Common use of Assignment to Financing Parties Clause in Contracts

Assignment to Financing Parties. (a) The parties acknowledge that Keystone intends to finance the construction of the Facility by non-recourse "project financing," and that the Financing Parties will require such financing to be secured by a first lien upon the Facility and other assets of Keystone, including a collateral assignment of this Agreement and all rights and obligations of Keystone hereunder. Accordingly, this Agreement may be assigned as collateral by Keystone to any Financing Parties and their successors and assigns without further consent of Seller. In order to facilitate the obtaining of such financing, Seller hereby confirms its agreement that in the event of any Default on the part of Keystone of any provision of this Agreement or the occurrence of any other event which Seller may claim as grounds for cancelling this Agreement, Seller (having received prior written notice of the name and address of the Financing Parties) will give written notice thereof to such Financing Parties. The Financing Parties shall have 60 days following the receipt of such notice within which to effect, or commence and diligently pursue the completion of, a cure of such Default and to exercise their rights and remedies under the Financing Documents, except that the applicable cure period for the payment of amounts due to Seller for coal delivered hereunder shall be 30 days. Seller shall also execute such consent and agreement or similar documents with respect to a collateral assignment hereof, as the Financing Parties may reasonably request in connection with the Financing Documents. Seller agrees to cooperate with Keystone in the negotiation and execution of any reasonable amendment or addition to this Agreement required by the Financing Parties which does not result in an adverse change in Seller's rights or obligations hereunder in the good faith judgment of Seller.