Common use of Grounds for Termination by Seller Clause in Contracts

Grounds for Termination by Seller. Seller shall have the right to terminate this Contract for cause upon the occurrence of a Purchaser Event of Default; provided, however, that (a) Seller shall first have provided Purchaser with written notice of the nature of such breach in reasonable detail and of Seller’s intention to terminate this Contract as a result of such breach, and (b) Purchaser shall have failed within thirty (30) days after receipt of such notice (ten (10) days for breach of a payment obligation) to commence and diligently pursue the correction of such breach (and not have cured such breach within sixty (60) days after receipt of such notice). Notwithstanding any cure period, Seller shall be entitled to the Late Payment Rate for amounts not paid when due. If Seller terminates this Contract pursuant to this Article 24, then Seller shall also be entitled to terminate all other Multi-Hearth Furnace Contracts pursuant to Article 24 thereunder. If Seller terminates any of the Multi-Hearth Furnace Contracts pursuant to Article 24 thereunder, Seller shall also be entitled to terminate this Contract pursuant to this Article.