Procedure for cases of SPD Event of Default. 13.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, SECI shall have the right to deliver to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, a notice stating its intention to terminate this Agreement (SECI Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
Procedure for cases of SPD Event of Default. 13.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, Buyer shall have the right to deliver to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, 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.
Procedure for cases of SPD Event of Default. 10.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 10.2.1, PSPCL shall have the right to (but not an obligation) deliver to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, a notice stating its intention to terminate this Agreement or stating SPD‟s liability to pay damages (PSPCL Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
Procedure for cases of SPD Event of Default. Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, Xxxxxxxxx shall have the right to deliver to the SPD a notice stating its intention to terminate this Agreement (Procurers Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice. Following the issue of Procurers 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. During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations under this Agreement. 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 SPD Event of Default giving rise to the Consultation Period shall have ceased to exist or shall have been remedied, Procurers may terminate this Agreement by giving a written Termination Notice of thirty (30) days to the SPD. In addition to the levy of damages as aforesaid, the lenders shall be entitled to exercise their rights of substitution, in accordance with the substitution agreement provided in the PPA and in concurrence with the Procurers. However, in the event the lenders are unable to substitute the defaulting Solar Project Developer/Power Producer/Power Generator within the stipulated period, the Procurer may terminate the PPA and acquire the Project assets for an amount equivalent to 90% of the debt due, failing which, the lenders may exercise their mortgage rights and liquidate the Project assets Procedure for cases of Procurers Event of Default Upon the occurrence and continuation of any Procurers Event of Default specified in Article
Procedure for cases of SPD Event of Default. 13.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, NVVN shall have the right to deliver to the SPD 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.
Procedure for cases of SPD Event of Default. 13.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, JDA shall have the right to deliver to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, a notice stating its intention to terminate this Agreement (JDA Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
Procedure for cases of SPD Event of Default. 13.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, Electricity Department Daman shall have the right to deliver to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, a notice stating its intention to terminate this Agreement (Electricity Department Daman Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
Procedure for cases of SPD Event of Default. 13.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, HAL, Hyderabad shall have the right to deliver to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, a notice stating its intention to terminate this Agreement (HAL, Hyderabad Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
Procedure for cases of SPD Event of Default. 13.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, SECI shall have the right to deliver to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, a notice stating its intention to terminate this Agreement (SECI Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice. For avoidance of any doubt, in case of SECI’s Preliminary Default Notice served in line with Article 13.1.1 (i) and leading to the Consultation Period, terms of Article 4.6.1 shall be applicable during such Consultation Period, irrespective of the outcome during such consultation period.
Procedure for cases of SPD Event of Default. 13.3.1 Upon the occurrence and continuation of any SPD Event of Default under Article 13.1, BBMB shall have the right to deliver to the SPD, with a copy to the representative of the lenders to the SPD with whom the SPD has executed the Financing Agreements, a notice stating its intention to terminate this Agreement (BBMB Preliminary Default Notice), which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
