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 WPD 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 WPD is unable to recover the amount outstanding to the WPD through the Letter of Credit, (ii) Buyer repudiates this Agreement and does not rectify such breach even within a period of thirty (30) days from a notice from the WPD in this regard; or (iii) except where due to any WPD’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 thirty (30) days of receipt of notice in this regard from the WPD to Buyer; or (iv) if • Buyer becomes voluntarily or involuntarily t h e subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty (30) 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 u n d e r this Agreement and has creditworthiness similar to Buyer and expressly assumes all obligations of Buyer and is in a position to perform them; or; (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 Each of the following eventsevents shall be events of default by the Buyer (each a Buyer Event of Default"), unless any which, if not cured within the time permitted (if any) by the Seller to cure shall give rise to the right on the part of the Seller to terminate this Agreement pursuant to Section 15.3, provided, however, that no such event shall be a Buyer Event of Default (i) if it results from a breach by the Buyer of this Agreement, or (ii) if it occurs as a result of a Force Majeure Event or a breach Event: a) the failure by the WPD Buyer to make any payment or to deposit the Coal Supply Deposit required hereunder within Three (3) Days of the due date therefor. b) except for the purpose of amalgamation or reconstruction that does not affect the ability of the amalgamated or reconstructed entity to perform its obligations under this Agreement and provided that the entity in question has unconditionally assumed such obligations the occurrence of any of the following events: (i) the passing of a resolution by the shareholders of the Buyer for the winding up of the Buyer, (ii) the appointment of a provisional liquidator in case of bankruptcy adjudged by a court of competent jurisdiction, which appointment has not been set aside or stayed within Ninety (90) Days of such appointment, or (iii) the making of an order winding up the Buyer by a court of competent jurisdiction. c) any statement, representation or warranty made by the Buyer herein proving to have been incorrect, in any respect, when made or when deemed to have been made and the circumstances that cause such failure or incorrect statement, representation or warranty to be incorrect having a material adverse effect on the Buyer's ability to perform its obligations under this Agreement. d) any material breach by the Buyer of 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 WPD which is unable to recover the amount outstanding to the WPD through the Letter of Credit, (ii) Buyer repudiates this Agreement and does not rectify such breach even remedied within a period of thirty Thirty (30) days from a after notice from the WPD Seller to the Buyer, which notice (i) states that a material breach of this Agreement has occurred and is continuing, which could result in the termination of this regard; or Agreement, (ii) identities the breach in question in reasonable detail and (iii) except where due to any WPD’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 thirty (30) days of receipt of notice in this regard from the WPD to Buyer; or (iv) if • Buyer becomes voluntarily or involuntarily t h e subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty (30) 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 u n d e r this Agreement and has creditworthiness similar to Buyer and expressly assumes all obligations of Buyer and is in a position to perform them; or; (v) occurrence of any other event which is specified in this Agreement to be a material breach or default of Buyerdemands remedy thereof.

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 WPD SPD of its obligations under this Agreement, shall constitute the Event of Default on the part of defaulting BuyerBuyer : (i) The Buyer fails to pay (with respect to a Monthly Xxxx Bill or a Supplementary XxxxBill), subject to Article 10.5, for a period of ninety 90 (90ninety) days after the Due Date and the WPD SPD is unable to recover the amount outstanding to the WPD SPD through the Letter of Credit, (ii) The Buyer repudiates this Agreement and does not rectify such breach even within a period of thirty 60 (30sixty) days from a notice from the WPD SPD in this regard; or (iii) except where due to any WPDSPD’s failure to comply with its obligations, the Buyer is in material breach of any of its obligations pursuant to this Agreement, and such material breach is not rectified by Buyer within thirty (30the Buyerwithin 6 0 ( sixty) days of receipt of notice in this regard from the WPD SPD to the Buyer; or (iv) if • if (a) the Buyer becomes voluntarily or involuntarily t h e the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty 60 (30sixty) days, or • or (b) any winding up or bankruptcy or insolvency order is passed against the Buyer, or • or (c) the 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 provided that it shall not constitute a Buyer Event of Default, where such dissolution or liquidation of Buyer or the Buyer is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations u n d e r under this Agreement and has creditworthiness similar to the Buyer and expressly assumes all obligations of the Buyer and is in a position to perform them; or; (v) occurrence Occurrence of any other event which is specified in this Agreement to be a material breach or default of Buyerthe Buyer .

