Termination due to Event of Default. (a) Termination due to Parties Event of Default
(i) Without prejudice to any other right or remedy under this Agreement, upon the occurrence of Event of Default, the Affected Party shall be entitled to terminate this Agreement by issuing a Preliminary Notice to other Party.
(ii) Within 30 days of receipt of Preliminary Notice, the other Party shall forward to the Affected Party its proposal to remedy/ cure the underlying Event of Default (the "Proposal to Rectify”). In case of non-submission of the Proposal to Rectify by the other Party within the period stipulated therefor, the Affected Party shall be entitled to terminate this Agreement by issuing Termination Notice.
(iii) If the Proposal to Rectify is forwarded by the other Party to the Affected Party within the period stipulated therefor, the other Party shall have further period of 30 days to remedy/ cure the underlying Event of Default. If, however the other Party fails to remedy/ cure the underlying Event of Default within such further period allowed, the Affected Party shall be entitled to terminate this Agreement by issuing Termination Notice.
Termination due to Event of Default. Termination due to Parties Event of Default
Termination due to Event of Default. 28.1. Termination for Operator’s Event of Default
a. Without prejudice to any other rights or remedies, which the Authority may have under this Agreement, upon occurrence of an Operator Event of Default, the Authority shall be entitled to terminate this Agreement by issuing a Termination Notice to the Operator; provided that before issuing the Termination Notice, the Authority shall by a notice inform the Operator of its intention to issue such Termination Notice and grant [15 (fifteen) days] or such other reasonable period as the Authority deems fit at its sole discretion to the Operator to remedy the default (“Remedial Period”) and/or make representations, and may after the expiry of such Remedial Period on non remedy of breach/default to the satisfaction of the Authority, whether or not it is in receipt of such representation, issue Termination Notice and then terminate the Agreement.
b. In the event of termination for an Operator Event of Default, the Authority shall:
i. Be entitled to invoke and retain the Performance Security amount in full;
ii. Takeover peaceful possession without any Encumbrance of all Contracted Buses, Bus Depots, Terminals, and/or Parking provided to the Operator; and
iii. Refund the Upfront Contribution made by the Operator till the date of termination, to the Authority in the table below after deduction of any payment due to the Authority; 1st year of the Contract Period of N year 100% 2nd year of the Contract Period of N year 100%- (100%/N) = X N year of the Contract Period X - (100%/N) = Y
28.2. Termination for Authority’s Event of Default
a. Without prejudice to any other right or remedies which the Operator may have under this Agreement, upon occurrence of Authority’s Event of Default, the Operator shall be entitled to terminate this Agreement by issuing a Termination Notice to the Authority; provided that before issuing the Termination Notice, the Operator shall by a notice inform the Authority of its intention to issue such Termination Notice and grant [15 (fifteen) days or reasonable period to the Authority to remedy the default and/or make representations, and may after the expiry of such Remedial Period on non remedy of breach/default, issue a Termination Notice.
b. Upon Termination of this Agreement on account of Authority’s Event of Default, the Authority shall:
i. Refund/ release of performance security [if still subsisting] in full provided there are no outstanding dues off the Authority on the Operator
ii. Pay any...
Termination due to Event of Default. 14.2.1. In the event that BSCDCL believes that the Concessionaire is in material breach of its obligations under the RFP or the Contract, BSCDCL shall give notice to the Concessionaire and shall give up to 30 days’ time to it for curing such breach. In case the breach continues till / after the expiry of such cure period, BSCDCL will have the option to terminate the Agreement. Further, BSCDCL may afford a reasonable opportunity to the Concessionaire to explain the circumstances leading to such a breach and may increase the time limit for curing such breach before terminating the Agreement. Any notice served pursuant to this Clause shall give reasonable details of the breach.
