Common use of Company’s Default Clause in Contracts

Company’s Default. The occurrence and continuation of any of the following events, unless any such event occurs as a result of Force Majeure event or a breach by the HPSEBL of its obligations under the Agreement, shall constitute a "Company Event of Default”. (a) if the Project is designed, constructed or completed:- i) in a manner that materially deviates from the provisions of the Project Report scope of the project envisaged at the time of signing of the PPA ; or ii) in violation of any applicable Law of India; or iii) in a manner which deviates materially from Prudent Utility Practices; (b) if the Company wilfully or recklessly fails in material respect to operate and maintain the Project in accordance with Prudent Utility Practices or as per the requirements of the Agreement; (c) abandonment of the operation of the Project or failure by the Company to operate Project for a continuous period of thirty (30) days (other than due to a Force Majeure Event, capital maintenance or HPSEBL Event of Default); (d) if the Company, taking into account prevalent Grid conditions, regularly refuses to comply with Despatch Instructions; (e) bankruptcy, liquidation or dissolution of the Company, pursuant to Law, except for the purposes of a merger, consolidation or reorganisation that does not affect the ability of the resulting entity to perform all its obligations under the Agreement and provided that such resulting entity expressly assumes all such obligations; (f) the transfer, pursuant to Law, of either the rights and/or obligations of the Company hereunder or all or a substantial portion of the assets or undertakings of the Company, except where such transfer, in the opinion of the HPSEBL, does not affect the ability of the transferee to perform all its obligations under the Agreement and provided that such transferee expressly assumes all such obligations; (g) the Company commits material breach of the Agreement; (h) the Company assigns or purports to assign its rights and transfers its obligations under the Agreement or transfers or changes its assets, in violation of Section 15.10 and Clause (i) of Section 9.1; (i) failure of the Company to make any substantial payment (Rs. 10 Lacs or above), due under the PPA after receipt of notice of non-payment; (j) failure of the Company to enter into Commercial Operation within 180 days of the Scheduled Date of Synchronization other than as a result of Force Majeure event or HPSEBL's Event of Default; and

