Default Termination Rights. The Non-Defaulting Party will have the right to terminate the Definitive Agreement upon the occurrence of an Event of Default by the other party (the “Defaulting Party”) and to calculate termination damages based on the costs, gains or losses incurred by the Non-Defaulting Party in terminating the Definitive Agreement.
Appears in 2 contracts
Sources: Peaking Multiple Year Unit Capacity Purchase Agreement, CCGT Multiple Year Unit Capacity Purchase Agreement