Common use of Financial Default Clause in Contracts

Financial Default. (a) If a Financial Default occurs, the non-defaulting party may, without prejudice to any other right, suspend its obligations under any or all of the Transactions entered into under this Agreement and give a notice (Financial Default Notice) to the defaulting party specifying the Financial Default and giving the defaulting party 10 Business Days (Financial Cure Period) from the date of the Financial Default Notice to remedy the Financial Default. (b) On receipt of the Financial Default Notice, the defaulting party must remedy the Financial Default within the Financial Cure Period. (c) The non-defaulting party may set off any unpaid amount against any payments that the non-defaulting party is required to make to the defaulting party under this Agreement. (d) If the Financial Default is not remedied within the Financial Cure Period then the non- defaulting party may, without prejudice to any other right, do any one or more of the following: (1) ▇▇▇ for breach of contract; (2) suspend its obligations under any or all of the Transactions entered into under this Agreement (to the extent it has not already done so pursuant to clause 7.1(a)); and (3) terminate this Agreement with immediate effect by giving a notice to the defaulting party. (e) Notwithstanding the other provisions of this clause 7.1, if the Financial Default is an Insolvency Event, the non-defaulting party shall have no obligation to provide a Financial Default Notice, the defaulting party shall have no right to remedy the Insolvency Event within the Financial Cure Period and the non-defaulting party may immediately exercise any or all of the rights described in clause 7.1(d).

Financial Default. (a) If a Financial Default occurs, the non-defaulting party may, without prejudice to any other right, suspend its obligations under any or all of the Transactions entered into under this Agreement and give a notice (Financial Default Notice) to the defaulting party specifying the Financial Default and giving the defaulting party 10 Business Days (Financial Cure Period) from the date of the Financial Default Notice to remedy the Financial Default. (b) On receipt of the Financial Default Notice, the defaulting party must remedy the Financial Default within the Financial Cure Period. (c) The non-defaulting party may set off any unpaid amount against any payments that the non-defaulting party is required to make to the defaulting party under this Agreement. (d) If the Financial Default is not remedied within the Financial Cure Period then the non- defaulting party may, without prejudice to any other right, do any one or more of the following: (1) ▇▇▇ sue for breach of contract; (2) suspend its obligations under any or all of the Transactions entered into under this Agreement (to the extent it has not already done so pursuant to clause 7.1(a)); and (3) terminate this Agreement with immediate effect by giving a notice to the defaulting party. (e) Notwithstanding the other provisions of this clause 7.1, if the Financial Default is an Insolvency Event, the non-defaulting party shall have no obligation to provide a Financial Default Notice, the defaulting party shall have no right to remedy the Insolvency Event within the Financial Cure Period and the non-defaulting party may immediately exercise any or all of the rights described in clause 7.1(d).