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.
13.3.2 Following the issue of a SECI Preliminary Default Notice, the Consultation Period of ninety (90) 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 Event of Default having regard to all the circumstances.
13.3.3 During the Consultation Period, the Parties shall continue to perform their respective obligations under this Agreement.
13.3.4 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 SPD Event of Default giving rise to the Consultation Period shall have ceased to exist or shall have been remedied, SECI may terminate this Agreement by giving a written Termination Notice of sixty (60) days to the SPD.
13.3.5 Subject to the terms of this Agreement, upon occurrence of a SPD Event of Default under this Agreement, the SPD shall be liable to pay to SECI, penalty, as provided in Article 4.6 of the PPA for failure to commence supply of power within the stipulated time and Article
4.4.1 for failure to supply power in terms of the PPA. For other cases, the SPD shall be liable to pay to Buying Entity(ies), damages, equivalent to 24 (twenty-four) months, or balance PPA period, whichever is less, of tariff for its Contracted Capacity, corresponding to the committed annual CUF. SECI shall have the right to recover the said damages by way of forfeiture of bank guarantee/Payment on Order Instrument, if any, without prejudice to resorting to any other legal course or remedy. In addition to the levy of damages as aforesaid, the lenders in concurrence with the Buying Entity and SECI, may exercise their rights, if any, under Financing Agreements, to seek substitution of the SPD by a selectee for the residual period of the Agreement, for the purpose of securing the payments of the total debt amount from the SPD and performing the obligations of the SPD. However, ...
Procedure for cases of SPD Event of Default. 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, 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 (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. 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, 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. 9.4.1 Upon the occurrence and continuation of any SPD Event of Default under Article 12.1, Buyer shall have the right to deliver SPD a notice, which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.
9.4.2 Following the issue of 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 SPD Event of Default. 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.
