Common use of Events of Default and Termination Clause in Contracts

Events of Default and Termination. The following occurrences shall constitute events of default under this Agreement ("Events of Default"): The failure of Purchaser to pay the Purchase Price for all Products purchased by Purchaser under this Agreement, when due in accordance with the provisions of this Agreement; provided that Purchaser receives notice thereof from Georal and does not cure such failure within thirty (30) business days after receipt of such notice. The breach by Georal or Purchaser or DWLD, as the case may be, of any of their respective material representations, warranties, covenants or obligations under this Agreement, provided that the breaching party receives notice thereof from the party claiming such breach and fails to cure any such breach within thirty (30) days after such notice. In the event of the occurrence of an Event of Default, Georal or Purchaser or DWLD, as the case may be, shall have the right to institute an action to recover any damages which may result therefrom and/or to exercise any other legal or equitable rights or remedies provided for hereunder or otherwise available under applicable law. Should any party hereto fail to cure an act of default pursuant to the terms herein within 14 days of delivery of written Notice of said default pursuant to the notice requirements as set forth herein, the Party in good standing may elect to terminate this agreement immediately on written notice to the defaulting party. An election of termination shall serve to cancel this agreement pursuant to the terms set forth in this paragraph. In the event of any termination of this Agreement, whether upon the expiration of the Term or pursuant to this Chapter 10, Purchaser shall immediately discontinue all marketing, sales and promotional activities in connection with Products, as well as all distribution and sale of Products and all use of the Patented Products, except that Purchaser shall have a period of up to three (3) months after any such termination to market and sell or lease all inventory of Products and to fulfill all purchase orders therefor which were issued to Purchaser on or prior to the date of any such termination, provided that Purchaser fully pays the Purchase Price for such Products as provided in this Agreement. Purchaser will furnish Georal with reports of all such sales. The Parties hereto shall settle all accounts and issue any and all payments due to any other party hereto within 60 days of the last transaction pursuant to the terms of this Agreement. In the event of the termination of this Agreement, Georal and/or Risi shall have the right to repurchase the patents at the price established in Chapter 9 of this Agreement.

Events of Default and Termination. 11.1Power Producer’s Event of Default The occurrence and continuation of any of the following occurrences events, unless any such event occurs as a result of a Force Majeure Event or a breach by Procurer of its obligations under this PPA, shall constitute events of default under this Agreement ("Events a Power Producer Event of Default"): The : the failure to achieve COD for the PPA Capacity, within the definite time period, as defined under RFP and PPA, or any extension granted by Nodal Agency and/or Procurer; if the Power Producer assigns, mortgages or charges or purports to assign, mortgage or charge any of Purchaser its assets or rights related to pay the Purchase Price for all Products purchased by Purchaser under this Agreement, when due Project in accordance with contravention of the provisions of this AgreementPPA; provided that Purchaser receives notice thereof from Georal or the Power Producer transfers or novates any of its rights and/ or obligations under this PPA, in a manner contrary to the provisions of this PPA; except where such transfer. is in pursuance of a Law; and does not cure affect the ability of the transferee to perform, and such failure within transferee has the financial capability to perform, its obligations under this PPA or is to a transferee who assumes such obligations under this PPA and the PPA remains effective with respect to the transferee; or If the Power Producer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty (30) business days Days, or any winding up or bankruptcy or insolvency order is passed against the Power Producer, or the Power Producer goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law; or Provided that a dissolution or liquidation of the Power Producer will not be a Power Producer Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar or more than the Power Producer and expressly assumes all obligations of the Power Producer under this PPA and is in a position to perform them; or the Power Producer fails to make any payment (i) of an amount exceeding Rupees [insert amount in Lakhs] required to be made to Procurer under this PPA, within [insert number of months in words] (XX) Months after receipt the Due Date of such notice. The breach an undisputed invoice /demand raised by Georal Procurer on the Power Producer; or Purchaser or DWLD, as the case may be, of any of their respective material representationsthe representations and warranties made by the Power Producer in PPA being found to be untrue or inaccurate. Further, warrantiesin addition to the above, covenants any of representations made or obligations the undertakings submitted by the Power Producer at the time of submission of the Bid being found to be breached or inaccurate, including but not limited to undertakings from its parent company/ affiliates related to the minimum equity obligation; Provided however, prior to considering any event specified under this Agreement, provided that the breaching party receives notice thereof from the party claiming such breach and fails sub-article to cure any such breach within thirty (30) days after such notice. In the event of the occurrence of be an Event of Default, Georal or Purchaser or DWLD, as the case may be, Procurer shall have the right to institute an action to recover any damages which may result therefrom and/or to exercise any other legal or equitable rights or remedies provided for hereunder or otherwise available under applicable law. Should any party hereto fail to cure an act of default pursuant to the terms herein within 14 days of delivery of written Notice of said default pursuant to the notice requirements as set forth herein, the Party in good standing may elect to terminate this agreement immediately on written give a notice to the defaulting party. An election Power Producer in writing of termination shall serve to cancel at least [insert number of days in words] (XX) Days; or the Power Producer repudiates this agreement pursuant to the terms set forth PPA and does not rectify such breach within a period of [insert number of days in words] (XX) Days from a notice from Procurer in this paragraph. In regard; or except where due to Xxxxxxxx’s failure to comply with its material obligations, the event Power Producer is in breach of any termination of this Agreement, whether upon the expiration of the Term or its material obligations pursuant to this Chapter 10PPA, Purchaser shall immediately discontinue all marketingand such material breach is not rectified by the Power Producer within [insert number of days in words] (XX) Days of receipt of first notice in this regard given by Xxxxxxxx. the Power Producer fails to complete/ fulfil the activities/conditions specified in Article3.2, sales and promotional activities in connection with Products, as well as all distribution and sale of Products and all use of the Patented Products, except that Purchaser shall have beyond a period of up [insert number of weeks in words] (XX) weeks from the period SCOD and Article 3.19,the right of termination under this PPA can be invoked by Xxxxxxxx; or The Power Producer fails to three (3) months after any such termination to market maintain the C-PBG in accordance with PPA and sell RFP; or lease all inventory change in controlling shareholding before the specified time frame as mentioned in Article 3.4.1 of Products and to fulfill all purchase orders therefor which were issued to Purchaser on this PPA; or prior to the date occurrence of any such termination, provided that Purchaser fully pays the Purchase Price for such Products as provided other event which is not specified in this Agreement. Purchaser will furnish Georal with reports of all such sales. The Parties hereto shall settle all accounts and issue any and all payments due PPA to any other party hereto within 60 days be a material breach/ default of the last transaction pursuant to the terms of this Agreement. In the event of the termination of this Agreement, Georal and/or Risi shall have the right to repurchase the patents at the price established in Chapter 9 of this AgreementPower Producer; Power Producer generates solar power lower than XX% CUF on a monthly basis continuously for XX months.

