Concessionaire Default definition

Concessionaire Default shall have the meaning set forth in Clause 27.1.2;

Concessionaire Default shall have the meaning set forth in Clause 38.1.1; “Conditions Precedent” shall have the meaning set forth in Clause 4.1.1;

Concessionaire Default shall have the meaning set forth in Clause 19.1.1; “Conditions Precedent” shall have the meaning set forth in Clause 4.1.1; “Consortium” shall have the meaning set forth in Recital (C);

Examples of Concessionaire Default in a sentence

• For the avoidance of doubt, the Concessionaire hereby acknowledges that no Termination Payment shall be due or payable on account of a Concessionaire Default occurring prior to 10th Anniversary from the Date of Award of Concession, save and except as provided in Clause 18.1 (ii) (b).

• Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent.

• Upon occurrence of a Concessionaire Default, the Authority shall be entitled, without prejudice to its other rights and remedies under this Agreement including its rights of Termination hereunder, to (a) suspend all rights of the Concessionaire under this Agreement, and pursuant hereto, and (b) exercise such rights itself and perform the obligations hereunder or authorize any other person to exercise or perform the same on its behalf during such suspension (the “Suspension”).

• Subject to the rights of the Lenders‟ Representative to undertake substitution in accordance with the provisions of this Agreement and within the period specified in Clause 30.4, the Authority shall, within 15 (fifteen) days of receipt of such notice, terminate this Agreement under and in accordance with Article 31 as if it is a Concessionaire Default under Clause 31.1.

More Definitions of Concessionaire Default

Concessionaire Default means the event where the Concessionaire has failed to cure or rectify a breach, committed by it, within the Cure Period granted in the Notice of Breach issued by the Authority to the Concessionaire. Events of Concessionaire’s Default are provided in ARTICLE 25.

Concessionaire Default means any of the events set forth in Section 15.3.1 hereof. “Concessionaire Indemnitee” means Contractor, its subsidiaries and Affiliates, and the directors, officers, agents, employees, successors or assigns of each of them.

Concessionaire Default means any one or more of the following events: a breach by the Concessionaire of any of its obligations under the Concession Agreement which materially and adversely affects the performance of the Phase 2 Work and/or the Services; Insolvency of the Concessionaire; the Concessionaire assigns or otherwise transfers the Concession Agreement in whole or in part without HPTE’s prior written consent except for permitted assignments to the Senior Lenders; the Concessionaire violates change of control provisions of the Concession Agreement with respect to the legal and beneficial ownership of the Concessionaire; abandonment of the Phase 2 Work by the Concessionaire; violation of certain insurance requirements;the Concessionaire fails to pay an undisputed amount in excess of $500,000 (Indexed) for a period of thirty (30) Business Days following delivery of a written demand of HPTE; failure by the Concessionaire to achieve the Full Services Commencement Date by the Full Services Commencement Longstop Date; and accumulation of uncured or unexpired Noncompliance Points above certain limits.

Concessionaire Default has the meaning ascribed thereto in Section 16.1(a).

Concessionaire Default has the meaning ascribed thereto in Section 16.1(a). “Concessionaire Interest” means the interest of the Concessionaire in the Metered Parking System created by this Agreement and the rights and obligations of the Concessionaire under this Agreement (including the interest and franchise described in Section 2.1(b)(i) and the right to receive Concession Compensation).

Concessionaire Default means any of the events set forth in Section 15.3.1 hereof. “Concessionaire Delay Damages Rate” means, (i) if Contractor notifies Concessionaire more than six (6) months prior to the Guaranteed Substantial Completion Date that it does not believe Substantial Completion will occur on or before the Guaranteed Substantial Completion Date, $98,644, (ii) if Contractor notifies Concessionaire more than three (3) months but fewer than six (6) months prior to the Guaranteed Substantial Completion Date that it does not believe Substantial Completion will occur on or before the Guaranteed Substantial Completion Date, $109,395, and (iii) if Contractor notifies Concessionaire fewer than three (3) months prior to the Guaranteed Substantial Completion Date that it does not believe Substantial Completion will occur on or before the Guaranteed Substantial Completion Date, $131,158.

Concessionaire Default shall have the meaning set forth in Article 29.1.2 of the Concession Agreement.