Common use of Early Termination of Agreement Clause in Contracts

Early Termination of Agreement. At any time, the Ltd Exchanging Subsidiaries may terminate this Agreement with the consent of the Audit Committee by paying to the Trust the Early Termination Payment as of the date of the Early Termination Notice (as defined below). The Ltd Exchanging Subsidiaries may terminate this Agreement upon the occurrence of a Change of Control Event by paying to the Trust the Change of Control Termination Payment as of the date of the Early Termination Notice. Upon payment of the Early Termination Payment or the Change of Control Termination Payment by the Ltd Exchanging Subsidiaries, the Ltd Exchanging Subsidiaries shall have no further payment obligations under this Agreement, other than for any (a) Tax Benefit Payment agreed to by the Ltd Exchanging Subsidiaries and the Trust as due and payable but unpaid as of the Early Termination Notice and (b) any Tax Benefit Payment due for the Covered Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (a) or (b) is included in the Early Termination Payment or the Change of Control Termination Payment, as the case may be).

Appears in 2 contracts

Samples: Tax Receivable Agreement (Lazard LTD), Tax Receivable Agreement (Lazard LTD)

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Early Termination of Agreement. At any timetime after the second (2nd) anniversary of the date of this Agreement, the Ltd Exchanging Subsidiaries may terminate this Agreement with the consent of the Audit Committee by paying to the Trust LFCM the Early Termination Payment as of the date of the Early Termination Notice (as defined below). The Ltd Exchanging Subsidiaries may terminate this Agreement upon the occurrence of a Change of Control Event by paying to the Trust LFCM the Change of Control Termination Payment as of the date of the Early Termination Notice. Upon payment of the Early Termination Payment or the Change of Control Termination Payment by the Ltd Exchanging Subsidiaries, the Ltd Exchanging Subsidiaries shall have no further payment obligations under this Agreement, other than for any (a) Tax Benefit Payment agreed to by the Ltd Exchanging Subsidiaries and the Trust LFCM as due and payable but unpaid as of the Early Termination Notice and (b) any Tax Benefit Payment due for the Covered Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (a) or (b) is included in the Early Termination Payment or the Change of Control Termination Payment, as the case may be).

Appears in 2 contracts

Samples: Tax Receivable Agreement (Lazard LTD), Tax Receivable Agreement (Lazard LTD)

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Early Termination of Agreement. (a) At any timetime after the second (2nd) anniversary of the date of this Agreement, the Ltd Exchanging Subsidiaries may terminate this Agreement with the consent of the Audit Committee by paying to the Trust LFCM the Early Termination Payment as of the date of the Early Termination Notice (as defined below). The Ltd Exchanging Subsidiaries may terminate this Agreement upon the occurrence of a Change of Control Event by paying to the Trust LFCM the Change of Control Termination Payment as of the date of the Early Termination Notice. Upon payment of the Early Termination Payment or the Change of Control Termination Payment by the Ltd Exchanging Subsidiaries, the Ltd Exchanging Subsidiaries shall have no further payment obligations under this Agreement, other than for any (a) Tax Benefit Payment agreed to by the Ltd Exchanging Subsidiaries and the Trust LFCM as due and payable but unpaid as of the Early Termination Notice and (b) any Tax Benefit Payment due for the Covered Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (a) or (b) is included in the Early Termination Payment or the Change of Control Termination Payment, as the case may be).

Appears in 1 contract

Samples: Tax Receivable Agreement (Lazard LTD)

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