Common use of Termination due to failure to achieve Financial Close Clause in Contracts

Termination due to failure to achieve Financial Close. 1.11.1 Notwithstanding anything to the contrary contained in this Agreement, in the event that Financial Close does not occur, for any reason whatsoever, within the period set forth in clause 1.10.4, all rights, privileges, claims and entitlements of the Lessee under or arising out of this Agreement shall be deemed to have been waived by and deemed to have ceased with the concurrence of the Lessee, and this Agreement shall be deemed to have been terminated by mutual agreement of the Parties. 1.11.2 Upon Termination under clause 1.11.1, DOT shall be entitled to en-cash the Bid Security and appropriate the proceeds thereof as damages, provided however, if Financial Close has not occurred solely as a result of DOT being in default of any of its obligations under clause 1.7.2.,it shall upon termination, return the Bid Security forthwith. For avoidance of doubt, it is expressly agreed that if the Bid Security shall have been substituted by Performance Security for Implementation Phase, DOT shall be entitled to en-cash the Performance Security for Implementation Phase equivalent to an amount equal to Bid Security.