Common use of Termination in Event of Default Clause in Contracts

Termination in Event of Default. ‌ This Agreement may be terminated upon the occurrence of any of the following events of default and in the manner specified hereunder: In the event that the Level of Delivery falls below thirty percent (30%) or the Level of Lifting falls below thirty percent (30%), the Purchaser or the Seller, as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days. However, such notice is to be issued within 60 (sixty) days of the end of the relevant Year; provided that the Seller shall not have a right to terminate the Agreement pursuant to this sub-clause in the event that the Level of Lifting by the Purchaser falls below 30% (thirty per cent.) solely on account of the fact that the Purchaser has been unable to lift the Scheduled Quantity due to shortfall in the quantity necessary for formation of rake for transportation through rail mode; In the event the Level of Lifting falls below 30% (thirty per cent.) and the FSA is liable for termination, the Purchaser can keep their FSA alive by paying applicable Penalty as calculated in terms of Clause 4.7 or amount equivalent to the Contract Performance Guarantee, whichever is higher. The willing Purchaser shall have to request the Seller within 30 days of completion of relevant financial year for availing such optional facility providing an undertaking that they shall pay applicable penal amount. The FSA shall be revived after receipt of the required penal amount. No backlog quantity shall be admissible. There shall not be any financial liability for either Party during the dormant period of the FSA. Notwithstanding the provisions of Clause 15.5, in the event that the matter pertains to Clause 15.1.2, the Seller shall have the right to terminate this Agreement forthwith without any liabilities or damages, whatsoever, payable to the Purchaser. In the event of continuation of suspension for a continuous period of 6 (six) months pursuant to Clause 15.1.1, Clause 15.1.3 , Clause 15.1.4 and Clause 15.1.5, the Seller shall have the right to terminate this Agreement by providing a written notice of 30 (thirty) days to the Purchaser. In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within 60 (sixty) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party. In the event that any Party commits a breach of term or condition of this Agreement (“Defaulting Party”) not otherwise specified under this Agreement, the other Party (“Non- Defaulting Party”), shall have the right to terminate this Agreement after providing the Defaulting Party thirty (30) days prior written notice and the breach has not been cured or rectified to the satisfaction of the Non-Defaulting Party within the said period of thirty (30) days.‌ In the event of termination of the PPA, the FSA shall stand terminated in case the Utility does not exercise its right of substituting the Purchaser in accordance with the terms of the PPA and the same is communicated to the Seller within 180 days of the termination of the PPA. Such substitution shall be allowed by the Seller subject to complete settlement of all outstanding claims of the Seller as on the date from which the substitution is effected. In the event the Purchaser does not inform the Seller of notices issued under the PPA as per timelines in Clause 2.3.‌ In the event the Purchaser does not submit the coal utilization affidavit in accordance with Clause 4.2.3. In the event the Purchaser does not attain the Conditions Precedent within timelines as per Clause 2.7.

