SPG Event of Default. 13.1.1 The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM of its obligations under this Agreement, shall constitute an SPG Event of Default: (i) the failure to commence supply of power to DISCOM up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to DISCOM after Commercial Operation Date throughout the term of this Agreement, or if ▪ the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ the SPG transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ is to a transferee who assumes such obligations under this Agreement and the Agreement remains effective with respect to the transferee; if a. the SPG 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 SPG, or c. the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or (ii) the SPG repudiates this Agreement and does not rectify such breach within a period of thirty (30) days from a notice from DISCOM in this regard; or (iii) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM . (iv) Occurrence of any other event which is specified in this agreement to be a material breach/default of the SPG (v) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM. (vi) Failure on the part of the SPG for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times. (vii) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project. (viii) Failure to supply power in terms of the PPA (ix) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.
Appears in 4 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement (Ppa)
SPG Event of Default. 13.1.1 The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM of its obligations under this Agreement, shall constitute an SPG Event of Default:
(i) the failure to commence supply of power to DISCOM up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to DISCOM after Commercial Operation Date throughout the term of this Agreement, or if ▪ the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ the SPG transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ is to a transferee who assumes such obligations under this Agreement and the Agreement remains effective with respect to the transferee; if
a. the SPG 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 SPG, or
c. the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or
(ii) the SPG repudiates this Agreement and does not rectify such breach within a period of thirty (30) days from a notice from DISCOM in this regard; or
(iii) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM .
(iv) Occurrence of any other event which is specified in this agreement to be a material breach/default of the SPG
(v) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM.
(vi) Failure on the part of the SPG for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.
(vii) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project.
(viii) Failure to supply power in terms of the PPA
(ix) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.
Appears in 3 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement (Ppa), Power Purchase Agreement
SPG Event of Default. 13.1.1 13.1.1. The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM EDG of its obligations under this Agreement, shall constitute an SPG Event of Default:
(i) ). the failure to commence supply of power to DISCOM EDG up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to DISCOM EDG after Commercial Operation Date throughout the term of this Agreement, or if ▪ if
(a) the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ or
(b) the SPG transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ is to a transferee who assumes such obligations under this Agreement and the Agreement remains effective with respect to the transferee; ifthis
a. ii). if (a) the SPG 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. or (b) any winding up or bankruptcy or insolvency order is passed against the SPG, or
c. or (c) the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or
(ii) iii). the SPG repudiates this Agreement and does not rectify such breach within a period of thirty (30) days from a notice from DISCOM EDG in this regard; or
(iii) iv). except where due to any DISCOMEDG’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM .
(iv) Occurrence of any other event which is specified in this agreement to be a material breach/default of the SPG
(v) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM.
(vi) Failure on the part of the SPG for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.
(vii) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project.
(viii) Failure to supply power in terms of the PPA
(ix) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.thirty
Appears in 1 contract
Samples: Power Purchase Agreement
SPG Event of Default. 13.1.1 The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM of its obligations under this Agreement, shall constitute an SPG Event of Default:
(i) the failure to commence supply of power to DISCOM up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to DISCOM after Commercial Operation Date throughout the term of this Agreement, or if ▪ the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ the SPG transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ is to a transferee who assumes such obligations under this Agreement and the Agreement remains effective with respect to the transferee; if
a. the SPG 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 SPG, or
c. the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or
(iii) the SPG repudiates this Agreement and does not rectify such breach within a period aperiod of thirty (30) days from a notice from DISCOM in this regard; or
(iiiii) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM .
(iviii) Occurrence of any other event which is specified in this agreement to be a material breachmaterialbreach/default of the SPG
(viv) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM.
(viv) Failure on the part of the SPG for a continuous period of ninety (90) days to to
(i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.
(viivi) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project.
(viiivii) Failure to supply power in terms of the PPA
(ixviii) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.
(ix) SPG fails to make compensation payment to UGVCL towards shortfall in supply for not achieving 19% guaranteed CUF during contract years.
Appears in 1 contract
Samples: Power Purchase Agreement (Ppa)
SPG Event of Default. 13.1.1 12.1.1. The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM Beneficiary of its obligations under this Agreement, shall constitute an SPG Event of Default:
(i) i. the failure to commence supply of power to DISCOM Beneficiary up to the Contracted Capacity, by the end of the period specified in Article 4Article, or failure to continue supply of Contracted Capacity to DISCOM Beneficiary after Commercial Operation Date throughout the term of this Agreement, or if ▪ if
a) the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ or
b) the SPG transfers or novates any of its rights and/ or obligations under this agreementAgreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ • is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ • is to a transferee who assumes such obligations under this Agreement and the Agreement remains effective with respect to the transferee; if;
a. ii. if (a) the SPG becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding winding-up proceedings and such proceedings remain uncontested for a period of thirty (30) days, or
b. or (b) any winding up or bankruptcy or insolvency order is passed against the SPG, or
c. or (c) the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or
(ii) iii. the SPG repudiates this Agreement and does not rectify such breach within a period of thirty (30) days from a notice from DISCOM Beneficiary in this regard; or
(iii) iv. except where due to any DISCOMBeneficiary’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM .Beneficiary; or
(iv) Occurrence v. occurrence of any other event which is specified in this agreement Agreement to be a material breach/breach/ default of the SPG
(v) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM.
(vi) Failure on the part of the SPG for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.
(vii) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project.
