Municipality Default definition

Municipality Default means any of the following events: (a) an expropriation of a part of the Project Assets and/or shares (or shareholder loans) of the Private Party by the Municipality or other Responsible Authority; (b) a failure by the Municipality to make payment of any amount or amounts that are due and payable by the Municipality under the PPP Agreement (which amounts are not in dispute) which, either singly or in aggregate exceeds the sum of R100 000.00 (one Hundred Thousand Rand) (index linked) and such failure continues for twenty (20) Business Days from receipt by the Municipality of a notice of non-payment from the Private Party; (c) a breach by the Municipality of its obligations under the PPP Agreement which substantially or materially frustrates or renders it impossible for the Private Party to perform its obligations under the PPP Agreement for a continuous period of 3 months; (d) a Corrupt Act in relation to the Project committed by an officer or employee of the Municipality; and (e) a breach by the Municipality of its obligations in terms of clause [75] of the PPP Agreement;
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Municipality Default has the meaning given in Section 7.8.2. “Municipality Exit Event” has the meaning given in Section 3.1.2. “NFWA” has the meaning given in the recitals.
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Municipality Default has the meaning given in Section 11.7.1. “Municipality Exit Benefits” has the meaning given in Section 19.1.1.
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Examples of Municipality Default in a sentence

  • If the relevant Municipality Default has not been remedied or rectified within twenty (20) Business Days of such notice, the Private Party may serve a further notice on the Municipality terminating this PPP Agreement with immediate effect.

  • Within thirty (30) days of the date that the Municipality has cured the Municipality Default, NWMO shall pay to the Municipality from the Segregated Account: (a) the Financial Benefits or other payments or amounts owed that were suspended; less (b) any liabilities, damages, costs and expenses (including reasonable legal fees) incurred by NWMO in connection with such Municipality Default.

  • The Operations Subcontractor shall not be entitled to terminate this Agreement for a Private Party Default that is a Municipality Default unless the PPP Agreement is terminated for the Municipality Default.

  • Where possible, the Municipality shall promptly cure or otherwise remedy the Municipality Default identified in such Notice of Default, but, in any event, within thirty (30) days of the date of such Notice of Default (or such shorter period identified by NWMO in the Notice of Default if significant legal, financial, economic, or other consequences would likely result from providing thirty (30) days for the Municipality Default to be cured).

Related to Municipality Default

  • Authority Default shall have the meaning set forth in Clause 23.2;

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • SDA municipality means a municipality in which an SDA

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Agency or instrumentality of the government of Venezuela means an agency or instrumentality of a foreign state as defined in section

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Default means any event which is, or after notice or passage of time or both would be, an Event of Default.

  • Bankruptcy or Default means the total cessation of operations due to insolvency, with or without the filing of a bankruptcy petition by an airline, or cruise line, tour operator or other travel provider provided the Bankruptcy or Default occurs more than 14 days following Your Effective Date for the Trip Cancellation Benefits. There is no coverage for the Bankruptcy or Default of any person, organization, agency or firm from whom You purchased Travel Arrangements supplied by others.

  • Seller Default has the meaning set forth in Section 12.1.

  • Landlord Default shall have the meaning given such term in Article 14.

  • Servicer Event of Default One or more of the events described in Section 7.01.

  • The Municipality means Mossel Bay Municipality.

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Senior Nonmonetary Default means the occurrence or existence and continuance of any event of default with respect to any Designated Senior Debt, other than a Senior Payment Default, permitting the holders of such Designated Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise become due and payable. In the event that, notwithstanding the foregoing, the Company shall make any Securities Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1203 would be applicable.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Expropriation Event means the appropriation, confiscation, expropriation, cancellation, seizure or nationalization (by Requirement of Law, intervention, court order, condemnation, exercise of eminent domain or other action or form of taking) of ownership or control of a Credit Party or any of its Subsidiaries or of any Project or any substantial portion thereof, or any substantial portion of the rights related thereto, or any substantial portion of the economic value thereof, or which prevents or materially interferes with the ability of a Person to own or operate the property subject to such action, including by the imposition of any Tax, fee, charge or royalty.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.