Common use of Procedure for cases of DISCOM Event of Default Clause in Contracts

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 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 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 Consultation 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 Consultation Conciliation Period and unless the parties otherwise agreed to the contrary or DISCOM Event of Default giving rise to the Consultation Conciliation 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.