(viii) Failure to supply power in terms of the PPA
(ix) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.;
Appears in 1 contract
Samples: Power Purchase Agreement (Ppa)
SPG Event of Default. 13.1.1 The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM of its obligations under this Agreement, shall constitute an SPG Event of Default:
(i) the failure to commence supply of power to DISCOM up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to DISCOM after Commercial Operation Date throughout the term of this Agreement, or if ▪ the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ the SPG transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ is to a transferee who assumes such obligations under this Agreement and the Agreement remains effective with respect to the transferee; if
a. the SPG 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 SPG, or
c. the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or
(iii) the SPG repudiates this Agreement and does not rectify such breach within a period aperiod of thirty (30) days from a notice from DISCOM in this regard; or
(iiiii) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM .
(iviii) Occurrence of any other event which is specified in this agreement to be a material breachmaterialbreach/default of the SPG
(viv) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM.
(viv) Failure on the part of the SPG for a continuous period of ninety (90) days to to
(i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.
(viivi) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project.
(viiivii) Failure to supply power in terms of the PPA
(ixviii) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.
(ix) SPG fails to make compensation payment to PGVCL towards shortfall in supply for not achieving 19% guaranteed CUF during contract years.
Appears in 1 contract
Samples: Power Purchase Agreement (Ppa)
SPG Event of Default. 13.1.1 The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM of its obligations under this Agreement, shall constitute an SPG Event of Default:
(i) the failure to commence supply of power to DISCOM up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to DISCOM after Commercial Operation Date throughout the term of this Agreement, or if ▪ the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any chargeany of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ the SPG transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ is to a transferee who assumes such obligations under this Agreement and the Agreement theAgreement remains effective with respect to the transferee; if
a. the SPG 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 SPG, or
c. the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or
(ii) the SPG repudiates this Agreement and does not rectify such breach within a period of thirty (30) days from a notice from DISCOM in this regard; or
(iii) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM .
(iv) Occurrence of any other event which is specified in this agreement to be a material breachmaterialbreach/default of the SPG
(v) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM.
(vi) Failure on the part of the SPG for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.
(vii) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project.
(viii) Failure to supply power in terms of the PPA
(ix) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.
Appears in 1 contract
Samples: Power Purchase Agreement (Ppa)
SPG Event of Default. 13.1.1 The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM EDG of its obligations under this Agreement, shall constitute an SPG Event of Default:
(i) the failure to commence supply of power to DISCOM EDG up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to DISCOM EDG after Commercial Operation Date throughout the term of this Agreement, or if ▪ if
a) the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ or
b) the SPG transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ • is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ • is to a transferee who assumes such obligations under this Agreement and the Agreement remains effective with respect to the transferee; if;
a. (ii) if (a) the SPG 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 (3030)days, or (b) days, or
b. any winding up or bankruptcy or insolvency order is passed against the SPG, or
c. or (c) the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or
(iiiii) the SPG repudiates this Agreement and does not rectify such breach within a period of thirty (30) days from a notice from DISCOM EDG in this regard; or
(iiiiv) except where due to any DISCOMEDG’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM EDG.
(ivv) Occurrence occurrence of any other event which is specified in this agreement Agreement to be a material breach/breach/ default of the SPG.
(vvi) except where due to any DISCOMEDG’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOMEDG.
(vi) Failure on the part of the SPG for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.
(vii) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project.
(viii) Failure to supply power in terms of the PPA
(ix) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.
Appears in 1 contract
Samples: Power Purchase Agreement
SPG Event of Default. 13.1.1 The occurrence and/or continuation of any of the following events, unless any such event occurs as a result of a Force Majeure Event or a breach by DISCOM of its obligations under this Agreement, shall constitute an SPG Event of Default:
(i) the failure to commence supply of power to DISCOM up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to DISCOM after Commercial Operation Date throughout the term of this Agreement, or if ▪ the SPG assigns, mortgages or charges or purports to assign, mortgage or charge any chargeany of its assets or rights related to the Power Project in contravention of the provisions of this Agreement; or ▪ the SPG transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer ▪ is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or ▪ is to a transferee who assumes such obligations under this Agreement and the Agreement theAgreement remains effective with respect to the transferee; if
a. the SPG 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 SPG, or
c. the SPG goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the SPG will not be a SPG Event of Default if such dissolution or liquidation is for the purpose of a merger, consolidation or reorganization and where the resulting company retains creditworthiness similar to the SPG and expressly assumes all obligations of the SPG under this Agreement and is in a position to perform them; or
(iii) the SPG repudiates this Agreement and does not rectify such breach within a period aperiod of thirty (30) days from a notice from DISCOM in this regard; or
(iiiii) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM .
(iviii) Occurrence of any other event which is specified in this agreement to be a material breachmaterialbreach/default of the SPG
(viv) except where due to any DISCOM’s failure to comply with its material obligations, the SPG is in breach of any of its material obligations pursuant to this Agreement, and such material breach is not rectified by the SPG within thirty (30) days of receipt of first notice in this regard given by DISCOM.
(viv) Failure on the part of the SPG for a continuous period of ninety (90) days to to
(i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.
(viivi) Failure on part of the SPG to maintain the minimum shareholding of 51% for a period of one year after Commercial Operation Date of the Project.
(viiivii) Failure to supply power in terms of the PPA
(ixviii) Failure to make any payment required to be made to DISCOM under this agreement within three (3) months after the due date of a valid invoice raised by the DISCOM on the SPG.
(ix) SPG fails to make compensation payment to PGVCL towards shortfall in supply for not achieving 19% guaranteed CUF during contract years.
Appears in 1 contract
Samples: Power Purchase Agreement (Ppa)