Power Producer’s Default Clause Samples
Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer:
a. Failure to commission the project by scheduled commercial operation date beyond the period mentioned in Article 3.3
b. Fails to supply power in terms of the PPA
c. O & M Default on part of Power Producer
d. Failure or refusal by Power Producer to perform any of its material obligations under this Agreement.
e. Power Producer fails to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the Power Producer.
f. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement.
g. If the Power producer becomes voluntarily or involuntarily the subject of proceeding under any bankruptcy or insolvency laws or goes into liquidation or dissolution or has a receiver appointed over it or liquidator is appointed, pursuant to Law, except where such dissolution of the Power producer is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and creditworthiness similar to the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or
h. The Power Producer repudiates this agreement.
i. Failure to maintain the shareholding/ownership of the project before completion of one year from the date of COD. Any change in ownership of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOM.
j. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator shall be construed to be in default.
Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of
Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer:
a) Failure to commission the project by scheduled comAERCial operation date or fails to supply power in terms of the PPA, or assigns or novates any of its rights or obligations contrary to the terms of the PPA.
b) O &M Default on part of Power Producer.
c) Fa i l ure or refusal by Power Producer to perform any of its material obligations under this Agreement including but not limited to financial closure.
d) Power producer fails to make any payment required to be made to Power Procurer under this agreement within three (3) months after the due date of a valid invoice raised by APDCL on the Power Producer.
e) If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / orobligations under this agreement, in violation of this agreement.
f) If the Power producer becomes voluntarily or involuntarily the subject of proceeding under any bankruptcy or insolvency laws or goes into liquidation or dissolution or has a receiver appointed over it or liquidator is appointed, pursuant to Law, except where such dissolution of the Power producer is for the purpose of a merger, consolidated or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and creditworthiness similar to the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or
g) The Power Producer repudiates this agreement.
h) Change in controlling shareholding before the specified time frame as mentioned in the RfS.
i) Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer.