Defaulting Party definition
Examples of Defaulting Party in a sentence
As soon as practicable after an Early Termination Date is declared, the Non-Defaulting Party shall provide written notice to the Defaulting Party of the amount of the Termination Payment.
At its sole option and without prior Notice to the Defaulting Party, the Non-Defaulting Party may setoff any Net Settlement Amount against any margin or other collateral held by a party in connection with any Credit Support Obligation relating to the Contract.
At its sole option and without prior Notice to the Defaulting Party, the Non-Defaulting Party is hereby authorized to setoff any Net Settlement Amount against (i) any margin or other collateral held by a party in connection with any Credit Support Obligation relating to the Contract and (ii) any amount(s) (including any excess cash margin or excess cash collateral) owed or held by the party that is entitled to the Net Settlement Amount under any other agreement or arrangement between the parties.
The Defaulting Party or the Non-Defaulting Party, as applicable, shall make the Termination Payment within five (5) Business Days after such notice is effective (the “Termination Payment Date”).
In the event a Party to this Agreement is in default as defined in Section 5.1, Paragraph 5, A through C, and if the default exceeds the initial thirty (30) day cure period, the Defaulting Party shall request from the Non-Defaulting Party the right to extend the cure period for an additional thirty (30) days to cure any default if needed by advising Non-Defaulting Party in writing of its efforts to cure said default and timeframe to complete the same.