Termination in Event of Default. ‌ This Agreement may be terminated upon the occurrence of any of the following events of default and in the manner specified hereunder: In the event that the Level of Delivery falls below thirty percent (30%) or the Level of Lifting falls below thirty percent (30%), the Purchaser or the Seller, as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days. However, such notice is to be issued within 60 (sixty) days of the end of the relevant Year; provided that the Seller shall not have a right to terminate the Agreement pursuant to this sub-clause in the event that the Level of Lifting by the Purchaser falls below 30% (thirty per cent.) solely on account of the fact that the Purchaser has been unable to lift the Scheduled Quantity due to shortfall in the quantity necessary for formation of rake for transportation through rail mode; In the event the Level of Lifting falls below 30% (thirty per cent.) and the FSA is liable for termination, the Purchaser can keep their FSA alive by paying applicable Penalty as calculated in terms of Clause 4.7 or amount equivalent to the Contract Performance Guarantee, whichever is higher. The willing Purchaser shall have to request the Seller within 30 days of completion of relevant financial year for availing such optional facility providing an undertaking that they shall pay applicable penal amount. The FSA shall be revived after receipt of the required penal amount. No backlog quantity shall be admissible. There shall not be any financial liability for either Party during the dormant period of the FSA. Notwithstanding the provisions of Clause 15.5, in the event that the matter pertains to Clause 15.1.2, the Seller shall have the right to terminate this Agreement forthwith without any liabilities or damages, whatsoever, payable to the Purchaser. In the event of continuation of suspension for a continuous period of 6 (six) months pursuant to Clause 15.1.1, Clause 15.1.3 , Clause 15.1.4 and Clause 15.1.515.1.2, the Seller shall have the right to terminate this Agreement by providing a written notice of 30 (thirty) days to the Purchaser. In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within 60 (sixty) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party. In the event that any Party commits a breach of term or condition of this Agreement (“Defaulting Party”) not otherwise specified under this Agreement, the other Party (“Non- Defaulting Party”), shall have the right to terminate this Agreement after providing the Defaulting Party thirty (30) days prior written notice and the breach has not been cured or rectified to the satisfaction of the Non-Defaulting Party within the said period of thirty (30) days.‌ days. In the event of termination of the PPA, the FSA shall stand terminated in case the Utility does not exercise its right of substituting the Purchaser in accordance with the terms of the PPA and the same is communicated to the Seller within 180 days of the termination of the PPA. Such substitution shall be allowed by the Seller subject to complete settlement of all outstanding claims of the Seller as on the date from which the substitution is effected. In the event the Purchaser does not inform the Seller of notices issued under the PPA as per timelines in Clause 2.3.‌ 2.3. In the event the Purchaser does not submit the coal utilization affidavit in accordance with Clause 4.2.3. In the event the Purchaser does not attain the Conditions Precedent within timelines as per Clause 2.7.

Termination in Event of Default. ‌ This Agreement may be terminated upon the occurrence of any of the following events of default and in the manner specified hereunder: In the event that the Level of Delivery falls below thirty percent (30%) or the Level of Lifting falls below thirty percent (30%), the Purchaser or the Seller, as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days. However, such notice is to be issued within 60 (sixty) days of the end of the relevant Year; provided that the Seller shall not have a right to terminate the Agreement pursuant to this sub-clause in the event that the Level of Lifting by the Purchaser falls below 30% (thirty per cent.) solely on account of the fact that the Purchaser has been unable to lift the Scheduled Quantity due to shortfall in the quantity necessary for formation of rake for transportation through rail mode; In the event the Level of Lifting falls below 30% (thirty per cent.) and the FSA is liable for termination, the Purchaser can keep their FSA alive by paying applicable Penalty as calculated in terms of Clause 4.7 or amount equivalent to the Contract Performance Guarantee, whichever is higher. The willing Purchaser shall have to request the Seller within 30 days of completion of relevant financial year for availing such optional facility providing an undertaking that they shall pay applicable penal amount. The FSA shall be revived after receipt of the required penal amount. No backlog quantity shall be admissible. There shall not be any financial liability for either Party during the dormant period of the FSA. Notwithstanding the provisions of Clause 15.5, in the event that the matter pertains to Clause 15.1.2, the Seller shall have the right to terminate this Agreement forthwith without any liabilities or damages, whatsoever, payable to the Purchaser. In the event of continuation of suspension for a continuous period of 6 six (six6) months pursuant to Clause 15.1.1, Clause 15.1.3 , and Clause 15.1.4 and Clause 15.1.5, the Seller shall have the right to terminate this Agreement by providing a written notice of 30 (thirty) days to the Purchaser. In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within 60 (sixty) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party. In the event that any Party commits a breach of term or condition of this Agreement (“Defaulting Party”) not otherwise specified under this Agreement, the other Party (“Non- Defaulting Party”), shall have the right to terminate this Agreement after providing the Defaulting Party thirty (30) days prior written notice and the breach has not been cured or rectified to the satisfaction of the Non-Defaulting Party within the said period of thirty (30) days.‌ In the event of termination of the PPA, the FSA shall stand terminated in case the Utility does not exercise its right of substituting the Purchaser in accordance with the terms of the PPA and the same is communicated to the Seller within 180 days of the termination of the PPA. Such substitution shall be allowed by the Seller subject to complete settlement of all outstanding claims of the Seller as on the date from which the substitution is effected. In the event the Purchaser does not inform the Seller of notices issued under the PPA as per timelines in Clause 2.3.‌ In the event the Purchaser does not submit the coal utilization affidavit in accordance with Clause 4.2.3. In the event the Purchaser does not attain the Conditions Precedent within timelines as per Clause 2.72.6.

