Government Default definition

Government Default means an expropriation or nationalisation of a material part of the Facility and/or shares of the Buyer by any Responsible Authority

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Government Default has the meaning given to it in the Implementation Agreement;

Government Default has the meaning given to it in Clause 14.3 as well as any act of compulsory acquisition as set out in section 19 of the ZDA Act;

Examples of Government Default in a sentence

Simultaneously with termination for a Government Default, this Agreement shall terminate.
The Federal Government shall purchase the Termination Transfer Assets for the Federal Government Default Termination Amount.
The Government Default Purchase Price - Non-Expropriation shall be payable by the Government (or the Government’s designee) to the Project Company in accordance with the provisions of this Clause 11 (Early Termination Purchase Price and Procedure), provided that the Government Default Purchase Price - Non-Expropriation may never be less than zero.
Simultaneously with termination of the Implementation Agreement for a Government Default, this Agreement shall terminate.
The Government Default Purchase Price - Non-Expropriation shall be payable by the Government (or the Government’s designee) to the Project Company in accordance with the provisions of this Clause 11 (Early Termination Purchase Price and Procedure) provided that the Government Default Purchase Price - Non-Expropriation may never be less than zero.
If the Shareholder exercises that option in accordance with Clause 10.7 (Exercise of Termination Option), then: in accordance with the provisions of this Clause 11 (Early Termination Purchase Price and Procedure), the Project Property shall be valued at "Government Default Purchase Price – Expropriation", which equals to – the Government Default Purchase Price - Non-Expropriation; minus Other Expropriation Proceeds.
Such Notice shall state, in summary fashion, the nature of such Government Default, the grounds on which it is invoked and the proposed remedy with respect thereto.
Promptly after becoming aware of any actual or potential Government Default the Developer shall give Notice thereof to the Government.
If the relevant Government Default has not been remedied or rectified within thirty (30) Business Days of such notice, the Seller may serve a further notice on the DoE enforcing clause 12 (Compensation on Termination for Government Default) and terminating this Agreement, subject to clause 3.2.
This order is the Local Government (Default Communications Agreement) Order 2025.

More Definitions of Government Default

Government Default means any one of the following events:

Government Default means a default of the Government as set out in Clause 12.1; “Government Guarantee” means the unconditional $25,000,000 (twenty-five million dollars) guarantee to be provided by the Minister of Finance under the Government Loans Act 1978 to BNTB in support of the Developer’s financial obligations to BNTB under the Finance Agreements made on the terms and conditions made therein;

Government Default has the meaning given to it in Clause 1 1.2;