Common use of Termination for Operator Default Clause in Contracts

Termination for Operator Default. 17.1.1 Each of the following events or circumstances, to the extent not caused by a default of the Authority or Force Majeure shall be considered for the purposes of this Agreement as events of default of the Operator ("Operator Event of Default") which, if not remedied within the Cure Period set forth below, or where no Cure Period is specified, within ninety days, upon receipt of written notice from the Authority, shall provide to the Authority the right to terminate this Agreement in accordance with Article 17.1.2: a. The Operator fails to complete the Project CP Completion; b. The Operator abandons the operations of the Project for any period; c. Commercial operation of the Project does not occur within the period of 90 days from schedule Handover Date; d. The Operator creates any Encumbrance, charges or lien in favor of any person; e. Breach of any material obligation or covenant of this Agreement of the Operator; f. the Operator is adjudged bankrupt or insolvent or insolvency resolution professional has been appointed under the Insolvency and Bankruptcy Code 2016, or if a trustee or receiver is appointed for the Operator or for the whole or material part of its Project Assets that has a material bearing on the Project; g. a resolution for winding up of the Operator is passed, or any petition for winding up of the Operator is admitted by a court or tribunal and a provisional liquidator or receiver is appointed and such order has not been set aside or the Operator is ordered to be wound up by Court, except for the purpose of amalgamation or reconstruction which has been commenced or undertaken without prior written consent of the Authority; h. there is a transfer, pursuant to law either of (i) the rights and/or obligations of the Operator under any of the agreements related to the Project, or of (ii) all or part of the Project Assets or undertaking of the Operator, and such transfer causes a Material Adverse Effect; i. a resolution is passed by the shareholders of the Operator for the voluntary winding up of the Operator; j. the Operator repudiates this Agreement or otherwise evidences an intention not to be bound by this Agreement; k. the Operator suffers an execution being levied on any of its Project Assets/ equipment causing a Material Adverse Effect on the Project; l. the Operator has delayed any payment that has fallen due under this Agreement if such delay exceeds 90 days irrespective of whether the interest is payable on such delay or not; m. the Performance Security has been encashed and appropriated in accordance with Article 7.2 and the Operator fails to replenish or provide fresh Performance Security within a Cure Period of ninety days; n. subsequent to the replenishment or furnishing of fresh Performance Security in accordance with Article 7.2, the Operator fails to meet any Condition Precedent or cure the Operator Default, as the case may be, for which whole or part of the Performance Security was appropriated, within a Cure Period of ninety days; o. the Operator has failed to make any payment to the Authority within the period specified in this Agreement. 10.4.2 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.

Termination for Operator Default. 17.1.1 Each of the following events or circumstances, to the extent not caused by a default of the Authority or Force Majeure shall be considered for the purposes of this Agreement as events of default of the Operator ("Operator Event of Default") which, if not remedied within the Cure Period set forth below, or where no Cure Period is specified, within ninety days, upon receipt of written notice from the Authority, shall provide to the Authority the right to terminate this Agreement in accordance with Article 17.1.2: a. The Operator fails to complete the Project CP Completion; b. The Operator abandons the operations of the Project for any period; c. Commercial operation of the Project does not occur within the period of 90 days from schedule Handover Date; d. The Operator creates any Encumbrance, charges or lien in favor of any person; e. Breach of any material obligation or covenant of this Agreement of the Operator; f. the Operator is adjudged bankrupt or insolvent or insolvency resolution professional has been appointed under the Insolvency and Bankruptcy Code 2016, or if a trustee or receiver is appointed for the Operator or for the whole or material part of its Project Assets that has a material bearing on the Project; g. a resolution for winding up of the Operator is passed, or any petition for winding up of the Operator is admitted by a court or tribunal and a provisional liquidator or receiver is appointed and such order has not been set aside or the Operator is ordered to be wound up by Court, except for the purpose of amalgamation or reconstruction which has been commenced or undertaken without prior written consent of the Authority; h. there is a transfer, pursuant to law either of (i) the rights and/or obligations of the Operator under any of the agreements related to the Project, or of (ii) all or part of the Project Assets or undertaking of the Operator, and such transfer causes a Material Adverse Effect; i. a resolution is passed by the shareholders of the Operator for the voluntary winding up of the Operator; j. the Operator repudiates this Agreement or otherwise evidences an intention not to be bound by this Agreement; k. the Operator suffers an execution being levied on any of its Project Assets/ equipment causing a Material Adverse Effect on the Project; l. the Operator has delayed any payment that has fallen due under this Agreement if such delay exceeds 90 days irrespective of whether the interest is payable on such delay or not; m. an Escrow default has occurred and the Operator fails to cure the default within a Cure Period of ninety days; n. the Performance Security has been encashed and appropriated in accordance with Article 7.2 and the Operator fails to replenish or provide fresh Performance Security within a Cure Period of ninety days; n. subsequent to the replenishment or furnishing of fresh Performance Security in accordance with Article 7.2, the Operator fails to meet any Condition Precedent or cure the Operator Default, as the case may be, for which whole or part of the Performance Security was appropriated, within a Cure Period of ninety days; o. the Operator has failed to make any payment to the Authority within the period specified in this Agreement. 10.4.2 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.