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 30.1.1; “Conditions Precedent” shall have the meaning set forth in Clause 4.1.1;

Concessionaire Default shall have the meaning set forth in Clause 26.1.1; “Conditions Precedent” shall have the meaning set forth in Clause 4.1.1; [“Consortium” shall have the meaning set forth in Recital (B);]

Examples of Concessionaire Default in a sentence

• This Security Deposit shall be released upon the completion of entire Concession Period and/or the termination (payable only in the event of non- Concessionaire Default) date whichever is earlier.

• Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, Maha-Metro shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Guarantee and/or the Security Deposit as Damages for such Concessionaire Default or failure to meet any Condition Precedent.

• Upon replenishment or furnishing of a fresh Performance Guarantee and/or the Security Deposit, 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, Maha-Metro shall be entitled to encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in accordance with Article 29.

• In the event of Concessionaire Default which is not rectified in time, Maha-Metro shall, if there be any Lenders, send a copy of the Termination Notice to the Lenders’ Representative to inform and grant 15 (Fifteen) days to the Lenders’ Representative, for making a representation on behalf of the Lenders stating the intention to substitute the Concessionaire.

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

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).