Common use of Consequences of non-fulfillment of conditions subsequent Clause in Contracts

Consequences of non-fulfillment of conditions subsequent. 3.2.1 In case of a failure to submit the documents as above. NTPC shall have the right to terminate this Agreement by giving a Termination Notice to the SPD in writing of at least seven (7) days. The termination of the Agreement shall take effect upon the expiry of the 7th day of the Notice. 3.2.2 NTPC shall be entitled to encash all the Bank Guarantees submitted by the SPD. 3.2.3 For the avoidance of doubt, it is clarified that this Article shall survive the termination of this Agreement. 3.2.4 In case of inability of the SPD to fulfill any one or more of the conditions specified in Article 3.1 due to any Force Majeure event, the time period for fulfillment of the Conditions Subsequent as mentioned in Article 3.1, shall be extended for the period of such Force Majeure event. 3.2.5 Provided that due to the provisions of this Article 3.2, any increase in the time period for completion of conditions subsequent mentioned under Article 3.1, shall also lead to an equal extension in the Scheduled Commissioning Date. 3.2.6 In case of delay in achieving above condition as may be applicable, NTPC shall encash Performance Bank Guarantees and shall remove the project from the list of the selected projects, unless the delay is on account of Force Majeure. An extension can however be considered, on the sole request of SPD, on payment of a penalty of Rs. 25,000/- per day per MW. This amount will go into the Payment Security Fund. This extension will not have any impact on the Scheduled Commercial Operation Date.

Consequences of non-fulfillment of conditions subsequent. 3.2.1 In case of a failure to submit the documents as above. NTPC shall have the right to terminate this Agreement by giving a Termination Notice to the SPD in writing of at least seven (7) days. The termination of the Agreement shall take effect upon the expiry of the 7th day of the Notice. 3.2.2 NTPC shall be entitled to encash all the Performance Bank Guarantees submitted by the SPD. 3.2.3 For the avoidance of doubt, it is clarified that this Article shall survive the termination of this Agreement. 3.2.4 In case of inability of the SPD to fulfill any one or more of the conditions specified in Article 3.1 due to any Force Majeure event, the time period for fulfillment of the Conditions Subsequent as mentioned in Article 3.1, shall be extended for the period of such Force Majeure event. 3.2.5 Provided that due to the provisions of this Article 3.2, any increase in the time period for completion of conditions subsequent mentioned under Article 3.1, shall also lead to an equal extension in the Scheduled Commissioning Date. 3.2.6 In case of delay in achieving above condition conditions specified in Article 3.1 as may be applicable, NTPC shall encash Performance Bank Guarantees and shall remove the project from the list of the selected projects, unless the delay is on account of delay in allotment of land in Solar Park or by Government or delay in transmission line or Force Majeure. An extension can however be considered, on the sole request of SPD, on payment of a penalty of Rs. 25,000/- per day per MW. This amount will go into the Payment Security Fund. This extension will not have any impact on the Scheduled Commercial Operation Date.

Consequences of non-fulfillment of conditions subsequent. 3.2.1 In case of a failure to submit the documents as above. NTPC shall have the right to terminate this Agreement by giving a Termination Notice to the SPD in writing of at least seven (7) days. The termination of the Agreement shall take effect upon the expiry of the 7th day of the Notice. 3.2.2 NTPC shall be entitled to encash all the Performance Bank Guarantees submitted by the SPD. 3.2.3 For the avoidance of doubt, it is clarified that this Article shall survive the termination of this Agreement. 3.2.4 In case of inability of the SPD to fulfill any one or more of the conditions specified in Article 3.1 due to any Force Majeure event, the time period for fulfillment of the Conditions Subsequent as mentioned in Article 3.1, shall be extended for the period of such Force Majeure event. 3.2.5 Provided that due to the provisions of this Article 3.2, any increase in the time period for completion of conditions subsequent mentioned under Article 3.1, shall also lead to an equal extension in the Scheduled Commissioning Date. 3.2.6 In case of delay in achieving above condition conditions specified in Article 3.1 as may be applicable, NTPC shall encash Performance Bank Guarantees and shall remove the project from the list of the selected projects, unless the delay is on account of Force Majeure. An extension can however be considered, on the sole request of SPD, on payment of a penalty of Rs. 25,000/- per day per MW. This amount will go into the Payment Security Fund. This extension will not have any impact on the Scheduled Commercial Operation Date.

Consequences of non-fulfillment of conditions subsequent. 3.2.1 In case of a failure to fulfill the conditions subsequent and/or submit the documents as above. NTPC , NHPC shall have encash the right to Performance Bank Guarantee submitted by the SPD, terminate this Agreement by giving a Termination Notice prior notice to the SPD in writing of at least seven (7) daysdays unless due to Force Majeure Event. The termination of the Agreement shall take effect upon the expiry of the 7th day of the Noticeabove notice. Provided that the SPD can seek an extension of time for fulfilling the conditions subsequent without there being any impact on the Scheduled Commissioning Date, by making advance payment of an amount of Rs. 10,000/- per day per MW to NHPC. Any such amount paid by the SPD, shall be returned to the SPD without any interest on achievement of successful commissioning within the Scheduled Commissioning Date. In case of any delay in commissioning of the project beyond the Scheduled Commissioning Date, the amount as deposited along with the Performance Guarantee shall be subject to appropriation byNHPC towards liquidated damages for delay under this Agreement. 3.2.2 NTPC shall be entitled to encash all the Bank Guarantees submitted by the SPD. 3.2.3 For the avoidance of doubt, it is clarified that this Article shall survive the termination of this Agreement. 3.2.4 3.2.3 In case of the inability of the SPD to fulfill fulfil any one or more of the conditions specified in Article 3.1 3.2.1 due to any Force Majeure event, event the time period for fulfillment fulfilment of the Conditions Subsequent as mentioned in Article 3.13.2.1, shall be extended for the period of such Force Majeure event. 3.2.5 Provided that due to the provisions of this Article 3.2, any increase in the time period for completion of conditions subsequent mentioned under Article 3.1, event and shall also lead to an equal extension in the Scheduled Commissioning Date. 3.2.6 In case of delay in achieving above condition as may be applicable, NTPC shall encash Performance Bank Guarantees and shall remove the project from the list of the selected projects, unless the delay is on account of Force Majeure. An extension can however be considered, on the sole request of SPD, on payment of a penalty of Rs. 25,000/- per day per MW. This amount will go into the Payment Security Fund. This extension will not have any impact on the Scheduled Commercial Operation Date.