Common use of Procurer Event of Default Clause in Contracts

Procurer Event of Default. 11.2.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by the Seller of its obligations under this Agreement or a Seller Event of Default, shall constitute the Event of Default on the part of defaulting Procurer: (i) a defaulting Procurer fails to meet any of its obligations, as specified in Article 4.3; or (ii) a defaulting Procurer fails to pay (with respect to a Monthly Bill or a Supplementary Bill) an amount exceeding fifteen (15%) of the undisputed part of the most recent Monthly/ Supplementary Bill for a period of ninety (90) days after the Due Date and the Seller is unable to recover the amount outstanding to the Seller through the Collateral Arrangement and Letter of Credit; or (iii) the defaulting Procurer repudiates this Agreement and does not rectify such breach even within a period of thirty (30) days from a notice from the Seller in this regard; or (iv) except where due to any Seller’s failure to comply with its obligations, the defaulting Procurer(s) is/are in material breach of any of its obligations pursuant to this Agreement or of any of the other RFP Documents where the Procurer(s) and the Seller are Parties, and such material breach is not rectified by the defaulting Procurer within thirty (30) days of receipt of notice in this regard from the Seller to the Procurer(s); or (v) any representation and warranties made by the Procurer(s) in Schedule 7 of this Agreement. being found to be untrue or inaccurate. Provided however, prior to considering any event specified under this sub-article to be an Event of Default, the Seller shall give a notice to the Procurer in writing of at least thirty (30) days; or (vi) if • a Procurer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty (30) days, or • any winding up or bankruptcy or insolvency order is passed against the Procurer(s), or • a Procurer goes into liquidation or dissolution or a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, Provided that it shall not constitute a Procurer Event of Default, where such dissolution or liquidation of Procurer or such Procurer is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and has creditworthiness similar to Procurer or such Procurer and expressly assumes all obligations of Procurer or such Procurer under this Agreement and is in a position to perform them; or; (vii) occurrence of any other event which is specified in this Agreement to be a material breach or default of the Procurer(s).

Procurer Event of Default. 11.2.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by the Seller of its obligations under this Agreement or a Seller Event of DefaultAgreement, shall constitute the Event of Default on the part of defaulting Procurer: (i) i. a defaulting Procurer fails to meet any of its obligations, as specified in Article 4.3; or (ii) a defaulting Procurer fails to pay (with respect to a Monthly Bill Xxxx or a Supplementary BillXxxx) an amount exceeding fifteen (15%) of the undisputed part of the most recent Monthly/ Monthly/Supplementary Bill Xxxx for a period of ninety (90) days after the Due Date and the Seller is unable to recover the amount outstanding to the Seller through the Collateral Arrangement and Letter of Credit; or (iii) ii. the defaulting Procurer repudiates this Agreement and does not rectify such breach even within a period of thirty (30) days from a notice from the Seller in this regard; or (iv) iii. except where due to any Seller’s failure to comply with its obligations, the defaulting Procurer(s) is/are Procurer is in material breach of any of its obligations pursuant to this Agreement or of any of the other RFP Project Documents where the Procurer(s) Procurer and the Seller are Parties, and such material breach is not rectified by the defaulting Procurer within thirty (30) days of receipt of notice in this regard from the Seller to all the Procurer(s)Procurer; or (v) iv. any representation and warranties made by the Procurer(s) Procurer in Schedule 7 10 of this Agreement. Agreement being found to be untrue or inaccurate. Provided however, prior to considering any event specified under this sub-article to be an Event of Default, the Seller shall give a notice to the Procurer in writing of at least thirty (30) days; or v. if (via) if • a Procurer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty (30) days, or • (b) any winding up or bankruptcy or insolvency order is passed against the Procurer(s)Procurer, or • a (c) the Procurer goes into liquidation or dissolution or has a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, Provided that it shall not constitute a Procurer Event of Default, except where such dissolution or liquidation of Procurer or such the Procurer is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and has creditworthiness similar to Procurer or such the Procurer and expressly assumes all obligations of Procurer or such the Procurer under this Agreement and is in a position to perform them; or; (vii) vi. occurrence of any other event which is specified in this Agreement to be a material breach or default of the Procurer(s)Procurer.

Procurer Event of Default. 11.2.1 13.2.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by the Seller RPG of its obligations under this Agreement or a Seller Event of DefaultAgreement, shall constitute the Event of Default on the part of defaulting ProcurerPROCURER: (i) a defaulting Procurer fails to meet any of its obligations, as specified in Article 4.3; or (ii) a defaulting Procurer PROCURER fails to pay (with respect to a Monthly Bill Xxxx or a Supplementary Bill) an amount exceeding fifteen (15%) of the undisputed part of the most recent Monthly/ Supplementary Bill Xxxx), subject to Article 10.5, for a period of ninety (90) days after the Due Date and the Seller RPG is unable to recover the amount outstanding to the Seller RPG through the Collateral Arrangement and Letter of Credit; or, (iiiii) the defaulting Procurer PROCURER repudiates this Agreement and does not rectify such breach even within a period of thirty sixty (3060) days from a notice from the Seller RPG in this regard; or (iviii) except where due to any SellerRPG’s failure to comply with its obligations, the defaulting Procurer(s) is/are PROCURER is in material breach of any of its obligations pursuant to this Agreement or of any of the other RFP Documents where the Procurer(s) and the Seller are PartiesAgreement, and such material breach is not rectified by the defaulting Procurer PROCURER within thirty sixty (3060) days of receipt of notice in this regard from the Seller RPG to the Procurer(s)PROCURER; or (v) any representation and warranties made by the Procurer(s) in Schedule 7 of this Agreement. being found to be untrue or inaccurate. Provided however, prior to considering any event specified under this sub-article to be an Event of Default, the Seller shall give a notice to the Procurer in writing of at least thirty (30) days; or (vi) if • a Procurer  PROCURER becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty sixty (3060) days, or •  any winding up or bankruptcy or insolvency order is passed against the Procurer(s)PROCURER, or • a Procurer  PROCURER goes into liquidation or dissolution or a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, Provided provided that it shall not constitute a Procurer PROCURER Event of Default, where such dissolution or liquidation of Procurer PROCURER or such Procurer PROCURER is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and has creditworthiness similar to Procurer or such Procurer PROCURER and expressly assumes all obligations of Procurer or such Procurer under this Agreement PROCURER and is in a position to perform them; or; (viiiv) occurrence Occurrence of any other event which is specified in this Agreement to be a material breach or default of the Procurer(s)PROCURER.

