Common use of Termination upon delay Clause in Contracts

Termination upon delay. The Seller’s failure to achieve the Initial Delivery Date within three hundred and sixty-five (365) days after the Expected Initial Delivery Date will constitute an Event of Default pursuant to Section 5.1(a)(vi) of this Agreement. If such an Event of Default occurs, then any time prior to the occurrence of the Initial Delivery Date, Buyer may elect to exercise the remedies that are available upon an Event of Default pursuant to Article V, or in the alternative, Buyer may extend the end date of the Delivery Term by a period equal to the difference between the Expected Initial Delivery Date and actual Initial Delivery Date.

Termination upon delay. The Seller’s failure to achieve the Initial Delivery Date within [for New Facilities: three hundred and sixty-five (365) days after days; for Existing Facilities: three (3) months]after the Expected Initial Delivery Date will constitute an Event of Default pursuant to Section 5.1(a)(vi) of this Agreement. If such an Event of Default occurs, then any time prior to the occurrence of the Initial Delivery Date, Buyer may elect to exercise the remedies that are available upon an Event of Default pursuant to Article V, or in the alternative, Buyer may extend the end date of the Delivery Term by a period equal to the difference between the Expected Initial Delivery Date and actual Initial Delivery Date.