SANParks Default definition
SANParks Default means any one of the following events:
25.1.1 an expropriation of a material part of the Restaurant Facility and/or Project Assets of the Private Party by SANParks or other Responsible Authority; and
25.1.2 a breach by SANParks of the material obligations under this PPP Agreement which substantially frustrates or renders it impossible for the Private Party to perform its obligations under this PPP Agreement for a continuous period of 3 months.
SANParks Default means any one of the following events:
29.1.1 a breach by SANParks of the material obligations under this Agreement which substantially frustrates or renders it impossible for the Operator to perform its obligations under this Agreement for a continuous period of at least three (3) months.
SANParks Default means any one of the following events:
28.1.1 an expropriation of a material part of the NAMAQUA FLOWERS BEACH LUXURY MOBILE TENTED CAMP and/or Project Assets of the Private Party by SANParks or other Responsible Authority; and
28.1.2 a breach by SANParks of the material obligations under this PPP Agreement which substantially frustrates or renders it impossible for the Private Party to perform its obligations under this PPP Agreement for a continuous period of at least three (3) months.
Examples of SANParks Default in a sentence
On termination of this PPP Agreement as a result of SANParks Default, SANParks shall pay the Private Party an amount equal to the book value of the Sale Assets and New Project Assets, set out in the annual audited books of account of the Private Party on the date of such termination.