Common use of Declaration of Early Termination Date Clause in Contracts

Declaration of Early Termination Date. If an Event of Default with respect to a defaulting Party shall have occurred, is continuing and has not been cured, the other Party (the “Non-Defaulting Party”) shall have the right to: (i) send notice, designating a day, no earlier than ten (10) calendar days after the day such notice is deemed to be received as an early termination date of this Agreement (“Early Termination Date”) on which to (A) collect the Damage Payment if any Event of Default arose at any time prior to the commencement of the Delivery Term, including an Event of Default pursuant to Section 7.2(j), or (B) collect the Termination Payment (which shall be calculated in accordance with Section 7.3(b)) if any Event of Default arose during the Delivery Term; (ii) accelerate all amounts owing between the Parties, terminate this Agreement and end the Delivery Term effective as of the Early Termination Date; (iii) withhold any payments due to the Defaulting Party under this Agreement; (iv) suspend performance; (v) exercise its rights pursuant to Section 9.1 of this Agreement to draw upon and retain Development Assurance, Interim Assurance or Performance Assurance, as applicable; and (vi) exercise any other right or remedy available at Law or in equity to the extent otherwise permitted under this Agreement.

Declaration of Early Termination Date. If an Event of Default with respect to a defaulting Defaulting Party shall have occurred, occurred and is continuing and has not been curedcontinuing, the other Party (the “Non-Defaulting Party”) shall have the right tofollowing rights: (ia) send noticeNotice, designating a day, no earlier than ten (10) calendar days after the day such notice Notice is deemed to be received and no later than twenty (20) days after such Notice is deemed to be received, as an early termination date of this Agreement (“Early Termination Date”) on which to (A) collect the Damage Payment if any Event of Default arose at any time prior to the commencement of the Delivery Term, including an Event of Default pursuant to Section 7.2(j), or (B) collect the Termination Payment (which shall be calculated in accordance with Section 7.3(b)) if any Event of Default arose during the Delivery Term; (iib) accelerate all amounts owing between the Parties, terminate this Agreement the Transaction and end the Delivery Term effective as of the Early Termination Date; (iiic) collect the Damage Payment in accordance with Section 5.8 below, if the Event of Default arose under Sections 5.1(b)(ii) or Section 5.1(b)(iii), or collect the Termination Payment for any other Event of Default (but only if Notice of an Early Termination Date has been designated pursuant to Section 5.2(a)); (d) withhold any payments due to the Defaulting Party under this Agreement; (ive) suspend performance; (vf) exercise its rights pursuant to Section 9.1 of this Agreement 8.3 to draw upon and retain Development Assurance, Interim Assurance or Performance Assurance, as applicable; and (vig) exercise any other right rights or remedy remedies available at Law or in equity to the extent otherwise permitted under this Agreement.