Termination Due to Force Majeure Event. If the period of Force Majeure continues or is in the reasonable judgment of the Parties likely to continue beyond a period of 120 (one hundred and twenty) Days, the Parties may mutually decide to terminate this Agreement or continue this Agreement on mutually agreed revised terms. If the Parties are unable to reach an agreement in this regard, the Affected Party shall after the expiry of the said period of 120 (one hundred and twenty ) Days be entitled to terminate the Agreement in which event, the provisions of Articles 16 and 17 shall, to the extent expressly made applicable, apply.
Termination Due to Force Majeure Event. (a) If a Force Majeure Event continues for more than five (5) Business Days, either party may terminate this Agreement immediately by giving written notice to the other party in accordance with clause 19 of this document; and
(b) In the event of termination under paragraph (a), neither party is liable to the other except to the extent of rights or obligations which accrued before the termination.
Termination Due to Force Majeure Event. (i) If a Force Majeure Event shall occur relative to a material obligation of either Party, and such Force Majeure Event or the effect thereof prevents or is reasonably anticipated to prevent the performance of such obligation for a period of one hundred eighty (180) Days or more, the affected Party, upon Notice to the other Party, may, in the affected Party’s sole discretion, terminate this Agreement forthwith without payment, damage or penalty as a result of such termination and the Parties hereby waive any right to any such damage, penalty, or payment.
(ii) Purchaser may terminate this Agreement upon Notice to Seller if (A) a Force Majeure Event occurs that diminishes the production of the System by more than fifty (50%) of the Annual Contract Quantity for a period of twelve (12) consecutive months, or (B) the System is rendered inoperable and a Qualified Engineer that is mutually acceptable to both Parties determines that the System cannot be repaired or replaced within a period not to exceed twenty-four (24) months following the date of the occurrence of the Force Majeure Event.
(iii) Upon termination under this Section 12.5(b)(i) or (ii), neither Party shall be obligated to the other for the payment of any costs or expenses, except that Purchaser shall be obligated to pay Seller the Monthly Fee(s) that have accrued through the date of such termination but have not been paid.
Termination Due to Force Majeure Event. A Party may by written notice to the other Party, terminate this Agreement if a delay in the performance of a material obligation of either Party due to a Force Majeure Event extends for more than 90 consecutive days.
Termination Due to Force Majeure Event or an Event of Default
(a) In the event of termination of this Agreement/Concession due to Force Majeure Event or an Event of Default, the Authority shall, upon transfer of the Project, Project Assets and the Site by the Concessionaire to the Authority or its nominated agency in accordance with the provisions hereof, pay to the Concessionaire the following termination payments: No termination payments shall be payable to the Concessionaire in the event of termination of this Agreement due to a Concessionaire Event of Default or a Force Majeure Event. Upon termination of this Agreement due to: (1) a Concessionaire Event of Default, Authority shall retain the Project Development Fee, Lease Rentals Security Deposit, and forfeit the Performance Security, as case may be, as damages; (2) a Force Majeure Event, the Authority shall retain the Project Development Fee, but return/refund the Security Deposit and the Bank Guarantee in lieu of Performance Security to the Concessionaire/Preferred Bidder; provided there are no outstanding claims of the Authority on the Preferred Bidder/Concessionaire. Upon termination by the Concessionaire due to an Authority Event of Default, compensation payable by the Authority to the Concessionaire shall be the amount determined as follows: The aggregate Depreciated Historic Cost (DHC), as determined by a third party Expert (appointed by mutual consent and who shall be in the position of an expert under the Arbitration and Conciliation Act, 1996), of (a) the tangible assets forming part of, fixed or attached to the ground created, installed or provided by the Concessionaire and comprised in the Project , which in the reasonable judgment of the said Expert are capable of being put to use/utilized by the Authority and (b) the moveable assets which the Authority agrees to take over; LESS any amount due to the Authority from the Concessionaire under this Agreement and the insurance claims claimed or received. Upon termination of this Agreement due to (i) Authority Event of Default, the Authority shall return the Performance Security and refund the Security Deposit to the Preferred Bidder/Concessionaire; provided there are no outstanding claims of the Authority on the Preferred Bidder/Concessionaire.
(b) Nothing herein shall prejudice the right of the Authority to recover from the Concessionaire any amounts due and payable to it by the Concessionaire hereunder.
(c) Notwithstanding anything to the contrary contained in this Agreement, any ...
