Common use of Consequences of Payment Default Clause in Contracts

Consequences of Payment Default. (a) In the event of a payment default for a duration of three [3] consecutive months by the ULB, the ULB will not be entitled to the services of the Project and the Concessionaire may at its discretion suspend the acceptance of the SW MSW from the defaulting ULB, till such time as the relevant payment default is cured. However, if the default continues for a continuous period of six (6) months, the same shall be treated as ULB Event of Default. (b) In the event of a payment default for a duration of three [3] consecutive months by the Concessionaire, the ULB may at its discretion discontinue the supply of SW MSW at Waste to Energy Processing Facility, till such time as the relevant payment default is cured. However, if the default continues for a continuous period of six (6) months, the same shall be treated as Concessionaire Event of Default.

Consequences of Payment Default. (a) In the event of a payment default for a duration of three [3] consecutive months by the ULB, the ULB will not be entitled to the services of the Project and the Concessionaire may at its discretion suspend the acceptance of the SW MSW from the defaulting ULB, till such time as the relevant payment default is cured. However, if the default continues for a continuous period of six (6) months, the same shall be treated as ULB Event of Default. (b) In the event of a payment default for a duration of three [3] consecutive months by the Concessionaire, the ULB may at its discretion discontinue the supply of SW MSW at Waste to Energy Processing Facility, till such time as the relevant payment default is cured. However, if the default continues for a continuous period of six (6) months, the same shall be treated as Concessionaire Event of Default.