Termination for Relief Event Sample Clauses
Termination for Relief Event. If a relief event occurs and the effects of the relief event continue for 180 days from the date on which either the City or Project Co gives notice to the other, either may, at any time thereafter, terminate the Project Agreement by written notice to the other having immediate effect, provided that the effects of the relief event continue during such period to prevent either party from performing a material part of its obligations under the Project Agreement. Neither the City nor Project Co shall be entitled to exercise its right to terminate for a relief event if Project Co recovers, or is entitled to recover, under any insurance policy, or would have recovered if it had complied with the requirements of the Project Agreement in respect of insurance or the terms of any policy of insurance required under the Project Agreement, an amount which, together with the monthly service payment, is equal to or greater than 85% of the maximum monthly service payment for the relevant payment period.
Termination for Relief Event. (a) Subject to Section 47.1(b), if a Relief Event occurs and the effects of the Relief Event continue for 180 days from the date on which the Party affected gives notice to the other Party pursuant to Section 43.3(c), either Party may, at any time thereafter, terminate this Project Agreement by written notice to the other Party having immediate effect, provided that the effects of the Relief Event continue during such period to prevent either Party from performing a material part of its obligations under this Project Agreement.
(b) Neither Party shall be entitled to exercise its right to terminate this Project Agreement in accordance with Section 47.1(a) if Project Co or a Project Co Party recovers, or is entitled to recover, under any insurance policy, or would have recovered if it had complied with the requirements of this Project Agreement in respect of insurance or the terms of any policy of insurance required under this Project Agreement, an amount which, together with the Monthly Service Payment, is equal to or greater than 85% of the Maximum Monthly Service Payment for the relevant Contract Month.