Buying Entity's Remedies. (i) If a SPD Default described in Section 12.1 (a) has occurred and is continuing, in addition to other remedies expressly provided herein, and subject to Section 13, Buying Entity shall have a right to deliver a notice to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, stating its intention to terminate this Agreement ("Buying Entity Preliminary Default Notice"), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
(ii) Upon the occurrence and continuation of SPD Default and the failure by the SPD to cure such default within the applicable cure period specified in this Article, the Lenders shall have the right to seek substitution of the SPD by a Selectee for the residual period of this Agreement for the purpose of performing the obligations of the SPD. Such substitution of the SPD by a Selectee shall be as per the procedure prescribed in Schedule IV to this Agreement.
(iii) In the event the Lender’s total debt obligations have been completely satisfied at the time of issue of Buying Entity’s Preliminary Default Notice and upon the occurrence and continuation of SPD Default and the failure by the SPD to cure such default within the applicable cure period specified in this Article, the Buying Entity may terminate this Agreement by serving a fifteen (15) days’ notice to the SPD (“Buying Entity Termination Notice”).
(iv) Following the issue of Buying Entity Preliminary Default Notice, it shall be the responsibility of the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant SPD's Default having regard to all the circumstances. If the SPD Default is not cured within a period of sixty (60) days of the issue of Buying Entity Preliminary Default Notice or any other such period mutually agreed upon by the Parties, the Buying Entity shall have the right to terminate this Agreement by issuing a Buying Entity Termination Notice.
(v) Upon the delivery of the Buying Entity Termination Notice, this Agreement shall stand terminated. SPD shall have the liability to make payment within sixty (60) days from the date of Buying Entity Termination Notice to Buying Entity, for damages, equivalent to 6 (six) months, or balance PPA period, whichever is less, of charges for its Contracted Capacity. Buying Entity shall have the right to recover the said damages by way of forfeiture of bank guarantee, if...
