Common use of Termination for Company’s Default Clause in Contracts

Termination for Company’s Default. Upon the occurrence of an event of default as set out in sub-clause 9.2.1 above, Corporation may deliver a Default Notice to the Company in writing which shall specify in reasonable detail the Event of Default giving rise to the default notice, and calling upon the Company to remedy the same. At the expiry of 30 (thirty) days from the delivery of this default notice and unless the Parties have agreed otherwise, or the Event of Default giving rise to the default notice has been remedied, Corporation may deliver a Termination Notice to the Company, Corporation may terminate this Agreement by delivering such a Termination Notice to the Company and intimate the same to the Commission. Upon delivery of the Termination Notice this Agreement shall stand terminated and Corporation shall discharged of all its obligations. However all payment obligations as per the Article 5 prior to the date of termination of the Agreement shall be met by the Parties. Where a Default Notice has been issued with respect to an event of Default, which requires the co-operation of both Corporation and the Company to remedy, Corporation shall render all reasonable co-operation to enable the Event of Default to be remedied.

Termination for Company’s Default. Upon the occurrence of an event of default as set out in sub-clause 9.2.1 above, Corporation may deliver a Default Notice to the Company in writing which shall specify in reasonable detail the Event of Default giving rise to the default notice, and calling upon the Company to remedy the same. At the expiry of 30 (thirty) days from the delivery of this default notice and unless the Parties have agreed otherwise, or the Event of Default giving rise to the default notice has been remedied, Corporation may deliver a Termination Notice to the Company, Corporation may terminate this Agreement by delivering such a Termination Notice to the Company and intimate the same to the Commission. Upon delivery of the Termination Notice this Agreement shall stand terminated and Corporation shall stand discharged of all its it‟s obligations. However all payment obligations as per the Article 5 prior to the date of termination of the Agreement shall be met by the Parties. Where a Default Notice has been issued with respect to an event Event of Default, which requires the co-operation of both Corporation and the Company to remedy, Corporation shall render all reasonable co-operation to enable the Event of Default to be remedied.

Termination for Company’s Default. Upon the occurrence of an event of default as set out in sub-clause 9.2.1 above, Corporation may deliver a Default Notice to the Company in writing which shall specify in reasonable detail the Event of Default giving rise to the default notice, and calling upon the Company to remedy the same. At the expiry of 30 (thirty) days from the delivery of this default notice and unless the Parties have agreed otherwise, or the Event of Default giving rise to the default notice has been remedied, Corporation may deliver a Termination Notice to the Company, Corporation may terminate this Agreement by delivering such a Termination Notice to the Company and intimate the same to the Commission. Upon delivery of the Termination Notice this Agreement shall stand terminated and Corporation shall stand discharged of all its obligations. However all payment obligations as per the Article 5 prior to the date of termination of the Agreement shall be met by the Parties. Where a Default Notice has been issued with respect to an event Event of Default, which requires the co-operation of both Corporation and the Company to remedy, Corporation shall render all reasonable co-operation to enable the Event of Default to be remedied.

Termination for Company’s Default. Upon the occurrence of an event of default as set out in sub-clause 9.2.1 above, Corporation may deliver a Default Notice to the Company in writing which shall specify in reasonable detail the Event of Default giving rise to the default notice, and calling upon the Company to remedy the same. At the expiry of 30 (thirty) days from the delivery of this default notice and unless the Parties have agreed otherwise, or the Event of Default giving rise to the default notice has been remedied, Corporation may deliver a Termination Notice to the Company, Corporation may terminate this Agreement by delivering such a Termination Notice to the Company and intimate the same to the Commission. Upon delivery of the Termination Notice this Agreement shall stand terminated and Corporation shall stand discharged of all its obligations. However However, all payment obligations as per the Article 5 prior to the date of termination of the Agreement shall be met by the Parties. Where a Default Notice has been issued with respect to an event Event of Default, which requires the co-operation of both Corporation and the Company to remedy, Corporation shall render all reasonable co-operation to enable the Event of Default to be remedied.