Common use of Non-Default Termination Clause in Contracts

Non-Default Termination. Except where and unless when Regulation (EC) N° 261/2004 on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights would apply, it is understood that in the event Charterer or Operator unilaterally terminates the Air Charter Agreement or cancels the performance of one or more of the flights considered under the Air Charter Agreement for other reason than default of the other party, the terminating party will pay the other party an indemnification equal to the applicable cancellation fee as specified in the Air Charter Agreement, or, if more stringent cancellation terms may be imposed by the subcontracted operator, if any, the cancellation conditions applicable with the subcontracted operator will apply to the Charterer. Such cancellation fee will be function of time of exercising the written cancellation notification.