Suspension5 Clause Samples

Suspension5. Notwithstanding the payment of mark-up on delayed payments at the Delayed Payment Rate as provided in Section 9.6(d) or any other provision of this Agreement: (a) if at any time after the COD, the aggregate Outstanding Amounts under one or more Overdue Invoices of the Company is equal to or exceeds the Maximum Amount (excluding delayed payment interest at Delayed Payment Rate), the Company’s obligations to make available the Declared Available Capacity and the Power Purchaser’s right to Despatch the Complex may, at the Company’s option be suspended with immediate effect by a notice in writing by the Company to the Power Purchaser and NTDC (with a copy to GOP and Lenders) (“Suspension Notice”), and such suspension shall take effect from the date of the Suspension Notice ("Suspension Start Date") and end on the Suspension End Date (as defined in Section 9.10(b) below) (the “Suspension Period”); (b) the aforementioned suspension shall, unless ended earlier at the Company’s sole option, continue till such date that falls up to a maximum of thirty (30) consecutive Days (subject to Force Majeure) (the "Suspension End Date") after the date on which the aggregate Outstanding Amounts under one or more Overdue Invoices of the Company are reduced, through payment(s) made by or on behalf of the Power Purchaser and received by the Company, to the Minimum Amount (“Minimum Amount Payment Date”); (c) during the period from the Suspension Start Date till the Minimum Amount Payment Date; i. the Company’s obligations to make available the Declared Available Capacity shall remain suspended; ii. the Power Purchaser’s right to Despatch the Complex, shall also remain suspended; iii. the Company shall continue to notify the Declared Available Capacity under this Agreement, which shall be at the Contract Capacity or the then prevailing Tested Capacity, whichever is lower, and shall be paid the Capacity Payments calculated on the basis of the Declared Available Capacity at Contract Capacity or the then prevailing Tested Capacity as applicable albeit with the Return on Equity Component reduced by twenty percent (20%); iv. no liquidated damages under Section 9.4 shall be assessed against the Company due to non-deliveries of Net Electrical Output. (d) During the period starting from the Minimum Amount Payment Date and ending on 5 This clause is only applicable to thermal power plant. Further the time period would also be modified based on type of fuel. Suspension End Date (“Recovery P...
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Related to Suspension5

  • Suspension Developer reserves the right, upon written notice to Connecting Transmission Owner and NYISO, to suspend at any time all work by Connecting Transmission Owner associated with the construction and installation of Connecting Transmission Owner’s Attachment Facilities and/or System Upgrade Facilities and/or System Deliverability Upgrades required for only that Developer under this Agreement with the condition that the New York State Transmission System shall be left in a safe and reliable condition in accordance with Good Utility Practice and the safety and reliability criteria of Connecting Transmission Owner and NYISO. In such event, Developer shall be responsible for all reasonable and necessary costs and/or obligations in accordance with Attachment S to the ISO OATT including those which Connecting Transmission Owner (i) has incurred pursuant to this Agreement prior to the suspension and (ii) incurs in suspending such work, including any costs incurred to perform such work as may be necessary to ensure the safety of persons and property and the integrity of the New York State Transmission System during such suspension and, if applicable, any costs incurred in connection with the cancellation or suspension of material, equipment and labor contracts which Connecting Transmission Owner cannot reasonably avoid; provided, however, that prior to canceling or suspending any such material, equipment or labor contract, Connecting Transmission Owner shall obtain Developer’s authorization to do so. Connecting Transmission Owner shall invoice Developer for such costs pursuant to Article 12 and shall use due diligence to minimize its costs. In the event Developer suspends work by Connecting Transmission Owner required under this Agreement pursuant to this Article 5.16, and has not requested Connecting Transmission Owner to recommence the work required under this Agreement on or before the expiration of three (3) years following commencement of such suspension, this Agreement shall be deemed terminated. The three-year period shall begin on the date the suspension is requested, or the date of the written notice to Connecting Transmission Owner and NYISO, if no effective date is specified.

  • Suspensions Upon giving no less than one day’s prior written notice to the Holders of Registrable Securities, the Company shall be entitled to delay or suspend the filing, effectiveness or use of a Registration Statement or Prospectus (a “Suspension”) if the Conflicts Committee of the Company’s Board of Directors determines in good faith that the filing, effectiveness or use of such Registration Statement or Prospectus would be materially detrimental to the Company and its shareholders because such registration would (x) materially interfere in a way materially adverse to the Company with a significant acquisition, merger, disposition, corporate reorganization or other similar transaction involving the Company, (y) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential or (z) render the Company unable to comply with requirements under applicable securities laws; provided, that the Company shall not be entitled to exercise a Suspension (i) more than twice during any 12-month period or (ii) for a period exceeding 90 days on any one occasion. The Company shall use its reasonable best efforts to resolve any Suspension. Each Holder who is notified by the Company of a Suspension pursuant to this Section 7 shall keep the existence of such Suspension confidential and shall immediately discontinue (and direct any other Person making offers or sales of Registrable Securities on behalf of such Holder to immediately discontinue) offers and sales of Registrable Securities pursuant to such Registration Statement or Prospectus until such time as it is advised in writing by the Company that the use of the Registration Statement or Prospectus may be resumed and, if applicable, is furnished by the Company with a supplemented or amended Prospectus as contemplated by Section 8(g). If the Company delays or suspends a Demand Registration, the Holder that initiated such Demand Registration shall be entitled to withdraw its Demand Registration Request and, if it does so, such Demand Registration Request shall not count against the limitation on the number of such Holder’s Demand Registrations set forth in Section 3(b).

  • SUSPENSION & DEBARMENT Contractor represents and warrants as previously certified in Contractor’s Bidder’s Certification, that neither Contractor nor its principals or affiliates presently are nor have ever been debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in any governmental contract by any governmental department or agency within the United States.

  • Suspension or Debarment In addition to the representations and requirements set forth in Section C.4: (a) The Contractor certifies for itself and Contractor Parties involved in the administration of federal or state funds that they: (1) are not presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded by any governmental agency (federal, state or local); (2) within a three year period preceding the effective date of this Contract, have not been convicted or had a civil judgment rendered against them for commission of fraud or a criminal offense in connection with obtaining, attempting to obtain or performing a public (federal, state or local) transaction or contract under a public transaction; for violation of federal or state antitrust statutes or commission of embezzlement, theft, forgery, bribery, falsification or destruction of records, making false statements or receiving stolen property; (3) are not presently indicted for or otherwise criminally or civilly charged by a governmental entity (federal, state or local) with commission of any of the above offenses; and (4) have not within a three year period preceding the effective date of this Contract had one or more public transactions terminated for cause or fault. (b) Any change in the above status shall be immediately reported to the Agency.

  • Suspension of Services We have the right to suspend the benefit of any Credit Union service at any time for reasonable cause. At Our discretion, We also have the right to pay any share draft presented for payment from Your Account after Your Account is closed or suspended and to recover such amount paid from You.