Private Party Default definition
Private Party Default has the meaning ascribed to it in Clause 27; 2.
Private Party Default means any of the following events or circumstances:
24.1.1 any arrangement, composition or compromise with or for the benefit of creditors (including any voluntary arrangement as defined in the Insolvency Act, 1936 or the Companies Act, 2008) being entered into by or in relation to the Private Party;
24.1.2 a liquidator, judicial manager or the like taking possession of or being appointed over, or any judicial management, winding-up, execution or other process being levied or enforced (and not being discharged within 15 Business Days) upon, the whole or any material part of the assets of the Private Party (in any of these cases, where applicable, whether provisional or final, and whether voluntary or compulsory);
24.1.3 the Private Party ceasing to carry on business;
24.1.4 a resolution being passed or an order being made for the administration or the judicial management, winding-up, liquidation or dissolution of the Private Party (in any of these cases, where applicable, whether provisional or final and whether voluntary or compulsory);
24.1.5 the Private Party commits a breach of any of its material obligations under this PPP Agreement, and for the avoidance of doubt for the purposes of this PPP Agreement a failure to comply with any of the obligations imposed on the Private Party as set out in the Schedules to this PPP Agreement shall be deemed to be a breach of a material obligation;
24.1.6 the Private Party breaches any of the provisions of Schedule 5 or Clause 15;
24.1.7 the Private Party fails to pay any sum or sums due to SANParks under this PPP Agreement (which sums are not bona fide in dispute) and such failure continues for 20 Business Days from receipt by the Private Party of a notice of non-payment from SANParks;
24.1.8 the Private Party breaches the provisions of Clause 6.2.1 or the standards and requirements set out in Schedule 6;
24.1.9 The Private Party or any of its directors or officers is found guilty of a criminal offence involving fraud or bribery or dishonesty, by a court of law, with punishment imposed of a fine of not less than R 500,000 or imprisonment for a period exceeding 6 months unless such finding is the subject of an appeal that is being diligently pursued by the Private Party or relevant director of officer.;
24.1.10 the Private Party fails to meet mutually agreed performance targets as set out in the attached Schedule 16.
24.1.11 the Private Party or any of its directors or officers falsifies any report, document or infor...
Private Party Default means any of the following events or circumstances:
27.1.1 any arrangement, composition or compromise with or for the benefit of creditors (including any voluntary arrangement as defined in the Insolvency Act, ▇▇. ▇▇ ▇▇ ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇) being entered into by or in relation to the Private Party;
27.1.2 a liquidator, business rescue practitioner or the like taking possession of or being appointed over, or any business rescue proceedings, winding- up, execution or other process being levied or enforced (and not being discharged within ten (10) Business Days) upon, the whole or any material part of the assets of the Private Party (in any of these cases, where applicable, whether provisional or final, and whether voluntary or compulsory);
27.1.3 the Private Party ceasing to carry on business;
27.1.4 a resolution being passed or an order being made for the business rescue proceedings, winding-up, liquidation or dissolution of the Private Party (in any of these cases, where applicable, whether provisional or final and whether voluntary or compulsory);
27.1.5 the Private Party commits a breach of any of its material obligations under this PPP Agreement, which is not specifically mentioned in this Clause
27.1. For the avoidance of doubt for the purposes of this PPP Agreement a failure to comply with any of the obligations imposed on the Private Party as set out in the Schedules to this PPP Agreement shall be deemed to be a breach of a material obligation;
27.1.6 the Private Party fails to pay any sum or sums due to SANParks under this PPP Agreement including but not limited to the requirements contained in Clauses 46.11, 6.2 and Schedule 6 (which sums are not bona fide in dispute) and such failure continues for 10 (ten) Business Days from receipt by the Private Party of a notice of non-payment from SANParks;
27.1.7 The Private Party or any of its directors or officers is found guilty of a criminal offence involving fraud or bribery or dishonesty, by a court of law, with punishment imposed of a fine of not less than R 500,000 (five hundred thousand Rand) or imprisonment for a period exceeding six (6) months unless such finding is the subject of an appeal that is being diligently pursued by the Private Party or relevant director of officer;
27.1.8 the Private Party or any of its directors or officers falsifies any report, document or information that is provided by the Private Party to SANParks;
27.1.9 breach of any provision of this PPP Agreement has occur...
Examples of Private Party Default in a sentence
In the absence of agreement within 5 (five) Business Days, the question of whether the Remedial Programme (as the same may have been amended by agreement) will remedy the Private Party Default in a reasonable manner and within a reasonable time period.
The Remedial Programme shall specify in reasonable detail the manner in and the latest date by which, such Private Party Default is proposed to be remedied.
The Private Party shall only have the option of putting forward a Remedial Programme if it first notifies SANParks within 5 (five) Business Days of such notice of Private Party Default that it proposes to do so.
For the avoidance of doubt, the Private Party shall not be entitled to any termination payment in the event of termination as a result of Private Party Default.
On termination of this Agreement as a result of Private Party Default, the Institution shall not pay any amount to the Private Party.
More Definitions of Private Party Default
Private Party Default means any of the following events or circumstances:
Private Party Default has the meaning assigned to it in Clause 17.1;
Private Party Default has the meaning ascribed to it in Clause 26; 2.1.60 “Private Party Parties” the officers, directors, staff, employees, contractors, sub-contractors, agents, guests, visitors, invitees and patrons of the Private Party or, where the context requires, any one or more of them;
Private Party Default means any of the following events or circumstances: any arrangement, composition or compromise with or for the benefit of creditors (including any voluntary arrangement as defined in the Insolvency Act, 1936 or the Companies Act, 1973) being entered into by or in relation to the Private Party;
Private Party Default means any Private Party Default (as defined in the PPP Agreement) that is capable of being remedied, being any Private Party Default referred to in clause [59.2] (Municipality’s Options) of the PPP Agreement;
Private Party Default. 399 means any of the following events or circumstances:
Private Party Default has the meaning ascribed to it in Clause 27; 2.1.62 “Private Party Parties” - the officers, directors, staff, employees, contractors, sub- contractors, agents, guests, visitors, invitees and patrons of the Private Party or, where the context requires, any one or more of them; 2.1.63 “Project” - shall have the meaning assigned to that term in clause 1.2 above; 2.1.64 “Project Assets” - all assets required to undertake the Project, including the Business Assets and the Capital Investment Assets, any books and records, any spare parts and tools, as well as the Intellectual Property pertaining to the Business, but excluding all cash and cash equivalents;