Termination in Event of Default. Either Party may terminate this ------------------------------- Agreement immediately upon written notice to the other Party under any of the following circumstances, each of which shall constitute an Event of Default:
(i) the other Party makes an assignment for the benefit of creditors (other than solely as an assignment of moneys due); (ii) the other Party becomes unable to pay its debts as they become due, unless assurance satisfactory to the terminating Party is provided within thirty (30) days of receipt of its notice of termination hereunder; or (iii) the other Party becomes the subject of a proceeding, whether voluntary or involuntary, under the bankruptcy or insolvency laws of the United States or any other jurisdiction, unless such proceeding is dismissed or withdrawn within forty-five (45) days of the non-defaulting Party's receipt of the defaulting Party's notice of termination hereunder.
Termination in Event of Default. If an Event of Default, as defined above, occurs, the Party not in default shall, in addition to any other rights and remedies provided by law, have the right to immediately suspend its performance to the Party in default or to immediately terminate this Agreement.
Termination in Event of Default. Notwithstanding the provisions of Clause 2
16.2. 1 In the event that the Level of Delivery (LD) falls below thirty percent (30%) or the Level of Lifting (LL) falls below thirty percent (30%), the Purchaser or the Seller as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days However, such notice is to be issued within sixty (60) days of the end of the relevant Year.
Termination in Event of Default. This Agreement may be terminated upon the occurrence of any of the following events of default and in the manner specified hereunder: In the event that the Level of Delivery falls below thirty percent (30%) or the Level of Lifting falls below thirty percent (30%), the Purchaser or the Seller, as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days. However, such notice is to be issued within 60 (sixty) days of the end of the relevant Year; provided that the Seller shall not have a right to terminate the Agreement pursuant to this sub-clause in the event that the Level of Lifting by the Purchaser falls below 30% (thirty per cent.) solely on account of the fact that the Purchaser has been unable to lift the Scheduled Quantity due to shortfall in the quantity necessary for formation of rake for transportation through rail mode; In the event the Level of Lifting falls below 30% (thirty per cent.) and the FSA is liable for termination, the Purchaser can keep their FSA alive by paying applicable Penalty as calculated in terms of Clause 4.7 or amount equivalent to the Contract Performance Guarantee, whichever is higher. The willing Purchaser shall have to request the Seller within 30 days of completion of relevant financial year for availing such optional facility providing an undertaking that they shall pay applicable penal amount. The FSA shall be revived after receipt of the required penal amount. No backlog quantity shall be admissible. There shall not be any financial liability for either Party during the dormant period of the FSA. Notwithstanding the provisions of Clause 15.5, in the event that the matter pertains to Clause 15.1.2, the Seller shall have the right to terminate this Agreement forthwith without any liabilities or damages, whatsoever, payable to the Purchaser. In the event of continuation of suspension for a continuous period of 6 (six) months pursuant to Clause 15.1.1, and Clause 15.1.2, the Seller shall have the right to terminate this Agreement by providing a written notice of 30 (thirty) days to the Purchaser. In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been pas...
Termination in Event of Default. An Event of Default shall be any breach of this Agreement. The Lender shall give two (2) days notice to cure any Event of Default. In addition to the right of termination set out in Article 2.2, the Lender may, in the Event of Default by the Borrower or the Student, terminate this Agreement upon one (1) days notice after the two (2) day period for rectification of default has passed if rectification to the satisfaction of the Lender has not occurred.
Termination in Event of Default. Notwithstanding the provisions of Clause 2
16.2.1 In the event that the Level of Delivery (LD) falls below thirty percent (30%) or the Level of Lifting (LL) falls below thirty percent (30%), the Purchaser or the Seller as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days However, such notice is to be issued within sixty (60) days of the end of the relevant Year.
16.2.2 In the event that the matter pertaining to the diversion or breach of end use of coal leads to suspension of the deliveries pursuant to Clause 14.1(b) and the matter cannot be resolved to the satisfaction of the Seller, the Seller shall have the right to terminate the agreement forthwith without any liabilities or damages, whatsoever, payable to the Purchaser.
