Examples of Private Party Default in a sentence

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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 for Private Party Default, the termination compensation (even if based on the market value calculation) may not reflect all the Institution’s losses (including its indemnified losses).
The Private Party shall notify the Municipality of the occurrence, and details, of any Private Party Default and of any event or circumstance which is likely, with the passage of time or otherwise, to constitute or give rise to a Private Party Default, in either case promptly on the Private Party becoming aware of its occurrence.
The key issues of when Lenders should be permitted to step-in, the extent to which the Lenders should be obliged to assume liabilities of the Private Party and the extent to which the Lenders will be given the opportunity to rectify Private Party Default will be given effect to in accordance with the Direct Financing Agreement as it appears in hereto.

More Definitions of Private Party Default

Private Party Default has the meaning assigned to it in Clause 17.1;

Private Party Default any of the following events or circumstances:- the Private Party accumulates Penalties in excess of R250 000.00 in any Month; any Service Failure that occurs more than twice in any 2 (two) months; failure by any Private Party member of the Steering Committee to attend 2 (two) or more Steering Committee meetings in any Contract Year; . failure by the Private Party to comply with its obligatIions in terms of Clause 8.5; the Private Party fails to obtain and maintain any Insurances as required in terms of Clause 28 (INSURANCE) and the SLA; failure by the Private Party to comply with any material obligation contemplated in terms of this Agreement; any breach by the Private Party under any Project Documents; the Private Party fails to pay any sum or sums due to the NDoT under this Agreement (which sums are not in dispute) which, either singly or in aggregate, exceed(s) R [](indexed to CPI) and such failure continues for 40 (forty) Business Days from receipt by the Private Party of a notice of non payment from the NDoT; any arrangement, composition or compromise with or for the benefit of creditors (including any voluntary arrangements as defined in the Insolvency Act 1936 or the Companies Act) being entered into by or in relation to the Private Party without the prior written consent of the NDoT; 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 such other process or executions not being discharged within 20 (twenty) 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); the Private Party ceases to carry on business; 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); the Private party disposes of a material portion of its undertakings or assets; the Private Party ceases to provide all or a substantial part of the Services in accordance with this Agreement (other than as a consequence of a breach by the NDoT of its obligations under this Agreement); the Private Party fails to comply with any of its Target Group obligations in terms of Clauses40 (OWNERSHIP IN THE PRIVATE PARTY),...

Private Party Default has the meaning ascribed to it in Clause 27; 2.1.63 “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; 2.1.64 “Project” - shall have the meaning assigned to that term in clause 1.2 above; 2.1.65 “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; 2.1.66 “Project Deliverables” - the timeous achievement of the Operation Commencement Date; successful implementation of the Project, including the achievement of the BEE Obligations;

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 has the meaning ascribed to it in Clause 27; 2.1.65 “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; 2.1.66 “Project” - shall have the meaning assigned to that term in clause 1.2 above; 2.1.67 “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; 2.1.68 “Project Deliverables” - the timeous achievement of the Operation Commencement Date; successful implementation of the Project, including the achievement of the BEE Obligations; 2.1.69 “Project Insurance” - those insurances that the Private Party is required by Law and in terms of this PPP Agreement to purchase and maintain in terms of Clause 22, upon the minimum terms set out in Schedule 10; 2.1.70 “Project Term” - the period from the Signature Date to the Expiry Date or the Termination Date, whichever occurs first;

Private Party Default has the meaning ascribed to it in Clause 25; 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; 2.1.61 “Private Party” - the counterparty to SANParks hereunder, namely, , Company Registration Number , a limited liability company registered according to the company laws of South Africa; 2.1.62 “Project” - shall have the meaning assigned to that term in clause 1.2 above; 2.1.63 “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.; 2.1.64 “Project Deliverables” - the timeous achievement of the Operation Commencement Date; successful implementation of the Project, including the achievement of the BEE Obligations; 2.1.65 “Project Insurance” - those insurances that the Private Party is required by Law and in terms of this PPP Agreement to purchase and maintain in terms of Clause 20, upon the minimum terms set out in Schedule 10; 2.1.66 “Project Term” - the period from the Signature Date to the Expiry Date or the Termination Date, whichever occurs first, which is further described in Clause 4; 2.1.67 “Project Year” - each period of twelve (12) consecutive months, commencing on the Operation Commencement Date and thereafter commencing on every anniversary of the Operation Commencement Date; 2.1.68 “Protected Area” - Kruger National Park and Garden Route National Park; 2.1.69 “Protected Areas Act” - the National Environmental Management: Xxxxxxxxx Xxxxx Xxx, 0000 (Act No. 57 of 2003,) (as amended) from time to time); 2.1.70 “Rand” or “R” - the South African Rand, the lawful currency of South Africa; 2.1.71 “Regulations” - regulations issued in terms of the Protected Areas Act; 2.1.72 “Regulatory Provisions” - (a) the Environmental guidelines (“Environmental Specifications”) for operators operating within the Protected Area which is further described in Schedule 7, as same may be revised and updated by SANParks from time to time, and (b) collectively the Laws, and standards of the State and any Relevant Authority which in any way affects or applies to the conduct of the Project and/or this PPP Agreement from time to time or, if the context is appropriate, ...

Private Party Default definition

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