Common use of Termination Procedure for TSP Event of Default Clause in Contracts

Termination Procedure for TSP Event of Default. a. Upon the occurrence and continuance of any TSP’s Event of Default under Article 13.1 the Nodal Agency may serve notice on the TSP, with a copy to the CEA and the Lenders’ Representative, of their intention to terminate this Agreement (a "Nodal Agency’s Preliminary Termination Notice"), which shall specify in reasonable detail, the circumstances giving rise to such Nodal Agency’s Preliminary Termination Notice. b. Following the issue of a Nodal Agency’s Preliminary Termination Notice, the Consultation Period shall apply and would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. c. During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations/ roles under this Agreement, and the TSP shall not remove any material, equipment or any part of the Project, without prior consent of the Nodal Agency. Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed to the contrary or the circumstances giving rise to Nodal Agency’s Preliminary Termination Notice shall have ceased to exist or shall have been remedied, this Agreement may be terminated by the Nodal Agency by giving a Termination Notice to the TSP, in writing, of at least seven (7) days, with a copy to CEA and the Lenders’ Representative in order to enable the Lenders to exercise right of substitution in accordance with Article 15.3 of this Agreement. Further, the Nodal Agency may also initiate proceedings to blacklist the TSP & its Affiliates from participation in any RFP issued by BPCs for a period of 5 years.

Termination Procedure for TSP Event of Default. a. Upon the occurrence and continuance of any TSP’s Event of Default under Article 13.1 0 the Nodal Agency may serve notice on the TSP, with a copy to the CEA and the Lenders’ Representative, of their intention to terminate this Agreement (a "Nodal Agency’s Preliminary Termination Notice"), which shall specify in reasonable detail, the circumstances giving rise to such Nodal Agency’s Preliminary Termination Notice. b. Following the issue of a Nodal Agency’s Preliminary Termination Notice, the Consultation Period shall apply and would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. c. During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations/ roles under this Agreement, and the TSP shall not remove any material, equipment or any part of the Project, without prior consent of the Nodal Agency. Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed to the contrary or the circumstances giving rise to Nodal Agency’s Preliminary Termination Notice shall have ceased to exist or shall have been remedied, this Agreement may be terminated by the Nodal Agency by giving a Termination Notice to the TSP, in writing, of at least seven (7) days, with a copy to CEA and the Lenders’ Representative in order to enable the Lenders to exercise right of substitution in accordance with Article 15.3 of this Agreement. Further, the Nodal Agency may also initiate proceedings to blacklist the TSP & its Affiliates from participation in any RFP issued by BPCs for a period of 5 years.

Termination Procedure for TSP Event of Default. a. Upon the occurrence and continuance of any TSP’s TSP‟s Event of Default under Article Article 13.1 the Nodal Agency Majority Long Term Transmission Customers, through the Lead Long Term Transmission Customer, may serve notice on the TSP, with a copy to the CEA Appropriate Commission and the Lenders’ Lenders‟ Representative, of their intention to terminate this Agreement (a "Nodal Agency’s Long Term Transmission Customer‟s Preliminary Termination Notice"), which shall specify in reasonable detail, the circumstances giving rise to such Nodal Agency’s Long Term Transmission Customer‟s Preliminary Termination Notice. b. Following the issue of a Nodal Agency’s Long Term Transmission Customer‟s Preliminary Termination Notice, the Consultation Period shall apply and would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. c. During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations/ roles obligations under this Agreement, and the TSP shall not remove any material, equipment or any part of the Project, without prior consent of the Nodal Agency. Lead Long Term Transmission Customer. d. Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed to the contrary or the circumstances giving rise to Nodal Agency’s Long Term Transmission Customers Preliminary Termination Notice shall have ceased to exist or shall have been remedied, the Long Term Transmission Customers may terminate this Agreement may be terminated by the Nodal Agency by giving a written notice of thirty (30) days (“Long Term Transmission Customers‟ Termination Notice Notice”) to the TSP, in writing, of at least seven (7) days, with a copy to CEA the Lenders‟ Representative and the Lenders’ Representative in order to enable Appropriate Commission. Unless the Lenders to exercise right have exercised their rights of substitution in accordance with as per the provisions of Article 15.3 of this Agreement and the Appropriate Commission has agreed to such substitution rights of the Lenders or otherwise directed by the Appropriate Commission, this Agreement shall terminate on the date of expiry of such Long Term Transmission Customers‟ Termination Notice. Upon termination of the Agreement. Further, the Nodal Agency may also initiate proceedings to blacklist Lead Long Term Transmission Customer shall approach the TSP & its Affiliates from participation in any RFP issued by BPCs for a period Appropriate Commission seeking revocation of 5 yearsthe Transmission License and further action as per the provisions of the Electricity Act, 2003.