Buyer Event of Default. 13.2.1 The A Buyer Event of Default shall occur under this Agreement upon 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 WPD of its obligations under this Agreement, shall constitute the events (severally “Buyer Event of Default on the part Default” and collectively “Buyer Events of defaulting Buyer:Default”, and together with Seller Event of Default, individually and collectively “Event of Default” and “Events of Default”): (ia) Buyer fails shall have failed to pay (with respect to a Monthly Xxxx pay, when due, any rent, fee, charge or a Supplementary Xxxx), subject to Article 10.5, for a period obligation of ninety (90) days after Buyer requiring the Due Date and payment of money under the WPD is unable to recover the amount outstanding to the WPD through the Letter terms of Credit, (ii) Buyer repudiates this Agreement and does not rectify such breach even within a period of thirty (30) days from a receipt of notice from the WPD in this regardSeller of such past due amount; or (b) A court shall have made or entered any decree or order: (i) adjudging Buyer to be bankrupt or insolvent; (ii) approving as properly filed a petition seeking reorganization of Buyer or an arrangement under the bankruptcy laws or any other applicable debtor’s relief law or statute of the United States or any state thereof; (iii) except where due to any WPD’s failure to comply with appointing a receiver, trustee or assignee of Buyer in bankruptcy or insolvency or for its obligations, property; (iv) directing the winding up or liquidation of Buyer is in material breach of any of its obligations pursuant to this Agreement, and such material breach is not rectified by decree or order shall have continued for a period of sixty (60) days; or (v) Buyer within thirty (30) days of receipt of notice in this regard from the WPD shall have voluntarily submitted to Buyeror filed a petition seeking any such decree or order; or (ivc) if • Any representation or warranty made by Buyer becomes hereunder shall have been false or misleading in any material respect; or (d) Buyer shall have assigned or otherwise transferred its interest in this Agreement in violation of the provisions contained in this Agreement whether voluntarily or involuntarily t h e subject by operation of any bankruptcy law; or (e) If the Buyer sells or insolvency or winding up proceedings and such proceedings remain uncontested vacates the Site, fails to pay Seller for a period of thirty three (303) daysconsecutive months and is unable to assign its obligations under this Agreement to the new owner or occupier of the Site in accordance with Section. (f) Buyer shall have failed to perform any term, covenant, 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 condition 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 u n d e r this Agreement and has creditworthiness similar to Buyer and expressly assumes all obligations of Buyer and is in a position to perform them; or; (v) occurrence of any other event which is specified in this Agreement to be a material breach performed by Buyer, and Buyer shall have failed to cure the same within sixty (60) days after written notice from Seller , provided, however, Seller may give Buyer additional time to cure at Seller’s option. Buyer and Seller shall attempt to resolve all such disputes pursuant to Article 10’s dispute resolution procedure, provided however, nothing shall prejudice Seller’s rights and remedies in the event that Buyer fails to cure within the 60-day period or default of Buyerwithin any other period granted by Seller.

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 WPD HPD of its obligations under this Agreement, shall constitute the Event of Default on the part of defaulting BuyerBuyer : (i) The Buyer fails to pay (with respect to a Monthly Xxxx Bill or a Supplementary XxxxBill), subject to Article 10.5, for a period of ninety 90 (90ninety) days after the Due Date and the WPD HPD is unable to recover the amount outstanding to the WPD HPD through the Letter of Credit, (ii) The Buyer repudiates this Agreement and does not rectify such breach even within a period of thirty 60 (30sixty) days from a notice from the WPD HPD in this regard; or (iii) except where due to any WPDHPD’s failure to comply with its obligations, the Buyer is in material breach of any of its obligations pursuant to this Agreement, and such material breach is not rectified by Buyer within thirty (30the Buyerwithin 6 0 ( sixty) days of receipt of notice in this regard from the WPD HPD to the Buyer; or (iv) if • if (a) the Buyer becomes voluntarily or involuntarily t h e the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty 60 (30sixty) days, or • or (b) any winding up or bankruptcy or insolvency order is passed against the Buyer, or • or (c) the 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 provided that it shall not constitute a Buyer Event of Default, where such dissolution or liquidation of Buyer or Buyer is the Buyeris for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations u n d e r under this Agreement and has creditworthiness similar to Buyer and the Buyerand expressly assumes all obligations of the Buyer and is in a position to perform them; or; (v) occurrence Occurrence of any other event which is specified in this Agreement to be a material breach or default of Buyerthe Buyer .