Common use of Power Producer’s Default Clause in Contracts

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. Failure to commission the project by scheduled commercial operation date beyond the period mentioned in Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this Agreement. e. Power Producer fails to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the Power Producer. f. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. The Power Producer repudiates this agreement. i. Failure to maintain the shareholding/ownership of the project before completion of one year from the date of COD. Any change in ownership of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOM. j. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator shall be construed to be in default.

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. Failure to commission the project by scheduled commercial operation date beyond the period mentioned in Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to financial closure. e. Failure to pay penalty in advance to GUVNL and consequent non-extension of financial closure deadline. f. Power Producer fails to make any payment required to be made to DISCOM GUVNL under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM GUVNL on the Power Producer. f. g. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. h. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. i. The Power Producer repudiates this agreement. i. j. Failure to maintain the shareholding/ownership shareholding of the single bidder/ consortium to the extent of minimum 51% in the SPV/ project before completion of one year from the date of COD. Any change in ownership COD without the prior approval of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOM.GUVNL j. k. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator shall be construed to be in default.

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. Failure to commission the project by scheduled commercial operation date beyond the period mentioned in Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to financial closure. e. Failure to pay penalty in advance to GUVNL and consequent non-extension of financial closure deadline. f. Power Producer fails to make any payment required to be made to DISCOM GUVNL under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM GUVNL on the Power Producer. f. g. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. h. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. i. The Power Producer repudiates this agreement. i. j. Failure to maintain the shareholding/ownership shareholding in line with Article 3.1 (xi) of the project before completion of one year from the date of COD. Any change in ownership of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOMthis agreement. j. k. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator Producer shall be construed to be in default.

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. Failure to commission the project by scheduled commercial operation date beyond the period mentioned in Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to financial closure. e. Failure to pay penalty in advance to GUVNL and consequent non-extension of financial closure deadline. f. Power Producer fails to make any payment required to be made to DISCOM GUVNL under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM GUVNL on the Power Producer. f. g. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. h. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. i. The Power Producer repudiates this agreement. i. j. Failure to maintain the shareholding/ownership shareholding of the Power Producer (single bidder/ consortium) to the extent of minimum 51% in the SPV / project before completion of one year from the date of COD. Any change in ownership COD without the prior approval of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOM.GUVNL j. k. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Wind Power Generator shall be construed to be in default. l. Not operating the plant as per GERC’s Grid Code,CERC Grid Code, RLDC/SLDC instruction and prudent practises of industries.

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power ProducerProducer except in case of a Force Majeure Event, a Change in Law or the events specified in Clause 10.2.2: a. Failure to commission the project by scheduled commercial operation date beyond the period mentioned in commencement datesubject to Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to financial closure. e. Power Producer fails to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the Power Producer. f. d. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. e. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. f. The Power Producer repudiates this agreement. i. Failure to maintain the shareholding/ownership of the project before completion of one year from the date of COD. Any change in ownership of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOM. j. g. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, and is also unable to cure any of the aforesaid within the cure period of 90 days, as may be provided in the PPA, the Wind Solar Hybrid Power Generator shall be construed to be in default. h. Not operating the plant as per GERC’s Grid Code, CERC Grid Code, RLDC/SLDC instruction and prudent practices of industries.

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. a) Failure to commission the project by scheduled commercial operation date beyond the period mentioned in Article 3.3 b. b) Fails to supply power in terms of the PPA c. c) O & M Default on part of Power Producer d. d) Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to Financial Closure. e. e) Failure to pay penalty in advance to TPL-D and consequent non-extension of Financial Closure deadline. f) Power Producer fails to make any payment required to be made to DISCOM TPL-D under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM TPL-D on the Power Producer. f. g) If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. h) If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. i) The Power Producer repudiates this agreement. i. j) Failure to maintain the shareholding/ownership shareholding as per Clause 3.1 of the project before completion of one year from the date of COD. Any change in ownership of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOMthis PPA. j. k) Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator Producer shall be construed to be in default. l) Breach of representations and warranties as specified in Article 13.12 of this PPA

