Common use of Deemed Termination upon delay Clause in Contracts

Deemed Termination upon delay. 4.2.1 In the event that (i) the Operator does not procure fulfilment of any or all of the Conditions Precedent set forth in Article 4.1.2 within a period of ninety (90) days from the ” Handing Over Date, and (ii) the delay has not occurred as a result of failure to fulfil the obligations under Article 4.1.2 or other breach of this Agreement by the Authority, or due to Force Majeure, the Operator shall pay to the Authority, Damages equivalent to an amount calculated at the rate of State Bank of India Prime Lending Rate (SBI PLR) plus 2 % of the Minimum Annual Guarantee for each day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum amount equal to Performance Security and upon reaching such maximum, the Authority may, in its sole discretion, terminate this Agreement.