Termination Due to Force Majeure Event. If the termination is due to a Force Majeure Event, compensation payable to the Concessionaire shall be as follows:
16.1.1 If the Termination is on account of a Non Political Force Majeure Event, the Concessionaire shall be entitled to receive from the Authority by way of Termination Payment an amount lower of the Book Value or the Debt Due less any amount due to the Authority by the Concessionaire under this Concession Agreement less all Insurance Pro ceeds.;
16.1.2 If the termination is due to Indirect Political Force Majeure Event compensation payable to the Concessionaire shall be the higher of the Book Value or the Debt Due Less any amount due to the Authority by the Concessionaire under this Concession Agreement Less all Insurance claims received or admitted. Provided, the Book Value or the Debt Due, as the case may be shall not exceed the Actual Project Cost. The Authority shall return the Performance Security, if subsisting, provided there are no outstanding claims of the Authority on the Concessionaire under this Concession Agreement. If termination is due to a Direct Political Force Majeure Event, compensation payable to the Concessionaire shall be the same as that stipulated for termination due to a the Authority Event of Default under Clause 16.3. The Authority shall return the Performance Security, if subsisting, provided there are no outstanding claims of the Authority on the Concessionaire under this Concession Agreement.
Termination Due to Force Majeure Event. In addition to and without limiting any other provisions of this Agreement, if a Party is prevented from performing its material obligations under this Agreement for a period of 180 consecutive or non-consecutive days or more (whether full or partial days), the unaffected Party may terminate this Agreement, without liability of either Party to the other, upon thirty (30) days written notice at any time during the Force Majeure Event.
Termination Due to Force Majeure Event. This Agreement may also be terminated, in whole or part and at no-cost or charge, as provided in Section 20.3(d).
Termination Due to Force Majeure Event. 8.6.1 If, prior to the completion of the 90 (Ninety) Days period (or any extended period) commencing from the date of issuance of the FM Notice, the Parties are of the reasonable view that:
(i) a Non-Political Force Majeure Event is likely to continue beyond such 90 (Ninety) Day period or any extended period agreed ; or
(ii) that it is uneconomic or impractical to restore the affected Project; then the Parties may mutually decide to terminate this Agreement, which termination shall take effect from the date on which such decision is taken.
8.6.2 Without prejudice to the provisions of Article 8.6.1 above, the Affected Party shall, after the expiry of the period of 90 (Ninety) Days after the notification of a Non-Political Force Majeure Event or any other mutually extended period, be entitled to forthwith terminate this Agreement in its sole discretion by issuing a notice to that effect. On termination of this Agreement pursuant to this Article 8.6.2, the consequences of termination that are set out in this Agreement shall apply.
8.6.3 In the event of a termination of this Agreement as a result of a Non-Political Force Majeure Event in accordance with the provisions of Article 8.6.2, the Parties agree that the Concessionaire shall not be entitled to the payment of any Termination Compensation provided however that the Concessionaire shall be entitled to retain any or all proceeds received under any insurance policies maintained by it in relation to the Project.
8.6.4 Upon occurrence of a Political Force Majeure Event, the Concessionaire shall, at its discretion, have the right to terminate this Agreement forthwith after the completion of the period of 120 (one hundred and twenty) Days from the date of the FM Notice. Upon notice of termination being issued by the Concessionaire under this Article 8.6.4, the Authority shall pay the Termination Compensation to the Concessionaire. Only for the purpose of determination of the Termination Compensation payable by the Authority, a Political Force Majeure Event that results in a termination pursuant to this Article 8.6.4 shall be treated as an "Authority Event of Default". All the other consequences of termination that are set out in this Agreement shall apply.
8.6.5 Notwithstanding anything to the contrary elsewhere in this Agreement, the Concessionaire shall be entitled to sell, assign, create Security over or otherwise dispose of (or have the land and station disposed of on its behalf) any or all of the land and i...
Termination Due to Force Majeure Event i. If the termination is due to a Non-Political Event, Termination Payment payable to the Concessionaire shall be 90% of the Debt Due LESS any amount due to the Concessioning Authority by the Concessionaire under this Agreement LESS all insuranceclaims received or admitted.
ii. If the termination is due to an Other Event, Termination Payment payable to the Concessionaire shall be aggregate of:
(a) Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% of such unpaid claims shall be included in the computation of Debt Due;
(b) 110% of the Adjusted Equity; and
(c) an amount equivalent to the Additional Termination Payment less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% of such unpaid claims shall be included in computation of the amount payable hereunder.
iii. If termination is due to a Political Event, Termination Payment payable to the Concessionaire shall be the same as that stipulated for termination due to a Concessioning Authority Event of Default under Article 17.1 (c). Provided, no Termination Payment shall be payable to the Concessionaire if the Concessionaire fails to maintain Insurance Cover as contemplated under Article 12 of this Agreement.
