Common use of Termination for Concessionaire Default Clause in Contracts

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: (a) the Performance Security or the Performance Guarantee, as the case may be, has been encashed and appropriated in accordance with Clause 9.2 and Clause 9.5 respectively and the Concessionaire fails to replenish or provide fresh Performance Security or the Performance Guarantee, as the case may be, within a Cure Period of 30 (thirty) days; (b) subsequent to the replenishment or furnishing of fresh Performance Security or the Performance Guarantee, as the case may be, in accordance with Clause 9.2 and Clause 9.5 respectively, the Concessionaire fails to cure, within a Cure Period of 90 (ninety) days, the Concessionaire Default for which whole or part of the Performance Security or the Performance Guarantee, as the case may be,was appropriated; (c) the Concessionaire does not achieve the latest outstanding Project Milestone due in accordance with the provisions of Schedule-G and continues to be in default for 120 (one hundred and twenty) days;