Common use of Buyer Event of Default Clause in Contracts

Buyer Event of Default. 13.2.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by the SPD of its obligations under this Agreement, shall constitute the Event of Default on the part of defaulting Buyer: (i) Buyer fails to pay (with respect to a Monthly Xxxx or a Supplementary Xxxx), subject to Article 10.5, for a period of ninety (90) days after the Due Date and the SPD is unable to recover the amount outstanding to the SPD through the Letter of Credit, (ii) Buyer repudiates this Agreement and does not rectify such breach even within a period of sixty (60) days from a notice from the SPD in this regard; or (iii) except where due to any SPD’s failure to comply with its obligations, Buyer is in material breach of any of its obligations pursuant to this Agreement, and such material breach is not rectified by Buyer within sixty (60) days of receipt of notice in this regard from the SPD to Buyer; or if • Buyer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of sixty (60) days, or • any winding up or bankruptcy or insolvency order is passed against Buyer, or • Buyer goes into liquidation or dissolution or a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that it shall not constitute a Buyer Event of Default, where such dissolution or liquidation of Buyer or Buyer 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 has creditworthiness similar to Buyer and expressly assumes all obligations of Buyer and is in a position to perform them; or; (iv) If Buying Entities are subject to any of the above defaults and SECI does not designate another or other Buying Entities for purchase of power. (v) Occurrence of any other event which is specified in this Agreement to be a material breach or default of Buyer.

Buyer Event of Default. 13.2.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by the SPD of its obligations under this Agreement, shall constitute the Event of Default on the part of defaulting Buyer: (i) Buyer fails to pay (with respect to a Monthly Xxxx or a Supplementary Xxxx), subject to Article 10.5, for a period of ninety (90) days after the Due Date and the SPD is unable to recover the amount outstanding to the SPD through the Letter of Credit, (ii) Buyer repudiates this Agreement and does not rectify such breach even within a period of sixty (60) days from a notice from the SPD in this regard; or (iii) except where due to any SPD’s failure to comply with its obligations, Buyer is in material breach of any of its obligations pursuant to this Agreement, and such material breach is not rectified by Buyer within sixty (60) days of receipt of notice in this regard from the SPD to Buyer; or if • Buyer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of sixty (60) days, or • any winding up or bankruptcy or insolvency order is passed against Buyer, or • Buyer goes into liquidation or dissolution or a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that it shall not constitute a Buyer Event of Default, where such dissolution or liquidation of Buyer or Buyer 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 has creditworthiness similar to Buyer and expressly assumes all obligations of Buyer and is in a position to perform them; or; (iv) If Buying Entities are Entity is subject to any of the above defaults and SECI does not designate another or other Buying Entities Entity for purchase of power. (v) Occurrence of any other event which is specified in this Agreement to be a material breach or default of Buyer.

Buyer Event of Default. 13.2.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by the SPD of its obligations under this Agreement, shall constitute the Event of Default on the part of defaulting Buyer: (i) Buyer fails to pay (with respect to a Monthly Xxxx or a Supplementary Xxxx), subject to Article 10.5, for a period of ninety (90) days after the Due Date and the SPD is unable to recover the amount outstanding to the SPD through the Letter of Credit, (ii) Buyer repudiates this Agreement and does not rectify such breach even within a period of sixty (60) days from a notice from the SPD in this regard; or (iii) except where due to any SPD’s failure to comply with its obligations, Buyer is in material breach of any of its obligations pursuant to this Agreement, and such material breach is not rectified by Buyer within sixty (60) days of receipt of notice in this regard from the SPD to Buyer; or if • Buyer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of sixty (60) days, or • any winding up or bankruptcy or insolvency order is passed against Buyer, or • Buyer goes into liquidation or dissolution or a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that it shall not constitute a Buyer Event of Default, where such dissolution or liquidation of Buyer or Buyer 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 has creditworthiness similar to Buyer and expressly assumes all obligations of Buyer and is in a position to perform them; or; (iv) If Buying Entities are Entity is subject to any of the above defaults and SECI MAHAGENCO does not designate another or other Buying Entities Entity for purchase of power. (v) Occurrence of any other event which is specified in this Agreement to be a material breach or default of Buyer.

Buyer Event of Default. 13.2.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by the SPD HPD of its obligations under this Agreement, shall constitute the Event of Default on the part of defaulting Buyer: (i) Buyer fails to pay (with respect to a Monthly Xxxx or a Supplementary Xxxx), subject to Article 10.5, for a period of ninety (90) days after the Due Date and the SPD HPD is unable to recover the amount outstanding to the SPD HPD through the Letter of Credit, (ii) Buyer repudiates this Agreement and does not rectify such breach even within a period of sixty (60) days from a notice from the SPD HPD in this regard; or (iii) except where due to any SPDHPD’s failure to comply with its obligations, Buyer is in material breach of any of its obligations pursuant to this Agreement, and such material breach is not rectified by Buyer within sixty (60) days of receipt of notice in this regard from the SPD HPD to BuyerBuyer ; or if • Buyer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of sixty (60) days, or • any winding up or bankruptcy or insolvency order is passed against Buyer, or • Buyer goes into liquidation or dissolution or a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that it shall not constitute a Buyer Event of Default, where such dissolution or liquidation of Buyer or Buyer is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to t o perform its obligations under this Agreement and has creditworthiness similar to Buyer and expressly assumes all obligations of Buyer and is in a position to perform them; or; (iv) If Buying Entities are subject to any of the above defaults and SECI does not designate another or other Buying Entities for purchase of power.Not used (v) Occurrence occurrence of any other event which is specified in this Agreement to be a material breach or default of Buyer.