Material Adverse Government Action. (or "MAGA") shall mean any act or omission, after the date of signature of this Contract, by a Governmental Entity, which has a Material Adverse Effect.
Material Adverse Government Action means any act or omission by the Authority or any relevant Public Authority or event set out in Clause 29.2 below, which occurs during the term of this Agreement and which (i) directly causes the Operator to be unable to comply with all or some of its obligations under the Agreement and/or (ii) has a [Material] Adverse Effect] on its [costs or revenues]. For the purposes of Clause 29.1 above any act or omission shall mean and be limited to the following circumstances:
Material Adverse Government Action. ("MAGA") shall mean any act or omission, after the Effective Date, by BSCDCL or any other public entity, which has a Material Adverse Effect.
Examples of Material Adverse Government Action in a sentence
Except for any interruption or suspension of operations in line with article 7.8 due to an Emergency, Force Majeure, Material Adverse Government Action, or any other interruption authorized by the Contracting Authority or Competent Authorities, as provided for herein, the Concessionaire shall undertake that the Airport remains open and functional anytime throughout the Term of this Agreement.
The Disputes Board, at its sole discretion, shall certify or refuse to certify the said action as a Material Adverse Government Action.
In its Request for Certification of a Material Adverse Government Action, the Concessionaire shall describe the said action and its likely impact on the Concessionaire.
Action occurs, the Concessionaire is entitled to apply for relief of its obligations and/or claim compensation under this Concession Agreement subject to and in accordance with the provisions of this Clause 35.2 (Consequences of a Material Adverse Government Action).
Government Action has occurred and is continuing, any Party may terminate this Concession Agreement in accordance with Clause 41.3 (Termination Procedure), if such Material Adverse Government Action prevents a Party from performing its obligations under this Concession Agreement, for a period of one hundred and eighty (180) consecutive days.
More Definitions of Material Adverse Government Action
Material Adverse Government Action shall have the meaning ascribed in article 13;
Material Adverse Government Action means cases when the Contracting Authority or any local or central Competent Authority, after the Effective Date of this Agreement, takes or fails to take an action, whose effect has a tangible and negative impact on the Concessionaire with regards to the rights, assets, expenses or revenues (including, but not limited to, Taxation or Taxes), or its economic and financial position, including, but not limited to: expropriation, seizure or nationalization of SIA and/or of the rights of the Concessionaire provided for in article 4; prohibition or restriction on the transfer of the Concessionaire’s profits and loan services from the Republic of Albania (including the prohibition and restrictions of the exchange rate); Every obligation, act or law amendment that would exclusively affect, and negatively and tangibly impact the Concessionaire, and would make the fulfillment of the Concessionaire’s obligations under the Agreement impossible. In order to avoid any doubt, the Amendment on Law on Taxation or Taxes shall not be considered an Material Adverse Government Actionif applicable to all taxpayers or tax entities in Albania, without any differentiation or discrimination; If the Concessionaire reasonably thinks that an Material Adverse Government Actionhas occurred or is expected to occur, the Concessionaire shall notify the Contracting Authority and provide detailed information about the Material Adverse Government Actionand the way it tangibly affects and is unfavorable for the rights of the Concessionaire or for the fulfillment of its obligation under this Agreement. Within thirty (30) Business Days upon the notice addressed to the Contracting Authority, the Parties shall meet, discuss and decide in good faith a mutual satisfactory solution, in order to return the Concessionaire to the commercial position it would have had if such Material Adverse Government Actionwould not have occurred, or in an equivalent commercial position. If the Parties decide that a satisfactory solution cannot be found to address the impact of the Material Adverse Government Actionon the fulfillment of the obligations under this Agreement, and if the Material Adverse Government Actionoccurs during the Term and continues for more than three (3) months, the Concessionaire shall have the right to: proceed with the fulfillment of its obligations under the Agreement, thus being granted an extension to the deadline of its obligations fulfillment (if this is the case), or terminate this Ag...
Material Adverse Government Action means any action of competent authority of whatsoever nature, including but not limited to the introduction, application or change of any law, order, regulation or by-law after the effective date, the effect of which is to discriminate against or has a material adverse effect on the rights, interest or obligations of the WSI under the contract and results in any actual or prospective change in the WSIs costs and/or revenues, provided that there shall not be deemed to be a material adverse government action to the extent that the WSA’s or competent authority’s action is required following a vis major event provided that such action is reasonable in relation thereto;
Material Adverse Government Action means: xxx which in each case has a material adverse effect on: a) any of the rights and privileg es of the Concessionaire or the Facility Operator under this Concession Agreement, or b) a Project Milestone or the Concessionaire’s or the Facility Operator’s ability to comply with its financial and/or other contractual obligations This comment has been noted and considered by the Grantors. To the extent to which the comment has been accepted, an amendment has been made to the Concession Agreement and is reflected in the Generic and Panglao versions of the Concession Agreement issued on 15 December 2015. No. Topic Draft Concession Agreement / Annex Query / Comments Proposed Rewording (if any) Grantors Response as to what constitutes such material adverse effect). Please see proposed revisions in the next column, which are consistent with PPP precedent. under this Concession Agreement.
Material Adverse Government Action. Section 1.1 The present drafting includes a restrictive list of the Concessionaire's obligations which must be affected in order to fall within the scope of MAGA rather than referring to all rights and obligations of the Concessionaire. It is not clear if the intent of this drafting was to exclude certain rights and obligations (such as Variations, financing obligations etc.) from the scope of MAGA relief. We submit that the MAGA relief should include all the rights and obligations of the Concessionaire and the Facility " in each case which directly and materiallyand adversely affects the performance of the Concessionaire'sor Facility Operator's obligations under this Concession Agreement or the rights and privileges of the Concessionaire or the Facility Operator under this Concession This comment has been noted and considered by the Grantors. To the extent to which the comment has been accepted, an amendment has been made to the Concession Agreement and is reflected in the Generic and Panglao versions of the Concession Agreement issued on 15 December 2015. No. Topic Draft Concession Agreement / Annex Query / Comments Proposed Rewording (if any) Grantors Response Operator and should not be selectively applied. This is in accordance with precedent and also with other provisions within the Concession Agreement. Agreementto: (g) , by , to the extent not caused or contributed to by…..".
Material Adverse Government Action shall have the meaning ascribed in article 13; “Concession Fee Verification” shall have the meaning ascribed in article 10.54(b);
Material Adverse Government Action means cases when the Contracting Authority or any local or central Competent Authority, after the Effective Date of this Agreement, takes or fails to take an action, whose effect has a tangible and negative impact on the Concessionaire with regards to the rights, assets, expenses or revenues (including, but not limited to, Taxation or Taxes), or its economic and financial position, including, but not limited to: