Section 21Sec./Art. 21

Contract Termination. - All PPP contracts shall define all events that may lead to its termination, including but not limited to, either party event of default, force majeure and other no-fault termination events, and other termination events, a may be agreed upon by the parties to the PPP contract.

For such events that may lead to contract termination, the PPP contract shall provide remedies, curing periods, lender step-in rights, remittance procedures, default interest rates, and written notice requirements agreed upon by both parties. The contract shall likewise provide that termination shall take place only upon failure to remedy or cure the default in accordance with the PPP contract.

The PPP Project shall not be terminated for an event of default without exhausting the corresponding remedy or curing period.

The PPP Governing Board shall issue guidelines on the determination of Termination Payments and related reportorial requirements.