PELLET AGREEMENT PREPAYMENT EVENT

PELLET AGREEMENT PREPAYMENT EVENT. Means the occurrence of any of the following events: (i) the failure of the Borrower or any Guarantor to purchase or agree to receive trade pellets in accordance with the terms and conditions that are specified under the Pellet Agreement, so long as such failure is not as a result of The Cleveland-Cliffs Iron Company's failure to meet the qualitative, quantitative and delivery specifications relating to the pellets that are to be provided... pursuant to the Pellet Agreement; or (ii) the failure of the Borrower or any Guarantor to pay any amounts when due and payable under the Pellet Agreement, so long as such payment is not received by The Cleveland-Cliffs Iron Company within fifteen (15) days of such payment becoming due and payable. View More