16.2.3 The Seller, in the event of continuation of suspension for a continuous period of 6 months pursuant to Clause 14.1, shall have the right to terminate this Agreement by providing a notice period of thirty (30) days.
16.2.4 In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within sixty (60) days, the other Party shall be entitled to terminate this Agreement
16.2.5 In the event the Purchaser fails to submit the renewed/revalidated PPA pursuant to suspension of coal supplies as per clause 14.1(c) and 14.5 within a period of Six (6) months from the date of expiry of the validity of the PPA, the Seller shall have the right to terminate this agreement by issuing a prior notice of thirty (30) days.
Termination in Event of Default. Without prejudice to whatever other rights it may have to terminate this Agreement hereunder or to other available remedies, either party shall have the right at any time, by giving written notice to the other party, to terminate this Agreement upon the occurrence of any of the following Events of Default:
(a) If the other party shall fail to make any payment which it is obligated to make pursuant to the terms of this Agreement and such failure shall continue for a period of five (5) days after written notice thereof to the defaulting party;
(b) If the other party shall fail to keep, observe or perform any material covenant, agreement, term or provision of this Agreement, other than an obligation to pay money, to be kept, observed or performed by such party, and such failure shall continue for a period of fifteen (15) days after written notice thereof to the defaulting party; or
(c) If the other party shall: (i) apply for or consent to the appointment of a receiver, trustee or liquidator of such party or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy; (iii) admit in writing its inability to pay its debts as they come due; (iv) make a general assignment for the benefit of creditors; (v) file a petition or an answer seeking reorganization or agreement with creditors; (vi) take advantage of an insolvency law; (vii) file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; or (viii) if an order, judgment or decree shall be entered by any court of competent jurisdiction on the application of a creditor, adjudicating such party as bankrupt or insolvent or approving a petition seeking reorganization of such party or appointing a receiver, trustee or liquidator of such party or of all or a substantial part of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of sixty (60) consecutive days.
Termination in Event of Default. Lessor shall have, in the event of default by Lessee, in addition to other rights and remedies at law or equity, the right to either terminate this agreement or to continue this agreement in full force and effect. Unless otherwise provided herein, this agreement shall be terminated only upon Lessor’s notification of Lessee in writing of Lessor’s termination of the agreement or upon the institution by Lessor of a judicial proceeding for the primary purpose of termination of the agreement which in fact results in a termination of Lessee’s right of possession of the premises. In no event shall the following actions by Lessor, either before or after abandonment of the Leasehold Premises by Lessee constitute a termination of this lease: maintenance or preservation of the premises, efforts to relet the premises, or appointment of a receiver to protect Lessor’s interest hereunder. If Lessor elects to terminate this lease, Lessor shall, without liability to Lessee, have the right to immediately reenter the Leasehold Premises, remove all persons and property therefrom, and store any property so removed in a public warehouse, or elsewhere, at the cost of and to the account of Lessee; provided that the Lessee shall have the right after reasonable notice to monitor the removal and storage of any lab equipment.
Termination in Event of Default. In the event that the Level of Delivery falls below thirty percent (30%) or the Level of Lifting falls below thirty percent (30%), the Purchaser or the Seller, as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days. However, such notice is to be issued within 60 (sixty) days of the end of the relevant Year; provided that the Seller shall not have a right to terminate the Agreement pursuant to this sub-clause in the event that the Level of Lifting by the Purchaser falls below 30% (thirty per cent.) solely on account of the fact that the Purchaser has been unable to lift the Scheduled Quantity due to shortfall in the quantity necessary for formation of rake for transportation through rail mode; In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within 60 (sixty) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party. In the event of termination of the PPA.
Termination in Event of Default. In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within 60 (sixty) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party. In the event of termination of the PPA, the FSA shall stand terminated in case the Utility does not exercise its right of substituting the Purchaser in accordance with the terms of the PPA and the same is communicated to the Seller within 180 days of the termination of the PPA. Such substitution shall be allowed by the Seller subject to complete settlement of all outstanding claims of the Seller as on the date from which the substitution is effected.
