Procedure for cases of DISCOM Event of Default. 13.4.1 Upon the occurrence and continuation of any DISCOM Event of Default specified in Article 13.2, the SPG shall have the right to deliver to DISCOM, a SPG Preliminary Default Notice, which notice shall specify in reasonable detail the circumstances giving rise to its issue and calling upon DISCOM to remedy the same.
13.4.2 DISCOM with the prior consent of the SPG may novate its part of the PPA to any third party, including its Affiliates within the period of 7 days following the expiry of notice period. In the event the aforesaid novation is not acceptable to the SPG, or if no offer of novation is made by the defaulting Procurer/ DISCOM within the stipulated period of 7 days, then the SPG may terminate the PPA and at its discretion require the defaulting Procurer/ DISCOM to either (i) takeover the Project assets by making a payment of the termination compensation equivalent to the amount of the debt due and 110% (one hundred and ten per cent) of the adjusted equity as detailed below, less insurance cover, if any by issuing a “Termination Notice” / “Takeover Notice”, or, (ii) pay to the SPG, damages, equivalent to 6 (six) months billing at contracted CUF, or balance PPA period whichever is less, of charges for its contracted capacity, with the Project assets being retained by the SPG.
13.4.3 In the event of such termination of PPA, any damages or charges payable to GETCO/ DISCOM, for the connectivity of the plant, shall be borne by DISCOM.
Procedure for cases of DISCOM Event of Default. 10.4.1 Upon the occurrence and continuation of any DISCOM Event of Default specified in Clause 10.2 the Solar Power Developer shall have the right to deliver to DISCOM, a Solar Power Developer Preliminary Default Notice, which notice shall specify in reasonable detail the circumstances giving rise to its issue.
10.4.2 Following the issue of a Solar Power Developer Preliminary Default Notice, the Conciliation Period of sixty (60) days or such longer period as the parties may agree, shall apply and 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 DISCOM Event of Default having regard to all the circumstances.
Procedure for cases of DISCOM Event of Default. 5.2.1 Upon the occurrence and continuation of any Discom Event of Default under Article 5.1, NTPC shall have the right to deliver to the Discom a notice, stating its intention to terminate this Agreement (NTPC Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
5.2.2 Following the issue of NTPC Preliminary Default Notice, the Consultation Period of sixty (60) days or such longer period as the Parties may agree, shall apply and it shall be the responsibility of the Parties to discuss as to what steps shall have to be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances.
5.2.3 During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations under this Agreement.
5.2.4 Within a period of seven (7) days following the expiry of the Consultation Period unless the Parties shall have otherwise agreed to the contrary or the Event of Default giving rise to the Consultation Period shall have ceased to exist or shall have been remedied, the NTPC may terminate this Agreement by giving a written Termination Notice of thirty (30) days to the Discom
5.2.5 Subject to the occurrence and continuation of default by as contained under Article 5.1 and before expiry of time period of 30 days as per Clause 5.2.4,
5.2.5.1 Subject to the prior consent of the NTPC, the Discom shall novate its part of the PSA to any third party, including its Affiliates,
5.2.5.2 In the event the aforesaid novation is not acceptable to NTPC, or if no offer of novation is made by the defaulting Discom, then NTPC on expiry of 30 days as provided in article
Procedure for cases of DISCOM Event of Default. 10.4.1 Upon the occurrence and continuation of any DISCOM Event of Default specified in Clause 10.2 the Solar Power Developer shall have the right to deliver to DISCOM, a Solar Power Developer Preliminary Default Notice, which notice shall specify in reasonable detail the circumstances giving rise to its issue.
10.4.2 Following the issue of a Solar Power Developer Preliminary Default Notice, the Consultation Period of sixty (60) days or such longer period as the parties may agree, shall apply and 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 DISCOM Event of Default having regard to all the circumstances.
10.4.3 During the Consultation Period, the parties shall continue to perform their respective obligations under this Agreement.
