Termination by Concessionaire for a Concessioning Authority Event of Default Sample Clauses

Termination by Concessionaire for a Concessioning Authority Event of Default. (a) In the event the Concessionaire terminates this Agreement for a Concessioning Authority Event of Default, the Concessionaire shall transfer the Project Assets and Facility to the Concessioning Authority or its nominated agency, as the case may be, in accordance with Article 14 and the Concessioning Authority or its nominated agency, as the case may be, shall accept such transfer; provided, however, as a precondition to such transfer, the Concessioning Authority shall be obligated to compensate the Concessionaire (i) the cost of the Project Assets, as valued by the Concessionaire and as written down in the books of the Concessionaire using the straight line method of depreciation up to the date of termination and certified by the ‘Independent Expert’. However, The Concessionaire has complete right to exercise the option of taking away the movable assets created by him, only after the end of session for each course, in which the Event of Default has occurred. It is specially clarified here that the cost of Project Assets would not include the cost of the original Facility, which was provided to the Concessionaire at the time of execution of Project Site License Deed; (ii) actual costs that are contractually payable by the Concessionaire to Third Parties for performance of the Project up to the date of termination, as assessed by the Independent Expert; (iii) actual cost of demobilisation of Concessionaire’s manpower and equipment, other than Project Assets, that is lying at site, as assessed by the Independent Expert and not handed over to the Concessioning Authority; and (iv) return the Performance Security to the Concessionaire
Sample 1
AutoNDA by SimpleDocs

Related to Termination by Concessionaire for a Concessioning Authority Event of Default

  • Termination for Concessionaire Default 37.1.1 Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Concessionaire fails to cure the default within the Cure Period set forth below, or where no Cure Period is specified, then within a Cure Period of 60 (sixty) days, the Concessionaire shall be deemed to be in default of this Agreement (the “Concessionaire Default”), unless the default has occurred solely as a result of any breach of this Agreement by the Authority or due to Force Majeure. The defaults referred to herein shall include:

  • Suspension upon Concessionaire Default Upon occurrence of a Concessionaire Default, the Authority shall be entitled, without prejudice to its other rights and remedies under this Agreement including its rights of Termination hereunder, to (i) suspend all rights of the Concessionaire under this Agreement including the Concessionaire's right to collect charge(s), and other revenues pursuant hereto, and (ii) exercise such rights itself and perform the obligations hereunder or authorise any other person to exercise or perform the same on its behalf during such suspension (the "Suspension"). Suspension hereunder shall be effective forthwith upon issue of notice by the Authority to the Concessionaire and may extend up to a period not exceeding 180 (one hundred and eighty) days from the date of issue of such notice; provided that upon written request from the Concessionaire and the Lenders’ Representative, the Authority shall extend the aforesaid period of 180 (one hundred and eighty) days by a further period not exceeding 90 (ninety) days.

  • Compensation for default by the Concessionaire Subject to the provisions of Clause 35.6, in the event of the Concessionaire being in material default or breach of this Agreement, it shall pay to the Authority by way of compensation, all direct costs suffered or incurred by the Authority as a consequence of such material default or breach, within 30 (thirty) days of receipt of the demand supported by necessary particulars thereof; provided that no compensation shall be payable under this Clause 35.1 for any material breach or default in respect of which Damages are expressly specified and payable under this Agreement.

  • Extension of Concession Period Subject to the provisions of Clause 35.6, in the event that a material default or breach of this Agreement set forth in Clause 35.2 causes delay in achieving COD or leads to suspension of or reduction in collection of Fee, as the case may be, the Authority shall, in addition to payment of compensation under Clause 35.2, extend the Concession Period, such extension being equal in duration to the period by which COD was delayed or the collection of Fee remained suspended on account thereof, as the case may be.

  • Authority Event of Default Any of the following events shall constitute an event of default by the Authority ("Authority Event of Default”), when not caused by a Developer Event of Default:

  • No Default for Force Majeure Neither Party will be in default in the performance of any of its obligations set forth in this Agreement, except for obligations to pay money, when and to the extent failure of performance is caused by Force Majeure.

  • Developer Event of Default Any of the following events shall constitute an event of default by the Developer ("Developer Event of Default") unless such event has occurred as a result of a Force Majeure Event or the Authority Event of Default or any governmental action for reasons other than any breach, default or lapse on the part of the Developer:

  • Available Relief for a Force Majeure Event 11.7.1 Subject to this Article 11:

  • Regulatory Event New Taxes If, after the Effective Date, a Regulatory Event occurs or New Taxes are imposed, and such event or taxes have a direct, material and adverse effect on the economic benefits to a Party of this ESA, the affected Party shall send written notice to the other Party, setting forth the Regulatory Event or New Taxes and reasonably demonstrating the effect of the same on the affected Party. Upon delivery of such notice, the Parties shall use reasonable efforts to negotiate an amendment to this ESA to mitigate such effect. Alternatively, if as a direct result of such a Regulatory Event or New Taxes, the Competitive Supplier incurs additional, material costs, the Competitive Supplier shall provide a written notice to the Town that documents: a) the effective date of the Regulatory Event or New Taxes; b) a detailed explanation and reasonable demonstration of the material costs incurred as a result of the Regulatory Event or New Taxes; c) the timing of the cost impact to be incurred by the Competitive Supplier; d) the proposed price increase per kWh to be passed on to Participating Consumers; and e) a proposed plan for coordinating with the Local Distributor for an increase in the price per kWh that is billed by the Local Distributor, designed to reimburse the Competitive Supplier for such cost impact. If the Town and the Competitive supplier cannot agree on the amendment to this ESA or reimbursement contemplated by this section, the matter may be subject to dispute resolution in accordance with section 12.2. In no event shall a price change become effective without providing Participating Consumers with a 30-day advance notice of the price change.

  • Effect of Force Majeure Event on the Concession 34.6.1 Upon the occurrence of any Force Majeure Event prior to the Appointed Date, the period set forth in Clause 24.1.1 for achieving Financial Close shall be extended by a period equal in length to the duration of the Force Majeure Event.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!