Private Party Default means any of the following events or circumstances:
24.1.1 any arrangement, composition or compromise with or for the benefit of creditors (including any voluntary arrangement as defined in the Insolvency Act, 1936 or the Companies Act, 2008) being entered into by or in relation to the Private Party;
24.1.2 a liquidator, judicial manager or the like taking possession of or being appointed over, or any judicial management, winding-up, execution or other process being levied or enforced (and not being discharged within 15 Business Days) upon, the whole or any material part of the assets of the Private Party (in any of these cases, where applicable, whether provisional or final, and whether voluntary or compulsory);
24.1.3 the Private Party ceasing to carry on business;
24.1.4 a resolution being passed or an order being made for the administration or the judicial management, winding-up, liquidation or dissolution of the Private Party (in any of these cases, where applicable, whether provisional or final and whether voluntary or compulsory);
24.1.5 the Private Party commits a breach of any of its material obligations under this PPP Agreement, and for the avoidance of doubt for the purposes of this PPP Agreement a failure to comply with any of the obligations imposed on the Private Party as set out in the Schedules to this PPP Agreement shall be deemed to be a breach of a material obligation;
24.1.6 the Private Party breaches any of the provisions of Schedule 5 or Clause 15;
24.1.7 the Private Party fails to pay any sum or sums due to SANParks under this PPP Agreement (which sums are not bona fide in dispute) and such failure continues for 20 Business Days from receipt by the Private Party of a notice of non-payment from SANParks;
24.1.8 the Private Party breaches the provisions of Clause 6.2.1 or the standards and requirements set out in Schedule 6;
24.1.9 The Private Party or any of its directors or officers is found guilty of a criminal offence involving fraud or bribery or dishonesty, by a court of law, with punishment imposed of a fine of not less than R 500,000 or imprisonment for a period exceeding 6 months unless such finding is the subject of an appeal that is being diligently pursued by the Private Party or relevant director of officer.;
24.1.10 the Private Party fails to meet mutually agreed performance targets as set out in the attached Schedule 16.
24.1.11 the Private Party or any of its directors or officers falsifies any report, document or infor...
Private Party Default has the meaning ascribed to it in Clause 27; 2.
Private Party Default means any of the following events or circumstances:
Examples of Private Party Default in a sentence
In the absence of agreement within 5 (five) Business Days, the question of whether the Remedial Programme (as the same may have been amended by agreement) will remedy the Private Party Default in a reasonable manner and within a reasonable time period.
The Private Party shall only have the option of putting forward a Remedial Programme if it first notifies SANParks within 5 (five) Business Days of such notice of Private Party Default that it proposes to do so.
The Remedial Programme shall specify in reasonable detail the manner in and the latest date by which, such Private Party Default is proposed to be remedied.
On termination of this Agreement as a result of Private Party Default, the Institution shall not pay any amount to the Private Party.
For the avoidance of doubt, the Private Party shall not be entitled to any termination payment in the event of termination as a result of Private Party Default.
More Definitions of Private Party Default
Private Party Default has the meaning assigned to it in Clause 17.1;
Private Party Default has the meaning ascribed to it in Clause 24; 2.1.49 “Private Party Parties” - the officers, directors, staff, employees, contractors, sub-contractors, agents, guests, visitors, invitees and patrons of the Private Party or, where the context requires, any one or more of them; 2.
Private Party Default means any of the following events or circumstances: any arrangement, composition or compromise with or for the benefit of creditors (including any voluntary arrangement as defined in the Insolvency Act, 1936 or the Companies Act, 1973) being entered into by or in relation to the Private Party;
Private Party Default means any of the following events or circumstances:
27.1.1 any arrangement, composition or compromise with or for the benefit of creditors
27.1.2 a liquidator, business rescue practitioner or the like taking possession of or being appointed over, or any business rescue proceedings, winding-up, execution or other process being levied or enforced (and not being discharged within ten (10) Business Days) upon, the whole or any material part of the assets of the Private Party (in any of these cases, where applicable, whether provisional or final, and whether voluntary or compulsory);
27.1.3 the Private Party ceasing to carry on business;
27.1.4 a resolution being passed or an order being made for the business rescue proceedings, winding-up, liquidation or dissolution of the Private Party (in any of these cases, where applicable, whether provisional or final and whether voluntary or compulsory);
27.1.5 the Private Party commits a breach of any of its material obligations under this PPP Agreement, which is not specifically mentioned in this Clause 27.1. For the avoidance of doubt for the purposes of this PPP Agreement a failure to comply with any of the obligations imposed on the Private Party as set out in the Schedules to this PPP Agreement shall be deemed to be a breach of a material obligation;
27.1.6 the Private Party fails to pay any sum or sums due to SANParks under this PPP Agreement including but not limited to the requirements contained in Clauses 46.11, 6.2 and Schedule 6 (which sums are not bona fide in dispute) and such failure continues for 10 (ten) Business Days from receipt by the Private Party of a notice of non-payment from SANParks;
27.1.7 The Private Party or any of its directors or officers is found guilty of a criminal offence involving fraud or bribery or dishonesty, by a court of law, with punishment imposed of a fine of not less than R 500,000 (five hundred thousand Rand) or imprisonment for a period exceeding six (6) months unless such finding is the subject of an appeal that is being diligently pursued by the Private Party or relevant director of officer;
27.1.8 the Private Party or any of its directors or officers falsifies any report, document or information that is provided by the Private Party to SANParks;
27.1.9 breach of any provision of this PPP Agreement has occurred at least 3 (three) times in any Financial Year and the Private Party having failed to remedy such breach within the time stipulated therefor in terms of a breach no...
Private Party Default means any of the following events or circumstances:
(a) a Municipality Default;
(b) any event falling within the definition of Private Party Default in the PPP Agreement occurs in respect of the Private Party other than where the default is caused or contributed to by any fault, failure, action or omission of the Operations Subcontractor;
(c) a failure by the Private Party to make payment of any amount or amounts that are due and payable by the Private Party under this Agreement (which amounts are not in dispute), other than in circumstances where the Private Party is unable to make payment to the Operations Subcontractor due to a failure by the Municipality to make payment to the Private Party under the PPP Agreement or a fault, failure, action or omission of the Operations Subcontractor;
(d) the Municipality terminates the PPP Agreement pursuant to a Private Party Default under the PPP Agreement which was not caused or contributed to by the Operations Subcontractor under this Agreement; or
(e) a breach by the Private Party of its obligations under this Agreement which substantially or materially frustrates or renders it impossible for the Operations Subcontractor to perform its obligations under this Agreement for a continuous period of 3 months;
Private Party Default means any of the following events or circumstances:
i. Any compromise or arrangement with or for the benefit of the creditors being entered into by the Private Party which is not approved by the PPP Governing Board;
ii. The Private Party ceases to carry on business, due to bankruptcy, insolvency, business failure or other reasons;
iii. The Private Party fails to meet the Service Commencement Date;
iv. The Private Party ceases to provide all or a substantial part of the Defined Services under this PPP Agreement (other than when the Private Party is impacted by Public Party Default); or
v. A failure by the Private Party to pay amounts of money due to the Public Party in accordance with the PPP Agreement or decision of the PPP Governing Board;
Private Party Default means any Private Party Default (as defined in the PPP Agreement) that is capable of being remedied, being any Private Party Default referred to in clause [59.2] (Municipality’s Options) of the PPP Agreement;