Common use of Termination at Long Stop Date Clause in Contracts

Termination at Long Stop Date. 4.8.1 Without prejudice to the provisions of Article 4.5 and 4.6 above and subject to Article 9, in the event the Conditions Precedent as specified hereinabove are not fulfilled by either Party, for any reason whatsoever on or prior to the expiry of 200 (Two Hundred) days from the Appointed Date, then unless waived by the non-defaulting Party, the Agreement shall be deemed to have been terminated by mutual agreement of the Parties. 4.8.2 In the event of termination of Agreement is due to non fulfillment of Conditions Precedent of Authority, then all payments made by the Developer towards the Lease Premium and/ or the Annual Lease Rent, if any shall be returned by Authority to the Developer, with simple interest @ 8% (eight percent) per annum calculated from the date of receipt of respective payments by the Authority. In the event the termination of Agreement is due to non fulfillment of Conditions Precedent of Developer, the Performance Guarantees and Security Deposit, shall be encashed and appropriated by the Authority as liquidated damages thereof.

Termination at Long Stop Date. 4.8.1 Without prejudice to the provisions of Article 4.5 and 4.6 above and subject to Article 9, in the event the Conditions Precedent as specified hereinabove are not fulfilled by either Party, for any reason whatsoever on or prior to the expiry of 200 (Two Hundred) days from the Appointed Date, then unless waived by the non-defaulting Party, the Agreement shall be deemed to have been terminated by mutual agreement of the Parties. 4.8.2 In the event of termination of Agreement is due to non fulfillment of Conditions Precedent of Authority, then all thenall payments made by the Developer towards the Lease Premium and/ or the Annual Lease Rent, if any shall be returned by Authority to the Developer, with simple interest @ 8% (eight percent) per annum calculated from the date of receipt of respective payments by the Authority. In Xxxxxxxxx.Xx the event the termination of Agreement is due to non fulfillment of Conditions Precedent of Developer, the Performance Guarantees and Security Deposit, shall be encashed and appropriated by the Authority as liquidated damages thereof.