Common use of SPGEventofDefault Clause in Contracts

SPGEventofDefault. 13.1.1 The occurrence and/or continuation of any of the following events, unless any suchevent occurs as a result of a Force Majeure Event or a breach by DISCOM of itsobligationsunderthisAgreement,shall constituteanSPG EventofDefault: (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 ofContracted Capacity to DISCOM after Commercial Operation Date throughout thetermofthis Agreement,or if  the SPG assigns, mortgages or charges or purports to assign, mortgage or chargeany of its assets or rights related to the Power Project in contravention of theprovisionsofthis Agreement;or  the SPG transfers or novates any of its rights and/ or obligations under thisagreement, in a manner contrary to the provisions of this Agreement; exceptwhere suchtransfer  is in pursuance of a Law; and does not affect the ability of the transferee toperform,andsuchtransfereehasthefinancialcapabilitytoperform,itsobligations underthis Agreementor  istoatransfereewhoassumessuchobligationsunderthisAgreementandtheAgree mentremainseffective withrespect tothetransferee; if a. the SPG becomes voluntarily or involuntarily the subject of any bankruptcy orinsolvencyorwindingupproceedingsandsuchproceedingsremainuncontestedf oraperiodofthirty (30) days,or b. anywindinguporbankruptcyorinsolvencyorderispassedagainsttheSPG,or c. the SPG goes into liquidation or dissolution or has a receiver or any similarofficer appointed over all or substantially all of its assets or official liquidator isappointed to manage its affairs, pursuant to Law, provided that a dissolution orliquidation of the SPG will not be a SPG Event of Default if such dissolution orliquidation is for the purpose of a merger, consolidation or reorganization andwhere the resulting company retains creditworthiness similar to the SPG andexpressly assumes all obligations of the SPG under this Agreement and is in apositiontoperformthem;or (ii) theSPGrepudiatesthisAgreementanddoesnotrectifysuchbreachwithinaperiod ofthirty(30)daysfromanotice fromDISCOM inthisregard;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 theSPG within thirty (30) days ofreceiptof firstnoticeinthisregardgivenby DISCOM . (iv) Occurrence of any other event which is specified in this agreement to be amaterialbreach/default oftheSPG (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,andsuchmaterial breachisnotrectifiedby theSPGwithinthirty (30)days ofreceiptoffirstnotice inthisregardgivenbyDISCOM. (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.