Examples of Purchaser Event of Default in a sentence
If any Seller Event of Default or Purchaser Event of Default, as the case may be, occurs and is continuing, the non-defaulting Party may deliver a notice (“Termination Notice”) to the defaulting Party which notice shall specify in reasonable detail the Seller Event of Default or the Purchaser Event of Default, as the case may be, giving rise to the Notice of Termination.
If Seller terminates this Agreement for a Purchaser Event of Default, the Termination Payment payable to Seller shall be equal to the sum of (i) the Fair Market Value of the System, as determined pursuant to Section 7.4(b) and (ii) any and all other amounts previously accrued under this Agreement and then owed by Purchaser to Seller.
In case of termination by the Power Producer due to Purchaser Event of Default, the board of directors of the Power Producer shall have the right to encash the Bank Guarantee submitted by Purchaser, apart from adopting any other means available to it for securing its interest under this Agreement.
In the event the Seller terminates this Agreement at any time prior to the expiry of the Term, pursuant to Section 16.2 as a result of a Purchaser Event of Default, the Seller may elect to transfer the Facility to the Purchaser or its designee and, in such event, the Facility shall be transferred to the Purchaser or its designee and the Purchaser or its designee shall simultaneously pay the Seller the Compensation Amount set forth in Schedule 10 (Compensation Amounts).
If Seller terminates this Agreement for a Purchaser Event of Default, the Termination Payment payable to Seller shall be equal to the sum of (i) the applicable amount set forth in Schedule 13 (Termination Payment Schedule) and (ii) any and all other amounts previously accrued under this Agreement and then owed by Purchaser to Seller.