Common use of Financing Party Cure Rights Clause in Contracts

Financing Party Cure Rights. The Seller may not exercise its right to terminate this Contract under Section 21.5 unless the Seller delivers to the Financing Parties notice of the Buyer’s failure to cure the default (a “Default Notice”) and the Seller’s intent to terminate as a result thereof at the same time the Seller delivers notice thereof to the Buyer. Each Financing Party or one or more of its designees shall have the right to cure the Buyer’s default within sixty (60) days after the date the Financing Party receives such Default Notice; provided, however, that if the nature of any non-monetary default by the Buyer is such that it cannot be cured by the Financing Party or one or more of its designees without having taken possession of one or more of the Projects, the time provided herein to remedy such default shall be extended for such period of time as is reasonably necessary for the Financing Party or one or more of its designees to lawfully obtain possession of, and be legally entitled to operate, such Projects. If the Financing Parties intend, or cause one or more of their designees, to assume this Contract, they shall provide notice thereof to the Seller within sixty (60) days after receipt of the Default Notice. For the avoidance of doubt, the Financing Party may assign part or all of the rights under this Contract, including the Equipment and related services, to one or more designees without the Seller’s consent. Once any default of the Buyer under this Contract is cured by one or more Financing Parties or one or more of their designees, the Seller’s rights to terminate this Contract and to collect termination charges as a result of such default shall be of no further force and effect.