Common use of Power Producer’s Default Clause in Contracts

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.

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) a. Failure to commission the project by scheduled comAERCial operation date or fails Commencement-of-Supply Date beyond the period mentioned in Article 3.3. b. 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) c. O && M Default on part of Power Producer. c) Fa i l ure d. Failure or refusal by Power Producer to perform any of its material obligations under this Agreement including but not limited to financial closure. d) e. Failure to pay penalty in advance to GUVNL and consequent non-extension of financial closure deadline. f. Any of the undertakings submitted by the Power producer Producer at the time of submission of the Bid being found to be breached or inaccurate. ▇. ▇▇▇▇▇ Producer fails to make any payment required to be made to Power Procurer GUVNL under this agreement within three (3) months after the due date of a valid invoice raised by APDCL the GUVNL on the Power Producer. e) h. 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 or obligations under this agreement, in violation of this agreement. f) i. 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 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 g) j. The Power Producer repudiates this agreement. hk. Failure to maintain the shareholding of the Power Producer (single bidder/ consortium) Change in controlling shareholding before to the specified time frame as mentioned extent of minimum 51% in the RfS.SPV / project before completion of one year from the date of CSD without the prior approval of GUVNL i) l. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power ProducerProducer 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 Wind Power Generator shall be construed to be in default. m. Not operating the plant as per GERC’s Grid Code,CERC Grid Code, RLDC/SLDC instruction and prudent practises of industries.

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 commercial 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 O&M Default on part of Power Producer. c) Fa i l ure Failure 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 P&ED 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 or obligations 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 RfS. i)Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer.

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 or obligations 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.