Termination of the Construction Contract Clause Samples
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Termination of the Construction Contract. If the Construction Contract is terminated in accordance with its terms or by other lawful means prior to delivery of the Purchased Vessel and the parties thereto do not reach an agreement to reinstate the Construction Contract within 30 days after such termination. Notwithstanding anything else contained in this Agreement, if, prior to delivery of the Purchased Vessel, the Borrower makes a Mandatory Prepayment pursuant to Section 9.2 as a result of Section 9.1.10 or a voluntary prepayment pursuant to Section 3.2(a) and the Purchased Vessel is delivered prior to the Commitment Termination Date, the Borrower shall be entitled to make an additional Loan Request prior to the Commitment Termination Date as if the funds had not been previously advanced. Payment of the Loan made pursuant to this Section shall be without premium or penalty, except as may be required by Section 4.4.
Termination of the Construction Contract. If the Construction Contract is terminated in accordance with its terms or by other lawful means prior to delivery of the Purchased Vessel and the parties thereto do not reach an agreement to reinstate the Construction Contract within 30 days after such termination.
Termination of the Construction Contract. If the Construction Contract is terminated prior to Final Completion:
a) the Property Owner shall give the Administrator notice thereof concurrently with the delivery of a termination notice to the Contractor;
b) within 30 days after delivery of the notice described in subsection (a) above, the Property Owner shall, in its discretion, either:
i. enter into a new agreement meeting the requirements of the Energy Act with another contractor and in form and substance reasonably acceptable to the Administrator and cause the new contractor to execute and deliver to the Administrator an acknowledgment of the terms of this Agreement; or
ii. Notify the Administrator and the District that it does not intend to enter into such a new agreement and shall complete the Construction Work itself.
Termination of the Construction Contract. If the Construction Contract is terminated prior to Final Completion:
a) the Property Owner shall give the Administrator notice thereof concurrently with the delivery of a termination notice to the Contractor;