Article 10 Clause Samples
Article 10 typically establishes specific rights, obligations, or procedures relevant to the agreement in which it appears. For example, it may outline requirements for confidentiality, dispute resolution, or the handling of intellectual property, depending on the context of the contract. By clearly defining these terms, Article 10 helps ensure that both parties understand their responsibilities and the processes to follow, thereby reducing the risk of misunderstandings or disputes.
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Article 10. Pursuant to Article 10 of the Code, the number of arbitrators comprising the Arbitration Board, unless otherwise agreed by the parties, shall be three (3) in the event the disagreement involves only two parties to this Agreement and shall be five (5) in the event the disagreement involves all three parties.
Article 10. Article 10 of the Agreement is hereby deleted in its entirety and replaced as set forth below:
Article 10. Article 10 of the Agreement shall be amended as follows:
A) The first sentence of Article 10 is hereby deleted in its entirety and replaced as follows: “This Agreement shall become effective on April 1, 2008 and shall remain in effect for an Initial Term through and until March 31, 2013, and, thereafter, for successive Renewal Terms of three (3) years each, unless and until this Agreement is terminated in accordance with the provisions of Article 10 hereof.”
B) The last paragraph of Article 10 is hereby deleted in its entirety and replaced with the following: The Trust shall have two separate, one-time rights to terminate the Agreement, solely on the terms set forth in I and II immediately following this paragraph, provided, however, that in order for any termination pursuant thereto to be effective, the Trust shall: (i) not be in material breach of the Agreement at the time it gives notice of intent to terminate or on the respective effective date of such termination; and (ii) pay to Administrator on or before the respective termination date the applicable buyout amount specified below.
I. The Trust shall have a one-time right to terminate the Agreement effective March 31, 2011, by providing 90 days prior written notice to the Administrator and paying to Administrator a buyout amount equal to 150% of the total amount of fees waived by the Administrator with respect to the calendar years 2009 and 2010 pursuant to the Limited Fee Waiver (as defined in Schedule II of the Agreement).
II. The Trust shall have a one-time right to terminate the Agreement effective March 31, 2012, by providing 90 days prior written notice to the Administrator and paying to Administrator a buyout amount equal to 150% of the total amount of fees waived by the Administrator with respect to the calendar year 2010 pursuant to the Limited Fee Waiver.
Article 10. Article 10 of the Agreement shall be amended as follows:
A) The first sentence of Article 10 is hereby deleted in its entirety and replaced as follows: “This Agreement shall become effective on April 1, 2008 and shall remain in effect for an Initial Term through and until March 31, 2012, and, thereafter, for successive Renewal Terms of three (3) years each, unless and until this Agreement is terminated in accordance with the provisions of Article 10 hereof.”
B) A new paragraph is hereby added to the end of Article 10 as follows: “The Trust shall have a one time right to terminate the Agreement effective March 31, 2011, upon 90 days prior written notice to the Administrator; provided, however, in order to exercise its termination right set forth in this paragraph, the Trust shall (i) not be in material breach of the Agreement at the time it gives notice of such exercise or on March 31, 2011; and (ii) pay to Administrator on or before March 31, 2011, a buyout amount equal to 150% of the total amount of fees waived by Administrator with respect to the calendar year 2009 pursuant to the Limited Fee Waiver (as defined in Schedule II of the Agreement).”
Article 10