Common use of Consequences for non-fulfilment of Condition Precedents Clause in Contracts

Consequences for non-fulfilment of Condition Precedents. In the event that either Party does not procure fulfilment of any or all of the Conditions Precedent set forth in Clause 4.1.2 or Clause 4.1.3 above, within the period specified in respect thereof, the Parties may mutually agree to extend the aforesaid period of 365 (three hundred and sixty five) days for fulfilment of the Condition Precedents by such further period not exceeding 5 (five) years, as they may deem appropriate. Upon expiry of the aforesaid extended period, either Party may terminate this Agreement and all the provisions of this Agreement shall apply, mutatis mutandis, to such Termination.  for the purposes of this undertaking, the project cost of the [target facility] and 25% (twenty five per cent) thereof shall be based on the financial model approved by the lenders financing the [target facility].

Consequences for non-fulfilment of Condition Precedents. In the event that either Party does not procure fulfilment of any or all of the Conditions Precedent set forth in Clause 4.1.2 or Clause 4.1.3 above, within the period specified in respect thereof, the Parties may mutually agree to extend the aforesaid period of 365 (three hundred and sixty five) days for fulfilment of the Condition Precedents by such further period not exceeding 5 (five) years, as they may deem appropriate. Upon expiry of the aforesaid extended period, either Party may terminate this Agreement and all the provisions of this Agreement shall apply, mutatis mutandis, to such Termination.  ∗ for the purposes of this undertaking, the project cost of the [target facility] and 25% (twenty five per cent) thereof shall be based on the financial model approved by the lenders financing the [target facility].