Termination for Developer Default. 16.1.1 Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Developer 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 Developer shall be deemed to be in default of this Agreement (the "Developer Default"), unless the default has occurred solely as a result of any breach of this Agreement by ESCOM or due to Force Majeure. The defaults referred to herein shall include the following:
a) The Developer has failed to achieve the COD beyond 120 (hundred and twenty) days of Scheduled Commissioning Date for Power Project for any reason whatsoever;
b) The condition relating to equity lock-in period specified in Clause 5.2 of this Agreement is not complied with;
c) the Performance Security has been encashed and appropriated in accordance with Clause 4.4(b) and the Developer fails to replenish or provide fresh Performance Security within a Cure Period of 30 (thirty) days;
d) The Developer has unlawfully repudiated this Agreement or has otherwise expressed an intention not to be bound by this Agreement;
Termination for Developer Default. 16.1.1. Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Developer 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 Developer shall be deemed to be in default of this Agreement (the "Developer Default"), unless the default has occurred solely as a result of any breach of this Agreement by BESCOM or due to Force Majeure. The defaults referred to herein shall include the following:
a) The Developer has failed to achieve the COD beyond twenty two (22) months from the date of getting concurrence from KERC on the PPA for Power Project for any reason whatsoever;
b) The condition relating to equity lock-in period specified in Clause 5.2 of this Agreement is not complied with;
c) the Performance Security has been encashed and appropriated in accordance with Clause 4.4(b) and the Developer fails to replenish or provide fresh Performance Security within a Cure Period of 30 (thirty) days;
d) The Developer has unlawfully repudiated this Agreement or has otherwise expressed an intention not to be bound by this Agreement;
e) The Developer is in material breach of any of its obligations pursuant to this Agreement, and such material breach is not rectified by the Developer within thirty (30) days of receipt of first notice in this regard given by BESCOM.
f) The Developer is in material breach of any of its obligations under this Agreement and the same has not been remedied for more than Thirty
Termination for Developer Default. Following the required notice to Developer and the lenders and expiration of the applicable cure period without cure of Developer’s default: • During the construction period, TxDOT will be entitled to terminate the CDA for material default, without compensation to Developer. • During the operations and maintenance period, TxDOT will be entitled to terminate the CDA for material default, and Developer will be entitled to compensation equal to the lesser of (a) the fair market value of the concession minus damages owing to TxDOT or (b) a percentage of the outstanding principal amount of original senior debt minus damages owing to TxDOT. However, no compensation will be owing if termination follows rejection of the CDA by Developer in bankruptcy.
Termination for Developer Default. (a) Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Developer 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 Developer shall be deemed to be in default of this Agreement (the “Developer Default”), unless the default has occurred solely as a result of any breach of this Agreement by the Client or due to Force Majeure. The defaults referred to herein shall include:
(i) has been paying Damages but has not been able to fulfill all the Condition Precedent in terms of Article 5 within the Cure period of 28 days.
(ii) the Performance Security has been encashed and appropriated and the Developer fails to replenish or provide fresh Performance Security within a Cure Period of 30 (thirty) days;
(iii) subsequent to the replenishment or furnishing of fresh Performance Security, the Developer fails to cure, within a Cure Period of 90 (ninety) days, the Developer Default for which whole or part of the Performance Security was appropriated;
(iv) the Developer 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;
(v) the Developer abandons or manifests intention to abandon the construction of the Project without the prior written consent of the Client;
(vi) Project Completion Date does not occur within the period specified in Schedule G;
Termination for Developer Default. 60 16.2 Termination for ESCOM Event of Default 62
Termination for Developer Default. 28.1.1 Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Developer 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 Developer shall be deemed to be in default of this Agreement (the “Developer Default”), unless the default has occurred solely as a result of any breach of this Agreement by the SH&DB or due to Force Majeure. The defaults referred to herein shall include:
(a) has been paying damages in terms of Clause 4.3 of the Agreement but has not been able to fulfill all the Condition Precedent in terms of Article 4 within the Cure period of 30 days.
(b) the Performance Security has been encashed and appropriated in accordance with Clause 9.2 and the Developer fails to replenish or provide fresh Performance Security within a Cure Period of 30 (thirty) days;
(c) subsequent to the replenishment or furnishing of fresh Performance Security in accordance with Clause 9.2, the Developer fails to cure, within a Cure Period of 90 (ninety) days, the Developer Default for which whole or part of the Performance Security was appropriated;
Termination for Developer Default. Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the DEVELOPER 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 DEVELOPER shall be deemed to be in default of this Agreement (the “DEVELOPER Default”), unless the default has occurred solely as a result of any breach of this Agreement by the SH&DB or due to Force Majeure. The defaults referred to herein shall include:
Termination for Developer Default. Each of these types of termination has a specific formulation for calculating the compensation payable to the Developer, as detailed below. Termination for Convenience or Enterprise Default Termination for Uninsurable Risk, Extended Event, or Court Ruling Termination for Developer Default The fair market value of the Developer’s projected equity distributions; plus Debt and hedge costs outstanding; plus Subcontractor breakage costs; plus Developer breakage costs; minus Account balances; minus Insurance proceeds available All equity amounts contributed into the Developer less dividends and other distributions already paid to equity members; plus Debt and hedge costs outstanding; plus Subcontractor breakage costs; plus Developer breakage costs; minus Account balances; minus Insurance proceeds available Note, unlike Termination for Convenience or Enterprise Default, future equity distributions are not paid Prior to substantial completion: The lesser of 1) the construction contract price, less the remaining cost to complete, less any milestone payments previously paid; and 2) debt and hedge costs outstanding, minus account balances, minus insurance proceeds available After substantial completion: The lesser of 1) debt and hedge costs outstanding, minus maintenance rectification costs, minus account balances, minus insurance proceeds available; and 2) 80% of debt and hedge costs outstanding, minus account balances, minus insurance proceeds available
Termination for Developer Default. 20.1.1. Save as otherwise provided in this Agreement, in the event that any of the defaults specified below shall have occurred, and the Developer 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 Developer shall be deemed to be in default of this Agreement (the "Developer Default"), unless the default has occurred solely as a result of any breach of this Agreement by NRDA or due to Force Majeure. The defaults referred to herein shall include:
a) The Developer has failed to adhere to the Standards and Specifications and Applicable Laws, and such failure, in the reasonable estimation of NRDA, is likely to delay achievement of Phase Completion Date beyond 36 (thirty six) months of Scheduled Phase Completion Date as specified in Schedule E or any extension thereof;
b) The Developer has failed to complete the Development Activities for any Part Project Site and the Additional Period has been utilized by the Developer;
c) The Developer has failed to meet the Performance Standards for 3 (three) consecutive months;
Termination for Developer Default. 24.4.1 If a Developer Default occurs and it has not been cured within any relevant cure period set out in Section 22.3 (
