Common use of Cancellation Right Clause in Contracts

Cancellation Right. 51.01 Tenant shall have the one-time right to cancel this Lease in its entirety (Tenant’s “Cancellation Right”), effective as of the seventh (7th) anniversary of the Rent Commencement Date (or if same is not the last day of a calendar month, effective as of the last day of the calendar month in which the seventh (7th) anniversary of the Rent Commencement Date shall occur), provided that: (i) Tenant delivers to Landlord no less than three hundred sixty-five (365) days prior notice of its election to exercise its Cancellation Right (the “Cancellation Notice”): and (ii) Tenant delivers to Landlord simultaneously with its Cancellation Notice, a cancellation fee in an amount equal to the sum of (a) the unamortized costs incurred by Landlord in connection with this Lease and the Premises for improvements, alterations, rent concessions and brokerage commissions, said costs to be amortized over the term of this Lease on a straight line basis with interest thereon at the rate of eight (8%) percent per annum, plus (b) an amount equal to two (2) monthly installments of Fixed Annual Rent at the rate then payable by Tenant under this Lease at the time of Tenant’s delivery of the Cancellation Notice (collectively, the “Cancellation Fee”); and (iii) Tenant is not in monetary or material non-monetary default under this Lease after notice and the expiration of any applicable cure periods contained herein, both on the date on which the Cancellation Notice is received by Landlord and upon the effective date of cancellation, as set forth in the Cancellation Notice (the “Cancellation Date”) (in which event Tenant’s rights under this Article shall be suspended until the earlier of (x) Tenant’s timely and full cure of the default alleged in any such notice, at which time Tenant’s rights hereunder shall be reinstated, and (y) the expiration of Tenant’s time in which to cure any such default, at which time Tenant’s rights hereunder shall be extinguished and any Cancellation Fee previously paid to Landlord by Tenant shall be promptly returned to Tenant less any and all amounts applied or incurred by Landlord pursuant to this Lease in order to cure Tenant’s default under this Lease which resulted in the extinguishing of Tenant’s rights hereunder); and (iv) Tenant surrenders the Premises to Landlord on or prior to the Cancellation Date in good order and condition (reasonable wear and tear and damage by fire or other casualty excepted), vacant and broom clean, free of all personal property, occupancies and encumbrances and otherwise in the condition required hereunder as if the Cancellation Date were the Expiration Date. Landlord shall have the right, in its sole discretion, to waive any or all of the foregoing conditions to Tenant’s exercise of the Cancellation Right. Notwithstanding Tenant’s exercise of the Cancellation Right in accordance with the terms of this Article, the provisions of Articles 20 (“Indemnity”) and 40 (“Brokers”) hereof, in addition to all Articles hereof which, by their terms, state that they shall survive the expiration or sooner termination of this Lease, shall survive Tenant’s cancellation of this Lease pursuant to this Article.

Cancellation Right. 51.01 Tenant Either Seller or Buyer shall have the one-time right to cancel this Lease in its entirety (Tenant’s “Cancellation Right”), effective as the delivery or reception of the seventh (7th) anniversary LNG Cargo Lot number 1 provided for delivery at the LNG Receiving Facilities in September 2010 provided that the Party exercising such right shall notify the other Party not later than the 31th July 2010. If either Party exercises its right to cancel the LNG Cargo Lot number 1 in accordance with the conditions stated herein, the Parties shall not be considered as having failed to perform any of their obligations with respect to such LNG Cargo Lot number 1 pursuant to this Specific Order. Seller shall have the right to cancel the delivery of any of the Rent Commencement Date six (or 6) LNG Cargo Lots (number 2 to number 7) provided for delivery in the time period from October to March 2011 included, and provided that : - if same is Seller decides to cancel the delivery of all such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer not later than the last day 30th July 2010 and shall pay to Buyer an amount in USD equal to 0.25 USD per cubic meter (the “Total Cancellation Fee”) - if Seller decides to cancel the delivery of a calendar monthany one of such six (6) LNG Cargo Lots under this Specific Order, effective as Seller shall notify Buyer of the last cancellation of the delivery of such LNG Cargo Lot not later than the 1st day of the calendar