Termination in Event of Default. ‌ This Agreement may be terminated upon the occurrence of any of the following events of default and in the manner specified hereunder: In the event that the Level of Delivery falls below thirty percent (30%) or the Level of Lifting falls below thirty percent (30%), the Purchaser or the Seller, as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days. However, such notice is to be issued within 60 (sixty) days of the end of the relevant Year; provided that the Seller shall not have a right to terminate the Agreement pursuant to this sub-clause in the event that the Level of Lifting by the Purchaser falls below 30% (thirty per cent.) solely on account of the fact that the Purchaser has been unable to lift the Scheduled Quantity due to shortfall in the quantity necessary for formation of rake for transportation through rail mode; In the event the Level of Lifting falls below 30% (thirty per cent.) and the FSA is liable for termination, the Purchaser can keep their FSA alive by paying applicable Penalty as calculated in terms of Clause 4.7 or amount equivalent to the Contract Performance Guarantee, whichever is higher. The willing Purchaser shall have to request the Seller within 30 days of completion of relevant financial year for availing such optional facility providing an undertaking that they shall pay applicable penal amount. The FSA shall be revived after receipt of the required penal amount. No backlog quantity shall be admissible. There shall not be any financial liability for either Party during the dormant period of the FSA. Notwithstanding the provisions of Clause 15.5, in the event that the matter pertains to Clause 15.1.2, the Seller shall have the right to terminate this Agreement forthwith without any liabilities or damages, whatsoever, payable to the Purchaser. In the event of continuation of suspension for a continuous period of 6 (six) months pursuant to Clause 15.1.1, Clause 15.1.3 , Clause 15.1.4 and Clause 15.1.515.1.2, the Seller shall have the right to terminate this Agreement by providing a written notice of 30 (thirty) days to the Purchaser. In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within 60 (sixty) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party. In the event that any Party commits a breach of term or condition of this Agreement (“D³efaulting Party´ QRW RWKHUZLVH VSHFLILHG NXoQn-GHU WK Defaulting Party”) not otherwise specified under this Agreement, the other Party (“Non- Defaulting Party”), shall have the right to terminate this Agreement after providing the ´ VKDOO KDYH WKH ULJKW WR WHUPLQD Defaulting Party thirty (30) days prior written notice and the breach has not been cured or rectified to the satisfaction of the Non-Defaulting Party within the said period of thirty (30) days.‌ days. In the event of termination of the PPA, the FSA shall stand terminated in case the Utility does not exercise its right of substituting the Purchaser in accordance with the terms of the PPA and the same is communicated to the Seller within 180 days of the termination of the PPA. Such substitution shall be allowed by the Seller subject to complete settlement of all outstanding claims of the Seller as on the date from which the substitution is effected. In the event the Purchaser does not inform the Seller of notices issued under the PPA as per timelines in Clause 2.3.‌ 2.3. In the event the Purchaser does not submit the coal utilization affidavit in accordance with Clause 4.2.3. In the event the Purchaser does not attain the Conditions Precedent within timelines as per Clause 2.7.