licensee Event of Default Clause in Contracts

Licensee Event of Default. Any of the following events shall constitute an Event of Default by the Licensee ("Licensee Event of Default"): a. The Licensee has failed to achieve any Development Milestone and/or obtain Completion Certificate as per Article 2.8 or obtain Applicable Permits; b. The Licensee has failed to pay the annual License Fee or any other charges payable hereunder; c. The Licensee has failed to comply with the Applicable Laws / Applicable Permits, or any rules and such failure has resulted in a Material Breach of the Agreement; d. The Licensee has failed to implement the Project in accordance with the provisions of this Agreement and such failure, in the reasonable estimation of the Authority, is likely to delay achieving Scheduled Project Completion Date; e. The Licensee’s failure to perform or discharge any of its obligations under this Agreement, which has or is likely to have a Material Adverse Effect; f. The Licensee has failed to make any payments due to the Authority and more than 60 (Sixty) Business Days have elapsed since such payment became due; g. The Licensee is in breach of any of its obligations under this Agreement and the same has not been remedied within the time specified by the Authority, if no such time is defined then not more than 60 days; h. Any representation made or warranties given by the Licensee under this Agreement are found to be false or misleading; i. A resolution has been passed by the shareholders of the Licensee for voluntary winding up of the Licensee; j. Any petition for winding up of the Licensee has been admitted and liquidator or provisional liquidator has been appointed or the Licensee 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 the Authority, provided that, as part of such amalgamation or reconstruction and the amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of the Licensee under this Agreement; k. The Licensee has abandoned the Project and/or the Licensed land for the consecutive period of 6 (six) months; l. The Licensee transfers the Licensed Land except in the manner stipulated under this Agreement; m. The Licensee has unlawfully repudiated this Agreement or has otherwise expressed an intention not to be bound by this Agreement; n. The Licensee fails to cure or remedy any defect/deficiency in relation to the Project / Licensed Land within such time in the manner set out herein this agreement o. The Licensee has suffered an attachment levied on any of its assets, which has caused or is likely to cause a Material Adverse Effect on the Project and such attachment has continued for a period exceeding 120 days; and p. The Licensee has created encumbrance(s) beyond the term of this Agreement and/or in violation of the provisions stipulated in this Agreement. q. If Licensee fails to perform or discharge any of its obligations, responsibilities, duties and/or undertakings in accordance with the provisions of this Agreement, including but not limited to non-payment of applicable taxes. r. If development of the Project is not completed before the expiry of Third Block of extension of Time as described above, then it shall be treated as Licensee's Event of Default. s. If the Licensee transfers in any manner whatsoever the Development Rights of the Project Land or part thereof except to the extent and in the manner specifically provided in this agreement.

Licensee Event of Default. Any The occurrence of any of the following events shall constitute an Event of Default by the Licensee ("be a “Licensee Event of Default"):”: a. The (i) the failure of Licensee has failed to achieve any Development Milestone and/or obtain Completion Certificate as per Article 2.8 or obtain Applicable Permits; b. The Licensee has failed to pay the annual License Fee or any other charges payable hereunder; c. The Licensee has failed to comply with the Applicable Laws / Applicable Permits, or any rules and such failure has resulted in a Material Breach of the Agreement; d. The Licensee has failed to implement the Project in accordance with the provisions of this Agreement and such failure, in the reasonable estimation of the Authority, is likely to delay achieving Scheduled Project Completion Date; e. The Licensee’s failure to perform or discharge any of its obligations under this Agreement, which has or is likely to have a Material Adverse Effect; f. The Licensee has failed to make any payments due to the Authority Licensor when due and payable under this Agreement if such failure continues for more than 60 thirty (Sixty30) Business Days have elapsed since days after Licensor gives written notice to Licensee that such payment became amount was not paid when due; g. The (ii) if Licensee defaults under or otherwise fails to comply with Section 39.21; (iii) the failure of Licensee to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by Licensee (other than those referred to in clauses (i) or (ii) above) if (1) such failure is not remedied by Licensee within thirty (30) days after written notice from Licensor of such default or (2) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, Licensee fails to commence to cure such default within thirty (30) days after written notice from Licensor of such default or Licensee fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which Licensee is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith; (iv) the material breach of any representation or warranty made in this Agreement by Licensee that would have a material adverse effect on the ability of Licensee to perform its obligations under this Agreement and such breach is not remedied within thirty (30) days after Licensor gives notice to Licensee of such breach; or (v) if Licensee defaults under or otherwise fails to comply with terms of a decision rendered pursuant to Section 39.29 and the same has not been remedied within the time specified by the Authority, if no such time is defined then not remains uncured for more than 60 days; h. Any representation made or warranties given by the thirty (30) days after Licensor gives Licensee under this Agreement are found to be false or misleading; i. A resolution has been passed by the shareholders of the Licensee for voluntary winding up of the Licensee; j. Any petition for winding up of the Licensee has been admitted and liquidator or provisional liquidator has been appointed or the Licensee 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 the Authority, provided that, as part written notice of such amalgamation default or reconstruction and the amalgamated or reconstructed entity has unconditionally assumed all surviving obligations of the Licensee under this Agreement; k. The Licensee has abandoned the Project and/or the Licensed land for the consecutive period of 6 (six) months; l. The Licensee transfers the Licensed Land except in the manner stipulated under this Agreement; m. The Licensee has unlawfully repudiated this Agreement or has otherwise expressed an intention not failure to be bound by this Agreement; n. The Licensee fails to cure or remedy any defect/deficiency in relation to the Project / Licensed Land within such time in the manner set out herein this agreement o. The Licensee has suffered an attachment levied on any of its assets, which has caused or is likely to cause a Material Adverse Effect on the Project and such attachment has continued for a period exceeding 120 days; and p. The Licensee has created encumbrance(s) beyond the term of this Agreement and/or in violation of the provisions stipulated in this Agreementcomply. q. If Licensee fails to perform or discharge any of its obligations, responsibilities, duties and/or undertakings in accordance with the provisions of this Agreement, including but not limited to non-payment of applicable taxes. r. If development of the Project is not completed before the expiry of Third Block of extension of Time as described above, then it shall be treated as Licensee's Event of Default. s. If the Licensee transfers in any manner whatsoever the Development Rights of the Project Land or part thereof except to the extent and in the manner specifically provided in this agreement.