Term Defaults and Remedies v.1Term of Agreement Except for the provisions of Article 1, 2, 5, 6.6, 7, 11, 16, 17, 19, 20, 22, 23, and 23 (which shall commence and be effective upon the date of signature of this Agreement), the term of this Agreement ("Term") shall commence and be effective upon Financial Close (provided that this Agreement shall be effective upon satisfaction or waiver of all conditions precedent other than the condition to achieve Financial Close if the only condition precedent to Financial Close that is not satisfied or waived is that any or all of this Agreement or other Project Agreement is not in full force and effect because Financial Close has not occurred) and shall terminate twenty five (25) Contract Years after the Phase 1 Commercial Operation Date, unless extended or earlier terminated pursuant to the provisions of this Agreement. The termination of this Agreement shall be without prejudice to all rights and obligations of the Parties accrued under this Agreement prior to the date of such termination. On or before the end of the twenty-first (21st) Contract Year the Parties shall meet to discuss whether the Term of this Agreement shall be extended. To the extent the Parties agree to extend the Term, then the terms and conditions of this Agreement shall be negotiated and mutually agreed by the Parties, as required and appropriate. To the extent this Agreement is not extended, then this Agreement shall terminate in accordance with its terms and conditions, and the Parties shall commence the implementation of the Facility Transfer procedures set forth in Article 18.
Term Defaults and Remedies. 46 Section 10.1 Term 46 Section 10.2 Default by Xxxxxxxx 47 Section 10.3 Default by Herndon 48 Section 10.4 Herndon Remedies in the Event of Default By Xxxxxxxx 48 Section 10.5 Xxxxxxxx Remedies in the Event of Default by Herndon 49
Term Defaults and Remedies