month preceding the deemed month of delivery of such cargo and shall pay to Buyer an amount in which the seventh (7th) anniversary of the Rent Commencement Date shall occur), provided that: (i) Tenant delivers USD equal to Landlord no less than three hundred sixty-five (365) days prior notice of its election to exercise its Cancellation Right 0.50 USD per cubic meter (the “Cancellation Notice”): and (ii) Tenant delivers to Landlord simultaneously with its Cancellation Notice, a cancellation fee in an amount equal to the sum of (a) the unamortized costs incurred by Landlord in connection with this Lease and the Premises for improvements, alterations, rent concessions and brokerage commissions, said costs to be amortized over the term of this Lease on a straight line basis with interest thereon at the rate of eight (8%) percent per annum, plus (b) an amount equal to two (2) monthly installments of Fixed Annual Rent at the rate then payable by Tenant under this Lease at the time of Tenant’s delivery of the Cancellation Notice (collectively, the “Individual Cancellation Fee”); . Sub-Clauses 4.3 and (iii) Tenant is 4.4 of the Master Sales Agreement shall not in monetary apply to any cancellation made pursuant to article 7 of the Specific Order n°1 and payment of either the Total Cancellation Fee or material non-monetary default under this Lease after notice and the expiration of any applicable cure periods contained herein, both on the date on which the Individual Cancellation Notice is received by Landlord and upon the effective date of cancellation, as set forth in the Cancellation Notice (the “Cancellation Date”) (in which event Tenant’s rights under this Article Fee shall be suspended until Buyer’s sole and exclusive remedy for the earlier decision by Seller to cancel the delivery of (x) Tenant’s timely and full cure all or any of the default alleged in any such notice, at which time Tenant’s rights hereunder shall be reinstated, and (y) the expiration of Tenant’s time in which to cure any such default, at which time Tenant’s rights hereunder shall be extinguished and any Cancellation Fee previously paid to Landlord by Tenant shall be promptly returned to Tenant less any and all amounts applied or incurred by Landlord pursuant to this Lease in order to cure Tenant’s default under this Lease which resulted in the extinguishing of Tenant’s rights hereunder); and (iv) Tenant surrenders the Premises to Landlord on or prior to the Cancellation Date in good order and condition (reasonable wear and tear and damage by fire or other casualty excepted), vacant and broom clean, free of all personal property, occupancies and encumbrances and otherwise in the condition required hereunder as if the Cancellation Date were the Expiration Date. Landlord shall have the right, in its sole discretion, to waive any or all of the foregoing conditions to Tenant’s exercise of the Cancellation Right. Notwithstanding Tenant’s exercise of the Cancellation Right in accordance with the terms of this Article, the provisions of Articles 20 (“Indemnity”LNG cargo(es) and 40 (“Brokers”) hereof, in addition Seller shall not be obliged to all Articles hereof which, by their terms, state that they shall survive the expiration sell or sooner termination of this Lease, shall survive Tenant’s cancellation of this Lease pursuant deliver any replacement cargo to this ArticleBuyer.

Cancellation Right. 51.01 22.01 If this Lease shall then be in full force and effect and if Tenant shall not then be in default of the Lease, then Tenant shall have the one-time right to cancel and terminate this Lease in its entirety (Tenant’s “Cancellation Right”)Lease, the effective as date of the seventh (7th) anniversary termination to be the end of any calendar month from December 31, 1994 through and including November 30, 1996. Tenant may only exercise its right to cancel by delivering to Landlord, not less than twelve months prior to the effective date of the Rent Commencement Date (or if same is not termination, written notice of Tenant's exercise of this cancellation right, which shall include the last day of a calendar month, effective as date of the last day termination, and payment of or a letter of credit for the calendar month in which the seventh (7th) anniversary of the Rent Commencement Date shall occur), provided thatfollowing items: (i) Tenant delivers to Landlord no less than three hundred sixty-five the unamortized balance all tenant improvement work (365Exhibit D Work and Extra Work) days prior notice for construction of its election to exercise its Cancellation Right the original Leased Premises (the “Cancellation Notice”): and defined in paragraph 19.05); (ii) Tenant delivers to Landlord simultaneously