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

TERMINATION FOR OPERATOR’S DEFAULT. 20.3.1 The Authority may, without prejudice to any other rights or remedies it may possess, forthwith terminate this Contract in the following circumstances by giving a notice of Termination, referring to this Article 20.3.1, if: (a) the Operator becomes bankrupt or insolvent, has a receiving order issued against it, compounds with its creditors, or if a resolution is passed or order is made for its winding up (other than a voluntary liquidation for the purposes of amalgamation or reconstruction), a receiver is appointed over any part of its undertaking or assets, or if the Operator takes or suffers any other analogous action in consequence of debt; (b) insolvency, receivership, reorganisation, bankruptcy, or proceedings of a similar nature brought against the Operator and the proceedings are not dismissed or effectively stayed within 60 (sixty) days of such commencement; (c) the Operator assigns or transfers this Contract or any of its right or interest herein, in violation of the provision of Article 23.6; or (d) the Operator, in the reasonable judgment of the Authority, has engaged in corrupt or fraudulent practices in competing for or in executing this Contract. For the purpose of this sub-Article: