Common use of DISCOMEventofDefault Clause in Contracts

DISCOMEventofDefault. 13.2.1 The occurrence and the continuation of any of the following events, unless any suchevent occurs as a result of a Force Majeure Event or a breach by the SPG of itsobligationsunderthisAgreement,shallconstitutetheEventofDefaultonthepartofde faultingDISCOM: (i) DISCOM fails to pay (with respect to a Monthly Bill or a Supplementary Bill),subjecttoArticle11,foraperiodofninety(90)daysaftertheDueDateandthe SPG is unable to recover the amount outstanding to the SPG through theLetter ofCredit, (ii) DISCOMrepudiatesthisAgreementanddoesnotrectifysuchbreachevenwithinape riodofsixty(60)daysfromanoticefrom theSPGin thisregard;or (iii) If DISCOM 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 DISCOM 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 creditworthiness similar to DISCOM and expressly assumes all obligations under this agreement and is in a position to perform them.