Company’s Default. The (a) On the occurrence and continuation of any one or more of the following events: (i) the Company ceases to operate the Aircraft for any reason whatsoever; and/or (ii) any Operational LRU and any replacement spare Main Element, unless delivered by the Provider to the Company pursuant to Exhibits 10, 11 and 12 to this Agreement is used on an aircraft which is not any such event occurs as Aircraft or to benefit to any third party not a result of Force Majeure party to this Agreement; and/or (iii) any Unserviceable LRU delivered by the Company to the Provider for repair or overhaul under this Agreement prove to come from an aircraft which is not any Aircraft; and/or (iv) any event or series of events occurs which, in the reasonable opinion of the Provider may be expected to have a breach by material adverse effect on (i) the HPSEBL ability of the Company to comply with its obligations under this Agreement or (ii) the Company’s financial condition or business operations; (v) the Company fails to observe or perform any of its obligation expressed to be assumed by it under the Agreement, shall constitute a "Company Event of Default”. (a) if the Project is designed, constructed or completed:- i) in a manner that materially deviates from the provisions of the Project Report scope of the project envisaged at the time of signing of the PPA ; or ii) in violation of any applicable Law of India; or iii) in a manner which deviates materially from Prudent Utility Practices;and (b) if such event (a “Company Default”) continues for a period of more than five (5) Business Days after the receipt of a notice of default by the Company wilfully or recklessly fails in material respect from the Provider to operate and maintain correct such Company Default, then the Project in accordance with Prudent Utility Practices or as per Provider may without prejudice to its other rights under this Agreement, by written notice to the requirements of the Agreement;Company: (ci) abandonment proceed by appropriate court action or actions to enforce performance of this Agreement, including the operation payment of the Project or failure all amounts due and payable by the Company to operate Project for a continuous period of thirty (30) days (other than due pursuant to a Force Majeure Event, capital maintenance or HPSEBL Event of Default);this Agreement; and/or, (dii) if the Company, taking into account prevalent Grid conditions, regularly refuses proceed by appropriate court action to comply with Despatch Instructions;recover damages for Company Default; and/or, (eiii) bankruptcy, liquidation or dissolution of the Company, pursuant to Law, except for the purposes of a merger, consolidation or reorganisation that does not affect the ability of the resulting entity to perform all its obligations under the Agreement and provided that such resulting entity expressly assumes all such obligations; (f) the transfer, pursuant to Law, of either the rights and/or obligations of the Company hereunder or all or a substantial portion of the assets or undertakings of the Company, except where such transfer, in the opinion of the HPSEBL, does not affect the ability of the transferee to perform all its obligations under the Agreement and provided that such transferee expressly assumes all such obligations; (g) the Company commits material breach of the Agreement; (h) the Company assigns or purports to assign its rights and transfers its obligations under the Agreement or transfers or changes its assets, in violation of Section 15.10 and Clause (i) of Section 9.1; (i) failure of direct the Company to make return the Stock forthwith, any substantial payment Unserviceable LRU, any Core Item, any replacement Spare Main Elements and any leased Main Element (Rs. 10 Lacs when applicable under this Agreement); and/or, (iv) repossess the Stock, any Unserviceable LRU, any Core Item, any replacement Spare Main Element, and any leased Main Element (when applicable under this Agreement) and the Company agrees that the Provider may enter onto the Company’s premises where the Stock, any Unserviceable LRU, any Core Item, any replacement Spare Main Element and any leased Main Element (when applicable under this Agreement) may be located or above)cause the Stock, due any Unserviceable LRU, any Core Item, any replacement Spare Main Element and any leased Main Element (when applicable under the PPA after receipt this Agreement) to be re-delivered to: and/or, (v) suspend all or part of this Agreement by way of notice of non-payment;suspension which shall specify the Services and/or items undelivered or unfurnished on the date of such suspension for which such partial suspension shall be effective until such Company Default is corrected; and/or (jvi) failure terminate all or part of the Company this Agreement as it considers appropriate in its absolute discretion pursuant to enter into Commercial Operation within 180 days provisions of the Scheduled Date of Synchronization other than as a result of Force Majeure event or HPSEBL's Event of Default; andClause 16.5

Company’s Default. The occurrence and continuation of any of the following events, unless any such event occurs as a result of Force Majeure event or a breach by the HPSEBL of its obligations under the Agreement, shall constitute a "Company Event of Default”.Default‖. (a) if the Project is designed, constructed or completed:- i) in a manner that materially deviates from the provisions of the Project Report scope of the project envisaged at the time of signing of the PPA ; or ii) in violation of any applicable Law of India; or iii) in a manner which deviates materially from Prudent Utility Practices; (b) if the Company wilfully willfully or recklessly fails in material respect to operate and maintain the Project in accordance with Prudent Utility Practices or as per the requirements of the Agreement; (c) abandonment of the operation of the Project or failure by the Company to operate Project for a continuous period of thirty (30) days (other than due to a Force Majeure Event, capital maintenance or HPSEBL Event of Default); (d) if the Company, taking into account prevalent Grid conditions, regularly refuses to comply with Despatch Instructions; (e) bankruptcy, liquidation or dissolution of the Company, pursuant to Law, except for the purposes of a merger, consolidation or reorganisation that does not affect the ability of the resulting entity to perform all its obligations under the Agreement and provided that such resulting entity expressly assumes all such obligations; (f) the transfer, pursuant to Law, of either the rights and/or obligations of the Company hereunder or all or a substantial portion of the assets or undertakings of the Company, except where such transfer, in the opinion of the HPSEBL, does not affect the ability of the transferee to perform all its obligations under the Agreement and provided that such transferee expressly assumes all such obligations; (g) the Company commits material breach of the Agreement; (h) the Company assigns or purports to assign its rights and transfers its obligations under the Agreement or transfers or changes its assets, in violation of Section 15.10 and Clause (i) of Section 9.1; (i) failure of the Company to make any substantial payment (Rs. 10 Lacs or above), due under the PPA after receipt of notice of non-payment; (j) failure of the Company to enter into Commercial Operation within 180 days of the Scheduled Date of Synchronization other than as a result of Force Majeure event or HPSEBL's Event of Default; and