Termination due to Event of Default. 22.1. Termination for Operator’s Event of Default
a. Without prejudice to any other rights or remedies, which the Authority may have under this Agreement, upon occurrence of an Operator Event of Default, the Authority shall be entitled to terminate this Agreement by issuing a Termination Notice to the Operator; provided that before issuing the Termination Notice, the Authority shall by a notice inform the Operator of its intention to issue such Termination Notice and grant [15 (fifteen) days] or such other reasonable period as the Authority deems fit at its sole discretion to the Operator to remedy the default (“Remedial Period”) and/or make representations, and may after the expiry of such Remedial Period on non-remedy of breach/default to the satisfaction of the Authority, whether or not it is in receipt of such representation, issue Termination Notice and then terminate the Agreement.
b. In the event of termination for an Operator Event of Default, theAuthority shall:
i. Takeover peaceful possession without any Encumbrance of 11 Sidhi Lawn provided to the Operator; and
ii. Refund the Security Deposit made by the Operator till the date of termination, after deduction of any pending dues, fines or any other charges to the Authority;
Termination due to Event of Default. If an Event of Default occurs with respect to either Party (the “Defaulting Party”) at any time during the Term, the other Party (the “Performing Party”) may, in addition to any other rights or remedies available to the Performing Party, (a) designate by written Notice delivered to the Defaulting Party a date, no earlier than the day such Notice is delivered and no later than twenty (20) days after such notice is delivered, as the early termination date of the Term; or (b) by written Xxxxxx delivered to the Defaulting Party, immediately suspend transfers of Contract PCAs due in respect of this Agreement (provided that such suspension shall not suspend or otherwise affect Buyer’s obligations to pay for Contract PCAs delivered prior to the date of suspension).
Termination due to Event of Default. 21.6.1 Should an Event of Default not be cured within the timeframe permitted pursuant to Clause 21.5, the non-defaulting Party may terminate this Agreement by serving a Termination Notice on the defaulting Party specifying a date, which shall be between 30 and 45 days after the notice thereof to the defaulting Party, upon which this Agreement shall terminate.
21.6.2 If the Buyer is the non-defaulting Party, it shall (if applicable) copy its termination notice to the Lenders’ representative.
Termination due to Event of Default. 8.1.1 Either Party shall have a right to terminate this Agreement by giving to the other party, 30 (thirty) days written notice of termination (“Termination Notice”). Such termination shall be effective after the expiry of the date (30 days) of such notice (“Termination Date”).
8.1.2 Upon termination becoming effective, all arrangements and understandings incorporated in this Agreement shall cease to exist. The confidentiality obligations of the Agency shall survive even after termination of this Agreement.
Termination due to Event of Default. In case of Termination due to Event of Default by either Party, the defaulting Party shall be served with a Termination Notice of 30 days by the other Party for rectification of the default. If the defaulting Party fails to rectify the default, within the 30 days, the Agreement shall stand terminated on the 31st day without any further notice, subject to otherwise provided herein above in case of default in payment of Lease Rental amount
Termination due to Event of Default. In addition to the termination provisions set forth above, if either party to this Agreement shall fail to fulfill in a timely and proper manner, or otherwise violate, any of the covenants, agreements or stipulations material to this Agreement, the other party shall thereupon have the right to terminate this Agreement by giving written notice to the defaulting party of its intent to terminate specifying the grounds for termination. The defaulting party shall have five (5) days after receipt of the notice to cure default. If it is not cured, then this Agreement shall terminate. In the event of default by the Artist, all finished and unfinished drawings, sketches, photographs and other work products prepared or submitted or prepared for submission by the Artist under this Agreement shall at the TOWN’s option become its property, and the right, but not the obligation, to fabricate or execute the Mural shall pass to the TOWN. The Artist shall not be relieved of liability to the TOWN for damages sustained by the TOWN by virtue of any breach of this Agreement by the Artist,. In the event that the Agreement is terminated due to uncured default by the Artist, LKN Kiwanis shall restore the Site to its original form at its sole expense not later than 30 days from the end of period to cure.