Events of Default and Termination. (1) The occurrence of any of the following occurrences events shall constitute events be deemed an event of default under this Earn In Agreement ("hereinafter referred to collectively as “Events of Default"” and an “Event of Default” shall be construed accordingly) on the part of the Party who is in default (hereinafter referred to as “Defaulting Party” whereas the other Party hereto shall be referred to as “Non-defaulting Party”): The failure ⮚ the Defaulting Party breaches any material terms or stipulations of Purchaser Earn In Agreement or fails to pay the Purchase Price for all Products purchased by Purchaser under this Agreementobserve its obligations hereunder which is not capable of rectification, when due in accordance with the provisions or if capable of this Agreement; provided that Purchaser receives notice thereof from Georal and does rectification is not cure such failure so remedied within thirty Thirty (30) business days Days (or such shorter timeframe as may be prescribed by the Relevant Authorities) after receipt of such notice. The breach by Georal or Purchaser or DWLD, as the case may be, of any of their respective material representations, warranties, covenants or obligations under this Agreement, provided that the breaching party receives a written notice thereof from the party claiming Non-defaulting Party requiring such breach remedy or rectification; ⮚ any material representation or warranty made by the Defaulting Party under Earn In Agreement shall prove to have been incorrect or misleading and fails to cure any such breach which is not capable of rectification, or if capable of rectification is not so remedied within thirty Thirty (30) days Days (or such shorter timeframe as may be prescribed by the Relevant Authorities) after receipt of a written notice from the Non-defaulting Party requiring such notice. In remedy or rectification; ⮚ the event Defaulting Party shall fail to observe or comply with any term, condition, direction, requirement, regulation, guideline or legislation applicable in relation to the Mining Leases and/or the Sokor South Area and on its part to be observed; ⮚ the Exclusive Mining Agreement and/or the Mining Leases shall be terminated or revoked or not renewed by the Relevant Authorities for any reasons whatsoever (which, unless it is due to the act or omission of the occurrence of Novaworth, shall be deemed as an Event of Default, Georal Default on the part of SPM); ⮚ any step is taken or Purchaser a petition shall be presented or DWLD, as an order is made or a resolution is passed for the case may be, winding-up or dissolution of the Defaulting Party; ⮚ the Defaulting Party shall have become insolvent or compound with or make arrangements with its creditors or go into liquidation whether voluntarily (save for the right to institute an action to recover any damages which may result therefrom purposes of permitted amalgamation or reconstruction) or compulsorily; ⮚ a Receiver or Manager and/or to exercise any other legal or equitable rights or remedies provided for hereunder or otherwise available under applicable law. Should any party hereto fail to cure an act of default special administrator shall be appointed whether pursuant to any charge or debenture whatsoever over the terms herein within 14 days of delivery of written Notice of said default pursuant to the notice requirements as set forth herein, the Party in good standing may elect to terminate this agreement immediately on written notice to the defaulting party. An election of termination shall serve to cancel this agreement pursuant to the terms set forth in this paragraph. In the event of undertakings or properties or assets or any termination of this Agreement, whether upon the expiration part thereof of the Term Defaulting Party; or pursuant ⮚ the Defaulting Party is unable to this Chapter 10, Purchaser shall immediately discontinue all marketing, sales and promotional activities in connection with Products, as well as all distribution and sale pay its debts within the meaning of Products and all use Section 466 of the Patented ProductsCompanies Act 2016 or any statutory modification or re-enactment thereof or stops, except that Purchaser shall have a period suspends or threatens suspension of up to three (3) months after any such termination to market and sell or lease all inventory of Products and to fulfill all purchase orders therefor which were issued to Purchaser on or prior to the date of any such termination, provided that Purchaser fully pays the Purchase Price for such Products as provided in this Agreement. Purchaser will furnish Georal with reports of all such sales. The Parties hereto shall settle all accounts and issue any and all payments due to any other party hereto within 60 days of the last transaction pursuant to the terms of this Agreement. In the event of the termination of this Agreement, Georal and/or Risi shall have the right to repurchase the patents at the price established in Chapter 9 of this Agreementpayment thereof.