Cancellation Event Clause Samples

Cancellation Event. The Arranger shall, following the occurrence of a Cancellation Event and by written notice to the other Parties, be entitled to cancel all or any of the facilities which it is required to make available to any Borrower pursuant to this Agreement and which, as at the time of such Cancellation Event, have not yet been so made available.

Cancellation Event a Cancellation Event has occurred, or will occur as a result of the accommodation being provided; or

Cancellation Event. The human experience agency

Cancellation Event. The Sponsor agrees, in the event that the Closing Acquiror Cash is less than $432,000,000 that with no further action required, immediately prior to the Conversion, the Sponsor shall automatically and irrevocably surrender and forfeit for no consideration, such number of Acquiror Class B Shares equal to the Forfeited Share Count (such forfeited Acquiror Class B shares, the “Forfeited Shares”), and Acquiror shall immediately cancel such Forfeited Shares (the “Cancellation Event”). Each of the Parties shall take all reasonably necessary actions required to reflect the surrender, forfeiture and cancellation of the Forfeited Shares as of immediately prior to the Conversion in the books and records of Acquiror’s transfer agent. For U.S. federal and applicable state and local income tax purposes, the Parties agree that any forfeiture of Forfeited Shares pursuant to this Section 1(a) shall be treated as a nontaxable contribution to the capital of Acquiror by the Sponsor, and no Party shall take any position inconsistent with such treatment unless otherwise required by a “determination” within the meaning of Section 1313 of the Code. As used herein “Forfeited Share Count” shall equal the lesser of (i) 2,750,000 and (ii) the product of (A) 1,972,796.80 multiplied by (B) one minus the quotient of (y) the Closing Acquiror Cash divided by (z) $432,000,000.

Cancellation Event. A "Cancellation Event" shall be deemed to have occurred when an Aircraft does not complete the scheduled arrival of a Scheduled Departure for any reason described in any of the Codes that start with "X."