with its Cancellation Notice, a cancellation fee in an amount equal to the sum unamortized balance of the Rent Reduction Amount; (aiii) the unamortized costs incurred balance of the $45,000 moving allowance; (iv) the unamortized balance of the amounts expended by Landlord in connection with this Lease and for the Premises for improvements, alterations, rent concessions and brokerage commissions, said costs to be amortized over the term of this Lease on a straight line basis with interest thereon at the rate of eight (8%) percent per annum, plus (b) an amount equal to two (2) monthly installments of Fixed Annual Rent at the rate then payable by Tenant under this Lease at the time payment of Tenant’s delivery of the Cancellation Notice 's lease obligations on its 000 Xxxxxxxx Xxxxxx, Xxxxxxx premises (collectively$23,657 per month from January 1, the “Cancellation Fee”1990 to October 7, 1990); and (iiiv) the unamortized cost of all tenant improvement work (Exhibit D Work and Extra Work) for the construction of the Expansion Space. Tenant's written notice of exercise shall not be valid unless the payments set forth in items (i) through (v) above, or an irrevocable letter of credit therefor, accompany the notice or have been delivered to Landlord prior to the notice. If Tenant is not shall elect to deliver an irrevocable letter of credit, the letter shall be drawn on a Connecticut or national bank having an office in monetary Bridgeport, Connecticut, callable by Landlord, or material non-monetary default under this Lease after notice and the expiration of any applicable cure periods contained hereinLandlord's assignee, both on the date on which the Cancellation Notice is received by Landlord and at said Bridgeport office, upon the effective date of cancellationthe termination and any consecutive business day thereafter, as set forth in the Cancellation Notice letter to expire not sooner than 60 days after the effective date of the termination. Landlord shall provide an itemized statement of the cost of the item (i) tenant improvement work within 120 days of completion of the “Cancellation Leased Premises and shall provide an itemized statement of the cost of the item (v) tenant improvement work within 120 days of the Expansion Space Commencement Date”. The item (ii) (in which event Tenant’s rights under this Article Rent Reduction Amount shall be suspended until the earlier amount of 11/12ths multiplied by $17.80 per annum per square foot of Tenant Net Rentable Area on the original Leased Premises. The amortization of items (xi) Tenant’s timely and full cure of the default alleged in any such notice, at which time Tenant’s rights hereunder shall be reinstated, and (y) the expiration of Tenant’s time in which to cure any such default, at which time Tenant’s rights hereunder shall be extinguished and any Cancellation Fee previously paid to Landlord by Tenant shall be promptly returned to Tenant less any and all amounts applied or incurred by Landlord pursuant to this Lease in order to cure Tenant’s default under this Lease which resulted in the extinguishing of Tenant’s rights hereunder); and through (iv) Tenant surrenders shall be calculated such that the Premises to Landlord items are completely amortized on or prior to the Cancellation Date basis of equal monthly installments, beginning January 1, 1991 and ending on December 31, 1996, at the rate of 10% per annum. The "unamortized balance" in good order and condition items (reasonable wear and tear and damage by fire or other casualty exceptedi) through (v) above shall mean the unamortized balance as of the effective date of the termination. The amortization of item (v) shall be calculated in the same manner as items (i) through (iv), vacant and broom cleanexcept that the amortization period for item (v) shall be from the Expansion Commencement Date to December 31, free 1996. If Tenant shall exercise its right of all personal property, occupancies and encumbrances and otherwise in the condition required hereunder as if the Cancellation Date were the Expiration Date. Landlord shall have the right, in its sole discretion, to waive any or all of the foregoing conditions to Tenant’s exercise of the Cancellation Right. Notwithstanding Tenant’s exercise of the Cancellation Right in accordance with the terms of cancellation under this Article, the provisions Lease shall come to an end by lapse of Articles 20 (“Indemnity”) and 40 (“Brokers”) hereoftime, in addition to all Articles hereof which, by their terms, state that they shall survive as if the expiration or sooner termination Initial Term expired on the effective date of this Lease, shall survive Tenant’s cancellation of this Lease pursuant to this Articlethe termination.