Termination Procedure for TSP Event of Default. a. Upon the occurrence and continuance of any TSP’s Event of Default under Article Article 13.1 the Nodal Agency Majority Long Term Transmission Customers, through the Lead Long Term Transmission Customer, may serve notice on the TSP, with a copy to the CEA Appropriate Commission and the Lenders’ Representative, of their intention to terminate this Agreement (a "Nodal AgencyLong Term Transmission Customer’s Preliminary Termination Notice"), which shall specify in reasonable detail, the circumstances giving rise to such Nodal AgencyLong Term Transmission Customer’s Preliminary Termination Notice. b. Following the issue of a Nodal AgencyLong Term Transmission Customer’s Preliminary Termination Notice, the Consultation Period shall apply and would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. c. During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations/ roles obligations under this Agreement, and the TSP shall not remove any material, equipment or any part of the Project, without prior consent of the Nodal Agency. Lead Long Term Transmission Customer. d. Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed to the contrary or the circumstances giving rise to Nodal Agency’s Long Term Transmission Customers Preliminary Termination Notice shall have ceased to exist or shall have been remedied, the Long Term Transmission Customers may terminate this Agreement may be terminated by the Nodal Agency by giving a written notice of thirty (30) days (“Long Term Transmission Customers’ Termination Notice Notice”) to the TSP, in writing, of at least seven (7) days, with a copy to CEA and the Lenders’ Representative in order to enable and the Appropriate Commission. Unless the Lenders to exercise right have exercised their rights of substitution in accordance with as per the provisions of Article 15.3 of this Agreement and the Appropriate Commission has agreed to such substitution rights of the Lenders or otherwise directed by the Appropriate Commission, this Agreement shall terminate on the date of expiry of such Long Term Transmission Customers’ Termination Notice. Upon termination of the Agreement. Further, the Nodal Agency may also initiate proceedings to blacklist Lead Long Term Transmission Customer shall approach the TSP & its Affiliates from participation in any RFP issued by BPCs for a period Appropriate Commission seeking revocation of 5 yearsthe Transmission License and further action as per the provisions of the Electricity Act, 2003.

Termination Procedure for TSP Event of Default. a. Upon the occurrence and continuance of any TSP’s Event of Default under Article 13.1 the Nodal Agency Majority Long Term Transmission Customers, through the Lead Long Term Transmission Customer, may serve notice on the TSP, with a copy to the CEA Appropriate Commission and the Lenders’ Representative, of their intention to terminate this Agreement (a "Nodal AgencyLong Term Transmission Customer’s Preliminary Termination Notice"), which shall specify in reasonable detail, the circumstances giving rise to such Nodal AgencyLong Term Transmission Customer’s Preliminary Termination Notice. b. Following the issue of a Nodal AgencyLong Term Transmission Customer’s Preliminary Termination Notice, the Consultation Period shall apply and would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. c. During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations/ roles obligations under this Agreement, and the TSP shall not remove any material, equipment or any part of the Project, without prior consent of the Nodal Agency. Lead Long Term Transmission Customer. d. Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed to the contrary or the circumstances giving rise to Nodal Agency’s Long Term Transmission Customers Preliminary Termination Notice shall have ceased to exist or shall have been remedied, the Long Term Transmission Customers may terminate this Agreement may be terminated by the Nodal Agency by giving a written notice of thirty (30) days (“Long Term Transmission Customers’ Termination Notice Notice”) to the TSP, in writing, of at least seven (7) days, with a copy to CEA and the Lenders’ Representative in order to enable and the Appropriate Commission. Unless the Lenders to exercise right have exercised their rights of substitution in accordance with as per the provisions of Article 15.3 of this Agreement and the Appropriate Commission has agreed to such substitution rights of the Lenders or otherwise directed by the Appropriate Commission, this Agreement shall terminate on the date of expiry of such Long Term Transmission Customers’ Termination Notice. Upon termination of the Agreement. Further, the Nodal Agency may also initiate proceedings to blacklist Lead Long Term Transmission Customer shall approach the TSP & its Affiliates from participation in any RFP issued by BPCs for a period Appropriate Commission seeking revocation of 5 yearsthe Transmission License and further action as per the provisions of the Electricity Act, 2003.