Procurer Event of Default. 11.2.1 3.1.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or Event, shall constitute a breach by the Seller of its obligations under this Agreement or a Seller Procurer Event of Default, shall constitute the Event of Default on the part of defaulting Procurer: (i) a defaulting Procurer fails Any amount subject to meet any of its obligations, as specified in Article 4.3; or (ii) a defaulting Procurer fails to pay (with respect to a Monthly Bill or a Supplementary Bill) an amount exceeding fifteen (15%) of the undisputed part of the most recent Monthly/ Supplementary Bill for 2.8 remains outstanding beyond a period of ninety (90) days after the Due Date and the Seller SECI is unable to recover the amount outstanding to from the Seller Procurer through the Collateral Arrangement and Letter of Credit, Payment Security Fund and; or (ii) The Procurer fails to evacuate Green Ammonia from the Delivery Points for a continuous period of one year. (iii) if (a) the defaulting Procurer repudiates this Agreement and does not rectify such breach even within a period of thirty (30) days from a notice from the Seller in this regard; or (iv) except where due to any Seller’s failure to comply with its obligations, the defaulting Procurer(s) is/are in material breach of any of its obligations pursuant to this Agreement or of any of the other RFP Documents where the Procurer(s) and the Seller are Parties, and such material breach is not rectified by the defaulting Procurer within thirty (30) days of receipt of notice in this regard from the Seller to the Procurer(s); or (v) any representation and warranties made by the Procurer(s) in Schedule 7 of this Agreement. being found to be untrue or inaccurate. Provided however, prior to considering any event specified under this sub-article to be an Event of Default, the Seller shall give a notice to the Procurer in writing of at least thirty (30) days; or (vi) if • a Procurer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty (30) days, or • (b) any winding up or bankruptcy or insolvency order is passed against the Procurer(s)Procurer, or • a (c) the Procurer goes into liquidation or dissolution or has a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, Provided that it shall a dissolution or liquidation of the Procurer will not constitute be a Procurer Event of Default, where Default if such dissolution or liquidation of Procurer or such Procurer is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and has company retains creditworthiness similar to Procurer or such the Procurer and expressly assumes all obligations of Procurer or such the Procurer under this Agreement and is in a position to perform them; or; (viiiv) occurrence the Procurer repudiates this Agreement and does not rectify such breach within a period of thirty (30) days from a notice from SECI in this regard; or (v) except where due to any Procurer’s failure to comply with its material obligations, the Procurer is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the Procurer within thirty (30) days of receipt of first notice in this regard given by SECI . (vi) Occurrence of any other event which is specified in this Agreement to be a material breach or breach/ default of the Procurer(s)Procurer.

Procurer Event of Default. 11.2.1 The occurrence and the continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by the Seller of its obligations under this Agreement or a Seller Event of DefaultAgreement, shall constitute the Event of Default on the part of defaulting Procurer: (i) a defaulting Procurer fails to meet any of its obligations, as specified in Article 4.3; or (ii) a defaulting Procurer fails to pay (with respect to a Monthly Bill or a Supplementary Bill) an amount exceeding fifteen (15%) of the undisputed part of the most recent Monthly/ Monthly/Supplementary Bill for a period of ninety (90) days after the Due Date and the Seller is unable to recover the amount outstanding to the Seller through the Collateral Arrangement and Letter of Credit; or (iiiii) the defaulting Procurer repudiates this Agreement and does not rectify such breach even within a period of thirty (30) days from a notice from the Seller in this regard; or (iviii) except where due to any Seller’s failure to comply with its obligations, the defaulting Procurer(s) is/are Procurer is in material breach of any of its obligations pursuant to this Agreement or of any of the other RFP RfP Project Documents where the Procurer(s) Procurer and the Seller are Parties, and such material breach is not rectified by the defaulting Procurer within thirty (30) days of receipt of notice in this regard from the Seller to all the Procurer(s)Procurer; or (viv) any representation and warranties made by the Procurer(s) Procurer in Schedule 7 10 of this Agreement. being found to be untrue or inaccurate. Provided however, prior to considering any event specified under this sub-article sub−article to be an Event of Default, the Seller shall give a notice to the Procurer in writing of at least thirty (30) days; or (viv) if • a (a) the Procurer becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty (30) days, or • (b) any winding up or bankruptcy or insolvency order is passed against the Procurer(s)Procurer, or • a (c) the Procurer goes into liquidation or dissolution or has a receiver or any similar officer is appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, Provided that it shall not constitute a Procurer Event of Default, except where such dissolution or liquidation of Procurer or such the Procurer is for the purpose of a merger, consolidation or reorganization and where the resulting entity has the financial standing to perform its obligations under this Agreement and has creditworthiness similar to Procurer or such the Procurer and expressly assumes all obligations of Procurer or such the Procurer under this Agreement and is in a position to perform them; or; (viivi) occurrence occurence of any other event which is specified in this Agreement to be a material breach or default of the Procurer(s)Procurer.