Cancellation Right. 51.01 Tenant Either Seller or Buyer shall have the one-time right to cancel this Lease in its entirety (Tenant’s “Cancellation Right”), effective as the delivery or reception of the seventh (7th) anniversary LNG Cargo Lot number 1 provided for delivery at the LNG Receiving Facilities in April 2008 provided that the Party exercising such right shall notify the other Party not later than the 29th February 2008. If either Party exercises its right to cancel the LNG Cargo Lot number 1 in accordance with the conditions stated herein, the Parties shall not be considered as having failed to perform any of their obligations with respect to such LNG Cargo Lot number 1 pursuant to this Specific Order. Seller shall have the right to cancel the delivery of any of the Rent Commencement Date six (or 6) LNG Cargo Lots (number 2 to number 7) provided for delivery in the time period from May to October 2008 included, and provided that : - if same is Seller decides to cancel the delivery of all such six (6) LNG Cargo Lots under this Specific Order, Seller shall notify Buyer not later than the last day 29th February 2008 and shall pay to Buyer an amount in USD equal to 0.25 USD x 6 x (2,600,000 + 3,500,000) / 2 (the “Total Cancellation Fee”) - if Seller decides to cancel the delivery of a calendar monthany one of such six (6) LNG Cargo Lots under this Specific Order, effective as Seller shall notify Buyer of the last cancellation of the delivery of such LNG Cargo Lot not later than the 1st day of the calendar month preceding the deemed month of delivery of such cargo and shall pay to Buyer an amount in which the seventh USD equal to 0.50 USD x (7th2,600,000 + 3,500,000) anniversary of the Rent Commencement Date shall occur), provided that: (i) Tenant delivers to Landlord no less than three hundred sixty-five (365) days prior notice of its election to exercise its Cancellation Right / 2 (the “Cancellation Notice”): and (ii) Tenant delivers to Landlord simultaneously with its Cancellation Notice, a cancellation fee in an amount equal to the sum of (a) the unamortized costs incurred by Landlord in connection with this Lease and the Premises for improvements, alterations, rent concessions and brokerage commissions, said costs to be amortized over the term of this Lease on a straight line basis with interest thereon at the rate of eight (8%) percent per annum, plus (b) an amount equal to two (2) monthly installments of Fixed Annual Rent at the rate then payable by Tenant under this Lease at the time of Tenant’s delivery of the Cancellation Notice (collectively, the “Individual Cancellation Fee”); . Sub-Clauses 4.3 and (iii) Tenant is 4.4 of the Master Sales Agreement shall not in monetary apply to any cancellation made pursuant to article 7 of the Specific Order n°1 and payment of either the Total Cancellation Fee or material non-monetary default under this Lease after notice and the expiration of any applicable cure periods contained herein, both on the date on which the Individual Cancellation Notice is received by Landlord and upon the effective date of cancellation, as set forth in the Cancellation Notice (the “Cancellation Date”) (in which event Tenant’s rights under this Article Fee shall be suspended until Buyer’s sole and exclusive remedy for the earlier decision by Seller to cancel the delivery of (x) Tenant’s timely and full cure all or any of the default alleged in any such notice, at which time Tenant’s rights hereunder shall be reinstated, and (y) the expiration of Tenant’s time in which to cure any such default, at which time Tenant’s rights hereunder shall be extinguished and any Cancellation Fee previously paid to Landlord by Tenant shall be promptly returned to Tenant less any and all amounts applied or incurred by Landlord pursuant to this Lease in order to cure Tenant’s default under this Lease which resulted in the extinguishing of Tenant’s rights hereunder); and (iv) Tenant surrenders the Premises to Landlord on or prior to the Cancellation Date in good order and condition (reasonable wear and tear and damage by fire or other casualty excepted), vacant and broom clean, free of all personal property, occupancies and encumbrances and otherwise in the condition required hereunder as if the Cancellation Date were the Expiration Date. Landlord shall have the right, in its sole discretion, to waive any or all of the foregoing conditions to Tenant’s exercise of the Cancellation Right. Notwithstanding Tenant’s exercise of the Cancellation Right in accordance with the terms of this Article, the provisions of Articles 20 (“Indemnity”LNG cargo(es) and 40 (“Brokers”) hereof, in addition Seller shall not be obliged to all Articles hereof which, by their terms, state that they shall survive the expiration sell or sooner termination of this Lease, shall survive Tenant’s cancellation of this Lease pursuant deliver any replacement cargo to this ArticleBuyer.