Termination Procedure for TSP Event of Default. a. Upon the occurrence and continuance of any TSP’s Event of Default under Article 13.1 the Nodal Agency Majority Long Term Transmission Customers through the Lead Long Term Transmission Customer, may serve notice on the TSP, with a copy to the CEA Commission and the Lenders’ Representative, of their intention to terminate this Agreement (a "Nodal Agency’s Long Term Transmission Customer Preliminary Termination Notice"), which shall specify in reasonable detail, the circumstances giving rise to such Nodal Agency’s Long Term Transmission Customer Preliminary Termination Notice. b. Following the issue of a Nodal Agency’s Long Term Transmission Customer Preliminary Termination Notice, the Consultation Period shall apply and would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. c. During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations/ roles obligations under this Agreement, and the TSP shall not remove any material, equipment or any part of the Project, without prior consent of the Nodal Agency. Lead Long Term Transmission Customer Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed to the contrary or the circumstances giving rise to Nodal Agency’s Long Term Transmission Customer Preliminary Termination Notice shall have ceased to exist or shall have been remedied, the Long Term Transmission Customers may terminate this Agreement may be terminated by the Nodal Agency by giving a written notice of thirty (30) days (“Long Term Transmission Customers Termination Notice Notice”) to the TSP, in writing, of at least seven (7) days, with a copy to CEA and the Lenders’ Representative in order to enable and the Commission. Unless the Lenders to exercise right have exercised their rights of substitution in accordance with as per the provisions of Article 15.3 of this Agreement and the Commission has agreed to such substitution rights of the Lenders or otherwise directed by the Commission, this Agreement shall terminate on the date of expiry of such Long Term Transmission Customers Termination Notice. Upon termination of the Agreement. Further, the Nodal Agency may also initiate proceedings to blacklist Lead Long Term Transmission Customer shall approach the TSP & its Affiliates from participation in any RFP issued by BPCs for a period Commission seeking revocation of 5 yearsthe Transmission License and further action as per the provisions of the Electricity Act, 2003.

Termination Procedure for TSP Event of Default. a. Upon the occurrence and continuance of any TSP’s Event of Default under Article 13.1 the Nodal Agency may serve notice on the TSP, with a copy to the CEA and the Lenders’ Representative, of their intention to terminate this Agreement (a "Nodal Agency’s Preliminary Termination Notice"), which shall specify in reasonable detail, the circumstances giving rise to such Nodal Agency’s Preliminary Termination Notice. b. Following the issue of a Nodal Agency’s Preliminary Termination Notice, the Consultation Period shall apply and would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. c. During the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations/ roles under this Agreement, and the TSP shall not remove any material, equipment or any part of the Project, without prior consent of the Nodal Agency. Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed to the contrary or the circumstances giving rise to Nodal Xxxxx Agency’s Preliminary Termination Notice shall have ceased to exist or shall have been remedied, this Agreement may be terminated by the Nodal Agency by giving a Termination Notice to the TSP, in writing, of at least seven (7) days, with a copy to CEA and the Lenders’ Representative in order to enable the Lenders to exercise right of substitution in accordance with Article 15.3 of this Agreement. Further, the Nodal Agency may also initiate proceedings to blacklist the TSP & its Affiliates from participation in any RFP issued by BPCs for a period of 5 years.