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. Failure to commission the project by scheduled commercial operation date beyond the period mentioned in Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to financial closure. e. Failure to pay penalty in advance to GUVNL and consequent non-extension of financial closure deadline. f. Power Producer fails to make any payment required to be made to DISCOM GUVNL under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM GUVNL on the Power Producer. f. g. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. h. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. i. The Power Producer repudiates this agreement. i. j. Failure to maintain the shareholding/ownership shareholding of the single bidder/ consortium to the extent of minimum 51% in the SPV/ project before completion of one year three years from the date of COD. Any change in ownership COD without the prior approval of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOM.GUVNL j. k. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator Producer shall be construed to be in default.

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. Failure to commission the project by scheduled commercial operation date Scheduled Commencement of Supply Date (SCSD) beyond the period mentioned in Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to financial closure. e. Failure to pay penalty in advance to GUVNL and consequent non-extension of financial closure deadline. f. Power Producer fails to make any payment required to be made to DISCOM GUVNL under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM GUVNL on the Power Producer. f. g. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. h. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. i. The Power Producer repudiates this agreement. i. j. Failure to maintain the shareholding/ownership shareholding in line with Article 3.1 (xi) of the project before completion of one year from the date of COD. Any change in ownership of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOMthis agreement. j. k. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator Producer shall be construed to be in default. l. Not operating the plant as per GERC’s Grid Code, CERC Grid Code, RLDC/SLDCinstruction and prudent practices of industries.

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. Failure to commission the project by scheduled commercial operation date beyond the period mentioned in Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to financial closure. e. Failure to pay penalty in advance to GUVNL and consequent non-extension of financial closure deadline. f. Power Producer fails to make any payment required to be made to DISCOM GUVNL under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM GUVNL on the Power Producer. f. g. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. h. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. i. The Power Producer repudiates this agreement. i. j. Failure to maintain the shareholding/ownership shareholding in line with Article 3.1 (xii) of the project before completion of one year from the date of COD. Any change in ownership of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOMthis agreement. j. k. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator power producer shall be construed to be in default. l. Not operating the plant as per GERC’s Grid Code,CERC Grid Code, RLDC/SLDC instruction and prudent practises of industries.

Power Producer’s Default. The occurrence of any of the following events at any time during the Term of this Agreement shall constitute an Event of Default by Power Producer: a. Failure to commission the project by scheduled commercial operation date Scheduled Commencement of Supply Date (SCSD) beyond the period mentioned in Article 3.3 b. Fails to supply power in terms of the PPA c. O & M Default on part of Power Producer d. Failure or refusal by Power Producer to perform any of its material obligations under this AgreementAgreement including but not limited to financial closure. e. Failure to pay penalty in advance to GUVNL and consequent non-extension of financial closure deadline. f. Power Producer fails to make any payment required to be made to DISCOM GUVNL under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM GUVNL on the Power Producer. f. g. If the Power Producer (i) assigns or purports to assign its assets or rights in violation of this agreement; or (ii) transfers or novates any of its rights and / or obligations under this agreement, in violation of this agreement. g. h. If the Power producer 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 the Power producer 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 the Power Producer and expressly assumes all obligations under this agreement and is in a position to perform them; or h. i. The Power Producer repudiates this agreement. i. j. Failure to maintain the shareholding/ownership shareholding in line with Article 3.1 (xi) of the project before completion of one year from the date of COD. Any change in ownership of the project shall be allowed only after expirty of one year from commissioning of the project with prior consent of DISCOMthis agreement. j. k. Occurrence of any other event which is specified in this Agreement to be a material breach / default of the Power Producer or commits any other acts or omissions as laid down in the PPA and is also unable to cure any of the aforesaid within the cure period, as may be provided in the PPA, the Solar Power Generator Producer shall be construed to be in default. l. Not operating the plant as per GERC’s Grid Code, CERC Grid Code, RLDC/SLDC instruction and prudent practices of industries.