Common use of Further Novation Clause in Contracts

Further Novation. 18.3.1 At any time after the occurrence of a Further Novation Event (other than a Termination Event) or at any time after the occurrence of a Mandatory Prepayment Event which occurs before the Delivery Date and in each case whilst such event is continuing: (a) the Lessor may by notice to the Lessee elect (prior to the Delivery Date) to treat the occurrence of that event as constituting notice by the Lessee pursuant to clause 2.2 but without reference to a notice period; and (b) if the Lessor makes an election under paragraph (a) above, the Lessor shall, as contemplated by clause 2.3, give notice to the Replacement Purchaser under clause 6.1 of the Novation Agreement and to the Refund Guarantor pursuant to the Refund Guarantee. 18.3.2 On or at any time following the occurrence of a Termination Event which occurs before the Delivery Date and whilst it is continuing, if the Lessor elects to exercise its rights under clause 18.1 following the occurrence of such Termination Event the Lessor shall, as contemplated by clause 2.3, give a notice to the Replacement Purchaser and the other parties to the Novation Agreement pursuant to clause 6.1 of the Novation Agreement and to the Refund Guarantor if obliged to do so pursuant to the Refund Guarantee.