Common use of Excusable Default Clause in Contracts

Excusable Default. If, after either party has issued a Notice of Termination for Default to the other party (pursuant to Sections 11 or 13 above, as the case may be), it is determined for any reason that the other party was not in default, or that such default was excusable, then the rights and obligations of the parties shall be the same as if a Notice of Termination for Default had not been given, or at the option of the party issuing such notice, the Notice of Termination for Default shall be treated as a Notice of Termination for Convenience in accordance with Sections 10 or 12 of this Agreement, as the case may be.

Excusable Default. If, after either party has issued issues a Notice of Termination for Default to the other party (pursuant to Sections 11 or 13 above, as the case may be), it is determined for any reason that the other party was not in default, or that such default was excusable, then the rights and obligations of the parties shall be the same as if a Notice of Termination for Default had not been given, or at the option of the party issuing such the notice, the Notice of Termination for Default notice shall be treated as a Notice of Termination for Convenience in accordance with Sections 10 or 12 of this Agreement, as the case may be.

Excusable Default. If, after either party has issued issues a Notice of Termination for Default to the other party (pursuant to Sections 11 15 or 13 17 above, as the case may be), it is determined for any reason that the other party was not in default, or that such default was excusable, then the rights and obligations of the parties shall be the same as if a Notice of Termination for Default had not been given, or at the option of the party issuing such the notice, the Notice of Termination for Default notice shall be treated as a Notice of Termination for Convenience in accordance with Sections 10 14 or 12 16 of this Agreement, as the case may be.

Excusable Default. If, after either party has issued issues a Notice of Termination for Default to the other party (pursuant to Sections 11 18 or 13 20 above, as the case may be), it is determined for any reason that the other party was not in default, or that such default was excusable, then the rights and obligations of the parties shall be the same as if a Notice of Termination for Default had not been given, or at the option of the party issuing such the notice, the Notice of Termination for Default notice shall be treated as a Notice of Termination for Convenience in accordance with Sections 10 18 or 12 20 of this Agreement, as the case may be.