Common use of TERMINATION FOR OPERATOR’S DEFAULT Clause in Contracts

TERMINATION FOR OPERATOR’S DEFAULT. In case of Termination due to the Operator’s Default pursuant to Article 20.3, the Operator shall appropriate the amounts standing in the credit of Escrow Account to the extent of the payments attributable for the part of the O&M Services completed prior to such Termination, as reduced by an amount of Rs. 2,00,00,000/- (Rupees Two Crore). If the amount lying in the Escrow Account on the date of Termination is not sufficient to compensate the Authority of the above said amount of Rs. 2,00,00,000/- (Rupees Two Crore) or any part thereof after meeting other costs as per the terms of the Escrow Account, then, the Operator shall compensate the Authority of any such deficient amount within 30 (thirty) days of the Termination.