Procedure forcasesofDISCOMEventofDefault. 13.4.1 Upon the occurrence and continuation of any DISCOM Event of Default specified inArticle 13.2, the SPG shall have the right to deliver to DISCOM, a SPG PreliminaryDefault Notice, which notice shall specify in reasonable detail the circumstancesgivingrisetoits 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.
Appears in 28 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
