Common use of Additional Contracts Clause in Contracts

Additional Contracts. Upon a Default, ▇▇▇▇▇▇ Bankruptcy Event, Secured Facility Event or Acceleration Event, ▇▇▇▇▇▇ covenants and agrees (i) to provide or otherwise make available to TIMET, its affiliates, designee(s), successors and permitted assigns all rights, privileges and benefits arising under any Additional Contract; (ii) to provide notice of renewal, termination, breach or threatened breach of any Additional Contract; and (iii) to provide notice of any lapse, revocation or threat of revocation of any permit or license that constitutes an Additional Contract. ▇▇▇▇▇▇ hereby grants TIMET the option, but not the obligation, upon a Default, ▇▇▇▇▇▇ Bankruptcy Event, Secured Facility Event or Acceleration Event, (x) to exercise whatever rights to cure any breach that ▇▇▇▇▇▇ has under any Additional Contract or by law and (y) to approach directly any party to an Additional Contract for the purpose of arranging to obtain directly from such party all rights, privileges and benefits arising under such Additional Contract that relate or pertain to the Mill, the Equipment, the Real Estate or the performance of the Titanium Conversion Services.