Concessionaire Default definition

Concessionaire Default shall have the meaning set forth in Clause 20.1.1;

Concessionaire Default shall have the meaning set forth in Clause 25.1.1; “Conditions Precedent” shall have the meaning set forth in the Clause 4.1.1;

Concessionaire Default shall have the meaning set forth in Clause 19.1.1; “Conditions Precedent” shall have the meaning set forth in Clause 4.1.1; “Consortium” shall have the meaning set forth in Recital (C);

Examples of Concessionaire Default in a sentence

• Upon replenishment or furnishing of a fresh Performance Guarantee, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 90 (ninety) days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in accordance with Article 37.

• Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Guarantee as Damages for such Concessionaire Default.

• Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of [90 (ninety)] days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 37.

• Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent.

• Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to appropriate the relevant amounts from the Deemed Performance Security as Damages for Concessionaire Default.

More Definitions of Concessionaire Default

Concessionaire Default means the event where the Concessionaire has failed to cure or rectify a breach, committed by it, within the Cure Period granted in the Notice of Breach issued by the Authority to the Concessionaire. Events of Concessionaire’s Default are provided in ARTICLE 25.

Concessionaire Default means any one or more of the following events: a breach by the Concessionaire of any of its obligations under the Concession Agreement which materially and adversely affects the performance of the Phase 2 Work and/or the Services; Insolvency of the Concessionaire; the Concessionaire assigns or otherwise transfers the Concession Agreement in whole or in part without HPTE’s prior written consent except for permitted assignments to the Senior Lenders; the Concessionaire violates change of control provisions of the Concession Agreement with respect to the legal and beneficial ownership of the Concessionaire; abandonment of the Phase 2 Work by the Concessionaire; violation of certain insurance requirements;the Concessionaire fails to pay an undisputed amount in excess of $500,000 (Indexed) for a period of thirty (30) Business Days following delivery of a written demand of HPTE; failure by the Concessionaire to achieve the Full Services Commencement Date by the Full Services Commencement Longstop Date; and accumulation of uncured or unexpired Noncompliance Points above certain limits.

Concessionaire Default has the meaning ascribed thereto in Section 16.1(a).

Concessionaire Default means any of the events set forth in Section 15.3.1 hereof. “Concessionaire Indemnitee” means Contractor, its subsidiaries and Affiliates, and the directors, officers, agents, employees, successors or assigns of each of them.

Concessionaire Default shall have the meaning set forth in Article 29.1.2 of the Concession Agreement.

Concessionaire Default means any of the events set forth in Section 15.3.1 hereof. “Concessionaire Delay Damages Rate” means, (i) if Contractor notifies Concessionaire more than six (6) months prior to the Guaranteed Substantial Completion Date that it does not believe Substantial Completion will occur on or before the Guaranteed Substantial Completion Date, $98,644, (ii) if Contractor notifies Concessionaire more than three (3) months but fewer than six (6) months prior to the Guaranteed Substantial Completion Date that it does not believe Substantial Completion will occur on or before the Guaranteed Substantial Completion Date, $109,395, and (iii) if Contractor notifies Concessionaire fewer than three (3) months prior to the Guaranteed Substantial Completion Date that it does not believe Substantial Completion will occur on or before the Guaranteed Substantial Completion Date, $131,158.

Concessionaire Default has the meaning ascribed thereto in Section 16.1(a). “Concessionaire Interest” means the interest of the Concessionaire in the Metered Parking System created by this Agreement and the rights and obligations of the Concessionaire under this Agreement (including the interest and franchise described in Section 2.1(b)(i) and the right to receive Concession Compensation).