TERMINATION FOR OPERATOR’S DEFAULT. Save as otherwise provided in this Contract, in the event that any of the defaults specified below shall have occurred, and the Operator fails to cure the default within the Cure Period specified, or where no Cure Period is specified within a Cure Period of 60 (sixty) days or any period that Authority may deem fit, the Operator shall be deemed to be in default of this Contract (the “Operator Event of Default”) unless the default has occurred solely as a result of any breach of this Contract by the Authority or due to Force Majeure. The defaults referred to herein shall include the following:
a. the Operator abandons or manifests intention to abandon the operation of the Project without the prior written consent of the Authority;
b. the Operator is in breach of the O&M Standards;
c. the Operator has failed to make payment of Damages and/ or Penalty to the Authority within the period specified in this Contract;
d. the Operator creates any Encumbrance in breach of this Contract;
e. a breach of any of the Project Agreements by the Operator has caused a Material Adverse Effect;
f. the Operator repudiates this Contract or otherwise takes any action or evidences or conveys an intention not to be bound by the Contract;
g. a Change in Ownership has occurred in breach of the provisions of Clause 6.3;
h. there is a transfer, pursuant to law either of (i) the rights and/or obligations of the Operator under any of the Project Agreements, or of (ii) all or part of the assets or undertaking of the Operator, and such transfer causes a Material Adverse Effect;
i. an execution levied on any of the assets of the Operator has caused a Material Adverse Effect;
j. the Operator is adjudged bankrupt or insolvent, or if a trustee or receiver is appointed to the Operator for whole or material part of its assets that has a material bearing on the Project;
k. the Operator has been, or is in the process of being liquidated, dissolved, wound-up, amalgamated or reconstituted in a manner that would cause, in the reasonable opinion of the Authority, a Material Adverse Effect;
l. a resolution for winding up of the Operator is passed or any petition for winding up of the Operator is admitted by a court of competent jurisdiction and a provisional liquidator or receiver is appointed and such order has not been set aside within 90 (ninety) days of the date thereof or the Operator is ordered to be wound up by Court except for the purpose of amalgamation or reconstruction;
m. any representation ...
TERMINATION FOR OPERATOR’S DEFAULT. (a) the Employer shall submit to the Operator for payment an invoice for any direct out-of-pocket expenses properly and reasonably incurred by the Employer and solely attributable to such termination and, if the Employer engages a replacement operator, the additional costs reasonably incurred by the Employer in engaging such replacement operator and the amount by which the reasonable costs payable under the replacement contract for carrying out the Services exceed the amount that would have been payable to the Operator, which amount shall be deducted from any amounts outstanding to the Operator, provided, however, that if the Employer elects to engage a replacement operator, the Employer shall use its best efforts to engage such replacement operator as soon as possible after termination of this Agreement; and
(b) in the event that expenses of the Employer under Section 9.6.2(a) are greater than any amount then owing to the Operator, then the Operator shall bear responsibility for the payment of such amount to the Employer provided that the Employer shall take all reasonable steps to minimize such costs, and if such costs are less than any amount owing to the Operator, the Employer shall pay the remaining balance to the Operator.
9.6.3. Any payments made pursuant to this Section 9.6 (Payments by Employer following Expiry or Termination) shall be made within thirty (30) days of the date of the invoice.
TERMINATION FOR OPERATOR’S DEFAULT. 20.3.1 The Authority may, without prejudice to any other rights or remedies it may possess, forthwith terminate this Contract in the following circumstances by giving a notice of Termination, referring to this Article 20.3.1, if:
(a) the Operator becomes bankrupt or insolvent, has a receiving order issued against it, compounds with its creditors, or if a resolution is passed or order is made for its winding up (other than a voluntary liquidation for the purposes of amalgamation or reconstruction), a receiver is appointed over any part of its undertaking or assets, or if the Operator takes or suffers any other analogous action in consequence of debt;
(b) insolvency, receivership, reorganisation, bankruptcy, or proceedings of a similar nature brought against the Operator and the proceedings are not dismissed or effectively stayed within 60 (sixty) days of such commencement;
(c) the Operator assigns or transfers this Contract or any of its right or interest herein, in violation of the provision of Article 23.6; or
(d) the Operator, in the reasonable judgment of the Authority, has engaged in corrupt or fraudulent practices in competing for or in executing this Contract. For the purpose of this sub-Article:
TERMINATION FOR OPERATOR’S DEFAULT. In case of Termination due to the Operator’s Default pursuant to Article 20.3, the Operator shall appropriate the amounts standing in the credit of Escrow Account to the extent of the payments attributable for the part of the O&M Services completed prior to such Termination, as reduced by an amount of Rs. 2,00,00,000/- (Rupees Two Crore). If the amount lying in the Escrow Account on the date of Termination is not sufficient to compensate the Authority of the above said amount of Rs. 2,00,00,000/- (Rupees Two Crore) or any part thereof after meeting other costs as per the terms of the Escrow Account, then, the Operator shall compensate the Authority of any such deficient amount within 30 (thirty) days of the Termination.