10.4.4 After a period of seven (7) days following the expiry of the Consultation Period and unless the parties otherwise agreed to the contrary or DISCOM Event of Default giving rise to the Consultation Period shall have ceased to exist or shall have been remedied, the Solar Power Developer shall be free to sell the Contracted Capacity to any third party of the Solar Power Developer’s choice. Provided further that at the end of three (3) months period from the period mentioned in this Clause 10.4.4, this Agreement may be terminated by the Solar Power Developer.
Procedure for cases of DISCOM Event of Default. 10.4.1 Upon the occurrence and continuation of any DISCOM Event of Default specified in Clause
Procedure for cases of DISCOM Event of Default. 10.4.1 Upon the occurrence and continuation of any DISCOM Event of Default specified in Clause 10.2 the Solar Power Developer shall have the right
10.4.2 Following the issue of a Solar Power Developer Preliminary Default Notice, the Conciliation Period of sixty (60) days or such longer period as the parties may agree, shall apply and 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 DISCOM Event of Default having regard to all the circumstances.
Procedure for cases of DISCOM Event of Default. 9.2.1 Upon the occurrence and continuation of any Discom Event of Default under Article 9.1, Buyer shall have the right to deliver to the Discom a notice, stating its intention to terminate this Agreement (Buyer Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
9.2.2 Following the issue of Buyer Preliminary Default Notice, the Consultation Period of sixty (60) days or such longer period as the Parties may agree, shall apply and it shall be the responsibility of the Parties to discuss as to what steps shall have to be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances.
Procedure for cases of DISCOM Event of Default. 10.4.1 Upon the occurrence and continuation of any DISCOM Event of Default specified in Clause 10.2 the Mini Hydel Project Developer shall have the right to deliver to DISCOM, a Mini Hydel Project Developer Preliminary Default Notice, which notice shall specify in reasonable detail the circumstances giving rise to its issue.
10.4.2 Following the issue of a Mini Hydel Project Developer Preliminary Default Notice, the Conciliation Period of sixty (60) days or such longer period as the parties may agree, shall apply and 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 DISCOM Event of Default having regard to all the circumstances.
10.4.3 During the Conciliation Period, the parties shall continue to perform their respective obligations under this Agreement.
10.4.4 After a period of seven (7) days following the expiry of the Conciliation Period and unless the parties otherwise agreed to the contrary or DISCOM Event of Default giving rise to the Conciliation Period shall have ceased to exist or shall have been remedied, the Mini Hydel Project Developer shall be free to sell the Contracted Capacity to any third party of the Mini Hydel Project Developer’s choice. Provided further that at the end of three (3) months period from the period mentioned in this Clause 10.4.4, this Agreement may be terminated by the Mini Hydel Project Developer.
Procedure for cases of DISCOM Event of Default. 5.2.1 Upon the occurrence and continuation of any Discom Event of Default under Article 5.1, NHPC shall have the right to deliver to the Discom a notice, stating its intention to terminate this Agreement (.......................... Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
5.2.2 Following the issue of ..........................
Procedure for cases of DISCOM Event of Default. 9.2.1 Upon the occurrence and continuation of any Discom Event of Default under Article 9.1, NVVN shall have the right to deliver to the Discom a notice, stating its intention to terminate this Agreement (NVVN Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
9.2.2 Following the issue of NVVN Preliminary Default Notice, the Consultation Period of sixty (60) days or such longer period as the Parties may agree, shall apply and it shall be the responsibility of the Parties to discuss as to what steps shall have to be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances.
9.2.3 During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations under this Agreement.
9.2.4 Within a period of seven (7) days following the expiry of the Consultation Period unless the Parties shall have otherwise agreed to the contrary or the Discom Event of Default giving rise to the Consultation Period shall have ceased to exist or shall have been remedied, NVVN may terminate this Agreement by giving a written Termination Notice of thirty (30) days to the Discom.
