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ORDER NO. PSC -2017 -0336 -PAA -EQ DOCKET NO. 20170072 -EQ PAGE 36 Attachment A etab, DUKE ENERGY. 14. Default SECTION No. IX SIXTH REVISED SHEET NO. 9.427 CANCELS FIFTH REVISED SHEET NO. 9.427 Notwithstanding the occurrence of any Force Majeure as described in Section 18, each of the following shall constitute an Event of Default: (a) the RF/QF changes or modifies the Facility from that provided in Section 2 with respect to its type, location, technology or fuel source, without the prior written approval of DEF; (b) after the Capacity Delivery Date, the Facility fails for twelve (12) consecutive months to maintain an Annual Capacity Billing Factor, as described in Appendix A, of at least seventy five percent (75%); (c) the RF/QF fails to satisfy its obligations to maintain sufficient fuel on the site of the Facility to deliver the capacity and energy associated with the Committed Capacity for an uninterrupted seventy -two -(72) hour period under Section 10.5.6 hereof; (d) the failure to make when due, any payment requited pursuant to this Contract if such failure is not remedied within three (3) Business Days after written notice; (e) either Party, or the entity which owns or controls either Party, ceases the conduct of active business; or if proceedings under the federal bankruptcy law or insolvency laws. shall be instituted by or for or against either Party or the entity which owns or controls either Party; or if a receiver shall be appointed for either Party or any of its assets or properties, or for the entity which owns or controls either Party; or if any part of either Party's assets shall be attached, levied upon, encumbered, pledged, seized or taken under any judicial process, and such proceedings shall not be vacated or fully stayed within thirty (30) calendar days thereof; or if either Party shall make an assignment for the benefit of creditors, or admit in writing its inability to pay its debts as they become due; (f) the RF/QF fails to give proper assurance of adequate performance as specified under this Contract within thirty (30) calendar days after DEF, with reasonable grounds for insecurity, has requested in writing such assurance; the RF/QF fails to achieve licensing, certification, and all federal, state and local governmental, environmental, and licensing approvals required to initiate construction of the Facility by no later than the Completed Permits Date; (g) (h) the RF/QF fails to comply with the provisions of Section 11 hereof; (i) any of the representations or warranties, including the certification of the completion of the Conditions Precedent, made by either Party in this Contract is false or misleading in any material respect as of the time made; ISSUED BY: Javier Portuondo, Director, Rates a Regulatory Strategy - R. EFFECTIVE June 9.2016