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Yes, it possible to reset product/ all faults reset without having to disconnect the drive from the power supply.
This can be done by digital input in [1.8 FAULT MANAGEMENT] (FLt-) Menu, Set RPA [Product reset assig.] = LIx.
The drive is reinitialized on a rising edge (change from 0 to 1) of the assigned.
RPA parameter can only be modified in [ACCESS LEVEL] = [Expert] mode.