TERMINATION FOR OPERATOR’S DEFAULT. 9.2.1. The Employer may terminate this Agreement in the following circumstances by giving thirty (30) days’ Notice of termination, or any other notice period specified otherwise in this Section 9.2.1 or Notified by the Employer, to the Operator and referring to this Section 9.2.1 and its reason for termination:
(a) the Operator subcontracts the Services (except as permitted hereunder) or assigns this Agreement without approval or consent of the Employer;
(b) the Operator voluntarily abandons the Project and/or the Facilities or repudiates this Agreement or the Operator loses the relevant approvals, licenses and permits, including the Consents, required to execute the Services and fails to remedy the same within thirty (30) days of occurrence; or
(c) if the Operator commits a material default or material breach of this Agreement and fails to remedy the same within thirty (30) days or such additional period as may be agreed by the Employer, after Notice from the Employer to the Operator stating such material default or material breach; or
(d) the Services provided by the Operator fail to meet the Key Performance Indicators and / or the Applicable Standards; or
(e) a final judgment against Operator in excess of the equivalent of PKR 50,000,000/- (Pakistani Rupees Fifty Million only) remains unsatisfied for more than sixty (60) days (unless a bond is filed or other steps are taken to effectively stay enforcement of such judgment), or (ii) a levy is issued or attachment is made on all or any part of the Operator and such levy or attachment is not discharged or the property is not redeemed within thirty (30) days after such levy or attachment; or
(f) if the: (i) Commencement Date Phase I is not achieved within forty-five (45) days from the expiry of the Scheduled Commencement Date Phase I; or (ii) Commencement Date Phase II is not achieved within forty-five (45) days from the expiry of the Scheduled Commencement Date Phase II;
(g) if the Operator fails to furnish, keep valid and maintain in full effect the Performance Security and/or the Corporate Guarantee in accordance with this Agreement; or
(h) the (a) Delay Liquidated Damages Cap; or (b) Performance Liquidated Damages Cap has been exceeded (by way of calculation).
9.2.2. The Employer may terminate this Agreement immediately by Notice to the Operator and without any opportunity to cure if:
(a) the Operator and/or the Sponsor becomes bankrupt or insolvent, or has a receiving order issued against it, or compou...
TERMINATION FOR OPERATOR’S DEFAULT. (a) The Owner, without prejudice to any other rights or remedies it may possess, may terminate the Contract forthwith in the following circumstances, by giving a notice of termination and its reasons therefor to the Operator, referring to this Section 19.2.3(a):
i. If the Operator becomes bankrupt or insolvent, has a receiving order issued against it, compounds with its creditors, or, if the Operator is a corporation, a resolution is passed or order is made for its winding up, other than a voluntary liquidation for the purposes of amalgamation or reconstruction, a receiver is appointed over any part of its undertaking or assets, or if the Operator takes or suffers any other analogous action in consequence of debt;
ii. If the Operator assigns or transfers the Contract or any right or interest therein in violation of the provision of Section 1.9; or
iii. If the Operator, in the judgment of the Owner has engaged in corrupt or fraudulent practices in competing for or in executing the Contract. For the purpose of this Section 19.2.3(a)(iii),
TERMINATION FOR OPERATOR’S DEFAULT. Save as otherwise provided in this Contract, in the event that any of the defaults specified below shall have occurred, and the Operator fails to cure the default within the Cure Period specified, or where no Cure Period is specified within a Cure Period of 60 (sixty) days or any period that Authority may deem fit, the Operator shall be deemed to be in default of this Contract (the “Operator Event of Default”) unless the default has occurred solely as a result of any breach of this Contract by the Authority or due to Force Majeure. The defaults referred to herein shall include the following:
